An easy way to increase the
finished square footage of your home is to finish or update your
basement. One question I am always asked is does it pay to finish my
basement? Will I get my money out of it? To get that answer from a
real estate professional I asked Erich Young from Edina Realty
in North Oaks, Minnesota. So Erich what is your answer?
A basement finish remodel
can have a significant impact on your home valuation. The biggest
return on your investment will come if you can add an egress window
in order to get an additional legal bedroom. This is especially true
if your home has three or less bedrooms currently. The second biggest
return will be an additional bathroom. Remember, with just the
bedroom and bathroom your house has moved up the valuation ladder two
steps from lets say a two-bedroom one-bath to a three-bedrooms and
two-baths. This is a significant factor in your home's valuation. The
third factor is the total finished square footage. This number is
always listed on the MLS sheet and again affects your home valuation.
So, yes as Joe says do it and do it right to get the most for your
money!
Before
you start it is important to approach your basement project by taking
care of the essentials first. The last thing you want is to stick a
lot of money into your home and not have it dry, safe and
comfortable.
Waterproof
Make
sure that you have drain tile and a working sump pump with a battery
backup. If not have a system installed, or make sure there has not
been a water problem previously in the home. I recommend in either
case sealing the concrete or block walls with 'Drylock'
which will reduce condensation and moisture on the wall surface.
Check for Radon
Do
a radon gas check. Radon occurs in certain soil formations and can
build up in basements. A simple test kit can be obtained from:
http://www.mn.radon.com/
There are several remediation methods available including radon
blocking paint and air ventilation. In either case both are easier
and cheaper to do before you begin work on your basement.
Balance your Heating
and Air Conditioning
In most cases there are not the proper number and proper sized
supplies and return vents to make the basement air system effective.
Additionally, you need to determine if your current system is sized
properly for your additional living space. Have a professional
balance your system so you have a comfortable newly finished basement
when completed.
Electrical
Especially if your home is older, a thorough evaluation from a
licensed electrician can save a lot of time and money if done prior
to beginning your remodel.
Insulate
If
it fits your budget I recommend foam insulation in the rim joists and
top of outside walls. Foam is also the best for below grade concrete
walls. Rigid insulation such as 'Thermax'
is a less expensive alternative for these areas especially against
concrete walls. Only use fiberglass bats in above grade wood framed
walls. Visit BuildingScience.com to get the latest research on the
best practices for basement insulation.
Frame and Finish
Make sure at the very least you follow code in using treated wood on
all floor contact wall plates. Moreover, mold resistant framing and
gypsum wall board are more expensive now, but can be a huge money and
health saver in the future.
Follow this checklist when starting your basement remodel and you
will be sure to have a dry, safe and comfortable living area.
