Homeowners often have to keep in mind the house value or the return on investment when doing several home renovation projects. In the case of renovating the basement, which projects offer a high return on investment?
As previously reported here on Realty Today, homeowners must be wary about doing home renovation projects as they can make or break the house value when the time comes for them to sell. One of the home upgrades mentioned in the report is adding additional space aka the basement.
While adding a basement will not do so much as to add to the value of your home, updating an existing one is a different case. Realtor.com notes that updating the basement offers a 72.8 percent return on investment (ROI).
This means that if you choose and plan carefully on renovating your basement, this could help boost the value of your home. Here are three basement renovation projects that will pay you back:
1. Transform it into a More Functional Space
Basements often give the impression of being a storage space, which is often one of the most used rooms in horror movies. Transforming your basement into a more functional space such as an additional room or as an entertainment or family room can help increase the value of your home.
2. Rent it to Other People
Of course, there is nothing better than reaping off the benefits of updating your basement and getting paid for it. Once you are done renovating your basement into an additional room, you can simply rent it to other people, especially because there is an increase in the demand for more rental homes or spaces.
3. Improve the Room's Conditions
The basement is one of the best places for mold to thrive in. The aforementioned publication notes that walls can be upgraded to fiberglass or crown and baseboard moldings to prevent the growth of mold in the area. Lighting conditions and ventilation must also be improved in this space.
