3 Things To Know About Basement Renovations

Your basement may be an area of your home that you spend little time in, especially if it is unfinished. If your basement is unfinished or not up to date, a basement renovation may be something to consider. Improvements to your basement can significantly increase your home's usable square footage and can also add value to your home. Refinishing a basement is also a great idea if you have a growing family. Here are three things that you should know when it comes to your basement and renovations.

How Much It Will Cost

The cost of basement renovation services will vary depending on the size of your basement and the scale of your renovations. The more complex the renovations, the more expensive it will be. For example, turning your basement into a fully functional apartment will cost a lot more than merely adding drywall. On average, you can expect to pay between $11,025 and $29,265 for your basement remodel. Things like adding plumbing and electrical features will also increase costs. 

How Long It Will Take

One of the best things about basement renovations is that they don't have as significant an impact on daily life as renovations to other areas of the home. Most homeowners can avoid the basement while work is ongoing. Renovations to other areas of the house, on the other hand, often have a more substantial impact on daily life. How long it takes to renovate your basement will depend on the features added to the space as well as the size of the basement. A professional contractor and crew will typically take around 45 days to complete a full basement renovation. 

They Offer Healthy Returns

Another thing that you should know about basement renovations is that you will likely see some of that money back when it comes to your home's value. The average basement renovation has a return on investment of 70 to 75 percent. A basement renovation also gives you more living space and is an excellent option if you feel you need more room. If you plan on selling, a refinished basement is an attractive feature and can give you an edge compared to other properties in your neighborhood. Converting your basement into an apartment can also bring in additional income. 

When it comes to basement renovations, there are a few things to know. First, renovations will range in price depending on the changes you want to make and the size of your basement. How long it will take also varies, but the average time for a basement renovation is around a month and a half. It's also important to know that a basement renovation will typically offer a healthy return on investment.