What do potential home-owners look for when they are evaluating a home that they are interested in? The condition the home is in, the neighborhood the home is in and the amount of square footage are all huge factors when deciding which home to purchase. Square footage is not always valued the same however, basements for example provide an opportunity to increase home value if finished correctly. Basement square footage is valued less than above ground square footage, but a well done finished basement can provide a large increase in home value. In Massachusetts especially, basements are a big deal because of the climate and the amount of homes having basements in the area. Here are some ways to finish a basement and add increase the value of your home value:
- A “Quality” Finished Basement- Not all finished basements are created equal. It is not enough to just lay down some carpeting and adding some lights. It is important to make your finished basement like every other room in the house. Adding electrical wiring, a bathroom and heating are ways that you can make your finished basement add real value to your home.
- Hiring a Professional– By hiring a professional contractor to design, wire & finish the basement instead of trying to do everything yourself, you avoid turning off potential home-buyers because of a finished basement that looks like it was done by an amateur. Not only that, but when you hire a professional you lower your risk of having problems appear during inspection of your home for the re-sale process. A professional will make sure all of the electrical wiring, plumbing, etc. is up to code.
- Add a Personal Touch– Adding a personal touch to your finished basement can add a lot of value. By personal touch, we mean adding features that cater to hobbies or interest that you and others value. For example adding a dark room could intrigue potential home-buyers who have a big interest in photography to purchase the home. Another example would be bar for those who would like to use the space to entertain guests for parties or weekly small events.
Checking in with comparable homes to yours is always a good gauge of how much your home will sell for and what trends are increasing the value. If other homes that are comparable to yours have finished basements and are selling quickly at a good price, adding a quality finished basement to your home would be a smart idea. If you are finishing your basement or want to improve your finished basement wiring the basement to be compatible with electrical devices or have any questions about wiring your basement please contact us at 781-246-7700.