According to statistics, the average basement finish cost in the US is $15 per square foot. However, the price point can range between $7 and $23 depending on location, the basement’s current condition, design plan, contractors, and material type and quality
These are not hefty prices, considering how advantageous a basement finish can be. So, read on to discover how a basement remodel in Saint Petersburg FL can bring many benefits, including a boost in home value.
The ROI of a Basement Remodel
If you want to remodel any aspect of your home to increase value, you must first take a look at project ROIs. The ROI (return of investment) dictates whether a project will attract homebuyers in the future and drive your home’s cost higher.
However, the ROI is not a set number and always depends on your location (state, city, neighborhood), the quality of the project, and the general circumstances.
In any case, basement remodels and finishes have always had a high average ROI. Currently, the national average is 79%. That means you can recoup around 79% of your project’s total price once you sell the property.
Benefits of Finishing a Basement
Basement remodels and finishes have such a high ROI because they bring many benefits to the average homeowner, such as:
- Increases livable square footage – A basement finish is a great way to expand square footage without breaking zoning and building codes
- Provides more flexibility – You can make the basement a home office, guest room, extra living room, etc.
- Makes the basement rentable – You can rent your finished basement and earn a passive income
Modern homebuyers know these benefits and are willing to spend more for properties with finished basements. After all, wouldn’t you want a property with extra hidden space you can use to your preference?
Tips on Remodeling a Basement
You can reduce the total cost of your basement finish in many ways. That will bump up your ROI even more as you further push the gap between cost and added value.
Here are some great examples:
- Choose a simpler design – Instead of building walls, choose an open floor plan or use clever and affordable ways to divide the space;
- Don’t go for the most expensive materials – Choose LVP instead of hardwood. It has a similar look and yet is cheaper and more durable;
- DIY whenever you can – Take on the easier jobs yourself. This includes repainting, clearing the space before construction starts, hanging artwork, etc.;
- Repurpose old pieces – Instead of purchasing expensive luxury furniture, try repurposing vintage items you already have.
Besides reducing the cost of your basement remodels, you can also try to increase added value by including trendy elements in your new basement. Some popular examples are a small bathroom, kitchenette, egress window, high-quality insulation, etc.
Choose Contractors You Can Trust
Finally, choosing reliable contractors is the best way to make the most out of your basement finish. At H.E. Feldman & Son, we count years of expertise providing high-quality construction services.
When you work with us, you get premium design and build services, including:
- General home remodel
- Kitchen or bathroom revamp
- Large commercial remodeling project
We take care of everything, allowing property owners to relax and simply enjoy the process. Reach out today to schedule a free quote for your next home remodel.