Our advice:Don't pay too much attention to "ball park estimates for average projects." For example our average project is:
$17,000 -$25,000 with many LESS AND MORE.
Instead, have a reputable contractor give you an exact estimate for specifically the work you want done. A reputable contractor offers a FREE Home Design Consultation without obligation.
Money Magazine's Renovation Wizard says you can recoup approximately 90% of the investment you made finishing your basement upon resale.*
*In actual real estate transactions, the amount recouped for a given remodeling project depends on the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. Also impacting pricing is the availability of existing homes in the immediate vicinity.
Remodeling Magazine lists a mid-range basement remodel as one of the top ten return on investment projects!
They describe the typical mid-range basment project of $50,000 with an anticipated ROI of $46,000 or 90%. Theoretically, for an outlay of $50,000 you could gain nearly 800 square feet of living space. According to Remodeling magazine's definitions:- 20x30 foot entertaining area with wet bar and laminate floor
- 5x8 foot bath and 12x12 foot auxiliary room
- recessed ceiling lights and standard bar and bath fixtures
According to Remodeling Magazine Online in some cases the value of the remodeling project at resale is more than 100% of its original cost. This happens when:
- property values are rising very rapidly in a particular area
- when buyers regard certain types of remodeling projects as "standard" (not having the improvement could cause the house to sit on the market for much longer than normal and eventually sell for less than similar homes in the area.
USA Weekend states that renovation costs have risen at only half the pace of home appreciation and low interest rates and deductible interest make remodeling a really great investment!
Regarding finished basements, the magazine challenges: “How else can you add one third more space to a home for a tiny fraction of the construction cost and recoup about 80% of those costs when you sell?”