When you own a home, one of the best things you can do is make improvements to increase its value. Paying off your mortgage adds to your equity, but improving the total home value is often a faster way to accrue equity, since you’re raising the price people are willing to pay for your home, rather than reducing the amount you owe on the mortgage.
When people think improvements, they often think kitchen and bathroom remodeling—but they should be thinking basement renovation! You might be surprised to learn that something as simple as a basement expansion can increase the value of your Jeffersonville, IN home by a substantial amount, despite being a sub-level improvement.
Lower cost of upgrade
Compare a basement expansion to a home addition and the basement expansion will likely come out cheaper. Why? Because there’s no need to modify the existing above-ground structure of the home.
For a second-story addition, you’ll need to pay to have the existing home structure built out, dormers added, the roof extended and foundation poured. All of this adds up fast—often costing $30,000 or more just for the buildout. Then there’s the utility installation costs to consider—plumbing, electrical, HVAC, etc. Plumbing these things into a home addition tacks on additional cost. Add in finishing and furnishing and you’re lucky to get off with less than $50,000 in expenses for an above-ground home addition.
Now, consider a sub-level addition. The cost of excavation, foundation pouring and the roof aren’t cheap—but they’re likely less than the cost of a full above ground addition. Plumbing utilities is also easier, since they enter the home through the basement. All told, your $30,000 buildout cost will go a lot further, and finishing isn’t likely to amount to the same cost as for an above-ground addition.
The value of a basement expansion
Beyond raising the value of your home at a more acceptable cost, a basement expansion can also instill practical value. It’s a living space that can feel like an extension of the upper levels, which attracts buyers and fetches a much higher selling price on the housing market. If you’re not ready to sell, it’s a functional space that lends itself to your lifestyle—whether it’s a workshop for dad, a playroom for the kids or a space for mom to work from home.
These things may not have tangible dollar value, but they’re certainly worth the expense. For example, they’re worth more than buying a new home and leaving behind one you love. A basement addition can also improve your cost of living—giving you more storage space so you don’t have to pay for a monthly storage unit rental, for example. You may even furnish the space and turn it into a sort of apartment for guests, saving them the cost of paying for a hotel room.
Built out, not up
If you’re looking for a way to increase the value of your Jeffersonville, IN home, consider building out instead of up, or remodeling a space that might not need it. Working with a building contractor to assess the possibility of a basement expansion may be a smart way to add value to your home—one you hadn’t yet thought of! Reach out to Estes Excavating Inc. to learn more about how we can help get your project underway.
Categorised in: Excavation Services
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