A finished basement can give your family all the extra space you need, and more! Calculating the return on investment is important to understand the long-term value of this popular home remodeling project.
While there are many ways to use your basement based on your needs and budget, most people build a second family room with a wet bar, and a bathroom. This would be considered a mid-range remodel and what most people expect a “typical” finished basement to encompass. Space and money allowing, a guest bedroom is another popular room in finished basements.
It depends on what you need, what you want, and who you work with. But for the purposes of this topic, we will use Remodeling Magazine’s 2016 Cost Vs. Value Report to look at the average cost of a mid-range basement remodel in the East North Central region (which includes Naperville and the surrounding areas).
In 2016, the average cost for a basement remodel is $69,921 and that includes the following features:
Common sense dictates that the price will be higher if you choose to finish more rooms or use upgraded materials, such as ceramic tile for the floors and a solid wood bar top.
As you’ll see on the Cost vs. Value report, the East North Central region’s average return for a basement remodel is $42,643 or 61%. Notice how that is very much in line with other remodeling projects that are often recommended for long-term ROI and to increase your home’s value:
Bathroom Remodel – 59.8%
Major Kitchen Remodel – 63.6%
Roof Replacement – 64.7%
The bottom line is that, as with most home remodeling projects, you are usually investing that money to improve your home for your family’s own personal enjoyment, with the plan to stay put for a while so that you see that ROI when it’s time to sell.
Finished basements are in demand in the Chicagoland suburbs, so if you’re considering a remodel to give your family more living space, you can feel confident that it is a sound investment with a solid long-term ROI. Want to find out how much it would cost to finish your basement? Contact Synergy Builders at 630.293.8070 for a complimentary consultation!