The possibilities are endless when deciding what the extra space in your basement could be used for. The extra living space in a basement is commonly turned into an entertainment room, a playroom, an office or guest area. Converted basements are also great spaces for an additional dwelling unit for grandparents, a young adult or could potentially be rented out to create another source of income for your family.
Is a basement conversion a good idea financially?
A common reason families want to move out of their current home is because they feel like they don’t have enough space. In the current real estate market we live in (Pierce County, WA) homes are either over priced or are in dire need of a renovation. The market is very competitive and it can be hard to get the right house with the right amount of space for a decent price. So, if families already have a basement, making the most of that space is ideal. You get to save money on moving expenses, a down payment on a new home, and all the unexpected costs that come up when a major life change happens.
The price for a basement conversion depends on how large the project is and what needs to be done to meet the expectations of the renovation. The average basement conversion cost about $51,000 and will bring you a near 90% return.
What should you know before you begin converting your basement?
There are several different variables to take into consideration before starting a major renovation of your basement.
- Permits: what, if any, are needed from the county/city/state. You can look up Washington State permit codes here.
- Windows: Does it make sense to add any? For safety, a bedroom would need one.
- Timeline: How long will it take to renovate?
- Living Arrangements: Can you live in the home while the remodel is being completed?
- “Tanking”: Do you need to waterproof below ground?
- Cost: Consider cost per square foot
Talking with your local contractor will help you determine a more specific list of things to consider for your specific basement conversion. If you’re in the Pierce County area, we would love help you complete this renovation process from start to finish.