The Benefits Of Basement Remodeling

Basement Remodeling Adds Living Space

Most homes in the Midwest, have basements. Basement remodeling can add useful square footage and is a great investment in your home. Square footage space in basement does not count when marketing and selling your home, but homeowners who have their basements remodeled will definitely get their investment worth. There are three types of basements. Just a standard basement where there are no windows so there are no lighting, English basement where there are windows, and a walk-out basement where there are windows and an exit to the backyard of the home. A remodeled basement on a home will normally add an additional $15,000 value to the home’s value. Cost of remodeling a basement depends on how fancy you want to make your basement. You can add a wet bar in your basement, an additional bedroom, an office, a standard bathroom or a deluxe bathroom with jacuzzi, steam room, sauna, or you can even have a gym in your basement. Walk-out basements have lots of lighting where you can deck it out and make it a functional in-law suite or guest suite. You can also add a full kitchen in your basement where you can make it into an entertainment room for parties and weekend get together functions. Many homeowners do not have finished basements and just use it as storage when with a little creativity, they can do a basement remodeling and utilize every single square footage of their basements and convert it to a useful living space and have part of the basement converted to a spacious storage area.

Unfinished Basement

Prior to hiring someone to do your basement remodeling or whether you plan on doing the basement remodeling yourself, make sure that your unfinished basement has no cracks in the foundation. Doing your basement remodeling is a big investment and you would not want to see any leaks due to cracks in the foundation after you have the walls covered up with insulation and drywall where it can be a major mess and be costly to do demolition and correct the leak after you have finished your basement. Check with the previous owner and check if your basement leaks after heavy rains to see if there are any water seepage. Even if your basement is dry and water proof, hire a basement waterproofing company to have your basement waterproofed and installed a sump pump with a backup battery to make sure that your basement does not flood after a major storm and when the electricity goes out that you have a backup battery so the sump pump works. Make a list of things that are important to you such as a wet bar, playroom, gym, bathroom, guest bedroom, office, media room, storage, man cave, women cave, or other rooms you may want.

The flooring type that you select is very important. Basements can leak so hardwood floors and carpeting may not be a good idea. Ceramic tiles is often recommended or other type of waterproof flooring.

Basement Remodeling: Choosing A Contractor

Remodeling your basement can cost anywhere between $5,000 to over $50,000 depending on how unique you want to make it. You will need electricians, plumbers, HVAC professionals, and carpenters. Many handyman who are a jack of all trades can normally give you a great price for your basement remodeling. Make sure you check out the references of the general contractor you hire to do your basement remodeling. Don’t just choose a carpenter out of an ad of your local free shopper newspaper and give them a down payment to do your basement remodeling. Just because a contractor has a very fancy website and is a smooth talker does not mean that they are reputable. Contractors in most states are not regulated like other professionals so take your time and not rush in hiring a contractor without checking out their references and make sure you Google the contractor and see their reviews and testimonials.

Financing Your Basement Remodeling

Financing your basement remodeling is another issue homeowners need to consider. Homeowners can see if they qualify for a home equity loan from a local bank. However, to qualify for a home equity loan or home equity line of credit, the homeowner will need equity in their home. Another option to financing your basement remodeling is by refinancing your home with a FHA 203k Rehab Loan where you can have the construction money for your repairs and your primary mortgage home loan all in one loan. If you are a homeowner and are interested in getting approved for a FHA 203k Loan to do your basement remodeling, please contact me at 262-716-8151 or email me at gcho@gustancho.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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