Basement remodel – cost vs. value added
The door and wall leading to the basement, before.
Holy moly, I have really been neglecting this blog. It’s been a bit crazy in Stacieland, though I am beginning to see the light – and the closings. We are also remodeling our basement, and although it’s sort of hands-off for us this time as we have a great team of contractors working around the clock to get it finished in time for holiday guests, it has still created a bit of havoc around our house!
Even though it’s not quite done, I wanted to post some pictures and detail the work that we are doing – and estimate the value that it might add to our home, especially as we are considering selling sometime in the very near future.
Before: Our basement must have been finished sometime after the house was originally constructed, which was 1986, but it was definitely stuck in the 80′s, with light wood panelling, mismatched carpet, and flat white paint throughout. The dropped ceiling was glued to the drywall above it, and the boxed flourescent lights were not very flattering, to say the least. The worst part was the huge bathroom/laundry room combination space – yuck. The basement, no matter how many times I tried to organize it or make it appealing as a playroom, had really turned into a giant storage space with a laundry room where I hated to do laundry, and it really was not being used well at all.
After: We opened up the walls from the main floor all the way down to the basement, and removed the door entirely. The idea is to integrate the 1,300+ SF in the basement into the rest of our home, and to make it truly usable space, which we desparately need. We kept the 2 bedrooms which were existing, because the layout isn’t bad and the last thing we want to do is decrease value by turning 6 legal bedrooms into 4 or 5. We installed recessed lighting throughout the space, drywalled the ceiling, removed the hideous wooden panelling and textured the walls, which will be the same creamy latte color as the rest of the house. The baseboards and mouldings will match in white, and the carpet is a neutral speckled short pile – which we thought would be cozier than a berber or loop-style rug, but still stain-resistant and forgiving of our busy and often messy kiddos.
Bathroom/laundry room, before.
The main room will house a living space with comfortable couches, a large flat-screen TV and the wii. There will also be a game/poker/crafts table and a treadmill.
There is now a wall and door separating the full bathroom and the laundry room – yay! With ceramic tile, fresh paint, and a new vanity and mirror, as well as shelving in both spaces, I think this area alone will represent the biggest monetary return.
There is still plenty of storage under the stairs, but instead of 3 rough cut-outs for access, we installed built-in shelving in one space and closed off the other, leaving one access door for the storage area, which is located behind the bathroom door.
So, to break it down project-by-project, here is my estimated cost vs. value add sheet:
-Removing upper walls and door between main floor and basement: Cost: $900 Value Added: $4000
- Installation of recessed lighting and new ceiling: Cost $2000 Value Added: $3000
- Construction of wall and door between bathroom and laundry room: Cost: $300 Value Added: $5000
Wood panelling, dropped ceiling, ugly cabinets and carpet, before.
- Cosmetic Improvements – tile, paint, texture, carpet: Cost $4000 Value Added: $5000
- New bathroom vanity, mirror, hardware, and sink: Cost $300 Value Added: $1000
- Built in shelving: Cost $100 Value Added: $500
Overall, I think this remodel will not only improve the value of our home for resale, it will also help it to sell more quickly. For a basement to have a real impact on purchase price or days on market, it has to be done with a tight budget, and with the overall value of the property in mind. Don’t dump $100K in to a basement if the entire house is only worth $200-300,000. But, Colorado buyers are certainly looking for usable space in the basement in most neighborhoods, and if you can add value by making simple cosmetic improvements, it’s a good investment for sure.
(I will post more pictures as soon as it’s totally done!)
11 Responsesto “Basement remodel – cost vs. value added”
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According to The Remodeling Cost versus Value Report: “Last year’s overall cost-value ratio was 67.3%, (down 2.7 points from the year before) this year’s ratio is 63.8%, a larger 3.5-point drop. The drop in the number is not really a surprise considering the very volatile real estate year we just experienced, which was filled with foreclosures.
Cool Blog. I like your posts.
Nice blog. Well thought out. Putting a value on a home improvement is very difficult, because there are so many factors involved, and you never really know until you sell your home.
Nice work!
Achieving a rapid sale of your home is difficult in the current climate. If you know where to look it may still be done.
I like your blog. I do home improvement for myself and many others for a business. This blog it great for learning and reading about remodeling. I found your site on Google.com. Keep up the excellent work !