If you're looking to add livable square footage and boost your home's value, finishing your basement is a popular renovation project. But how much value does a finished basement actually add? Let's dive into the details and explore whether this investment is worth it for you.
Does a finished basement count as square footage?
The short answer is: It depends. A finished basement doesn't always count towards your home's official square footage in the eyes of appraisers. For a basement to be included in the total living space, it typically needs to meet certain criteria:
- Accessibility: The basement should have a proper entrance, like a staircase, that's separate from the main living area.
- Ceiling Height: Most regions require a minimum ceiling height of 7 feet.
- Egress: There must be at least one window or door that meets egress requirements for safety (large enough for escape in an emergency).
- Functionality: The basement should be finished to the same standard as the rest of the home, with proper heating, cooling, and electrical systems.
If your basement meets these requirements, it can add significant value to your home. However, even if it doesn't officially add to the square footage, it can still be a major selling point and increase your home's appraised value.
What is a finished basement, anyway?
A finished basement is more than just four walls and a floor. It's a functional living space that has been transformed into a comfortable and inviting extension of your home. Here are some common features of a finished basement:
Flooring: indoor/outdoor carpet, laminate, tile, or luxury vinyl flooring can all work well in a finished basement.
Walls: Drywall, paint, or even wood paneling can create a finished look.
Ceiling: Finished ceilings often include drywall, drop ceilings, or even exposed beams.
Lighting: Proper lighting is crucial for a comfortable and functional basement space.
Additional Rooms: Finished basements often include bedrooms, bathrooms, home offices, entertainment rooms, or even wet bars.
How much value does it add?
The value a finished basement adds to your home depends on various factors, including:
Size and quality of finish
A larger, well-finished basement will generally add more value than a smaller one with basic finishes.
Local market conditions
Home values and buyer preferences vary depending on your location.
Types of space created
A versatile space that can be used for multiple purposes (like a family room and guest bedroom) tends to add more value than a single-purpose room.
On average, a finished basement can recoup around 70% of its cost at resale. While you might not make back every dollar you invested, you'll gain valuable living space and enjoy the benefits of your finished basement for years to come.
Find durable flooring for your basement remodeling project
If you're considering finishing your basement, stop by Nielsen Bros Flooring for a wide range of flooring options. From carpet to laminate and LVP in Bellevue, Lynnwood, and Auburn, WA, we have you covered. Then, weigh the potential return on investment against your personal goals for the space. Whether you want a playroom for your kids, a home theater, or a guest suite, a finished basement can be a valuable addition to your home.
If you're in Bellevue, Redmond, Kirkland, Auburn, Renton, Tacoma, Lynnwood, Edmonds, or Bothell, WA, visit Nielsen Bros Flooring. We've been serving the Seattle metropolitan area since 1946 and are ready to help you create the perfect finished basement.
