WHAT TO DO WITH AN UNFINISHED BASEMENT

Although currently dimly lit and a little rough on the eyes, your unfinished basement still has a lot of potentials. With just a little love and the help of the following ideas, you can spice it up in no time and get some great use out of the space. 

 Add a pop of color. 

Give your basement a whole different look without a big renovation by adding some color to space. Consider painting and sealing the floors, opening up the room by painting the rafters white or a light color, or creating a bold accent wall. 

Divide the space. 

Want to make your basement a multi-use room? Partition out the area by installing an inexpensive curtain system. This can be done either with a curtain track or a simple wire, some hooks, and curtains will suffice.

Add foam mats. 

Whether you’d like to use the basement as a home gym to get a quick workout in or a place for the kids to play and rough house, adding some foam mats into the mix is a great and easy solution. They come in various colors and can quickly be picked up and tucked away if need be. 

Use a large rug. 

As an alternative to adding mats, find a large, eye-catching rug to be used as a focal point, and furnish the area around it. 

Add lighting. 

Basements often offer very little built-in lighting and few outlets around the room. Consider stringing café lighting across space from the rafters to give a nice ambiance and glow without any difficult electrical work.

Basement Remodel - What's Your Return

Basement Conversion to Living Area

I have sellers ask me all the time what they should improve.  Recently, I had a gentleman in Greeley, Colorado ask if he should finish his basement and will it be worth the expense.  According to the National Association of Realtor® Research Department, this is what they found.

Consumers’ Viewpoint After Completing the Project: 

• The top reason for doing the project: to add features/improve livability - 57 percent.
• Second most common reason: moved into the home and want to customize - 16 percent.
• Most important result: better functionality and livability - 52 percent.
• Eighty-one percent said they have a greater desire to be home since completing the project, 65 percent have an increased sense of enjoyment when they are at home, and 77 percent have a major sense of accomplishment when they think of the project.
• Joy Score: 9.5 B

Seven percent of REALTORS® have suggested sellers convert a basement to a living area before attempting to sell, but only two percent said the project most recently helped cinch a deal for them, resulting in a closed sale.

Cost Recovery:

• NARI Remodelers’ cost estimate: $40,000.
• REALTORS®’ estimated cost recovered: $25,000.
• Percent of value recovered from the project: 63 percent.

So, as you can see it is more than likely not going to make the home sell faster but will give more enjoyment to the new buyer.  While you recover some of the costs it's not 100%

If you are interested in remodeling, I have contractors who are capable of finishing a basement.  Call me at 970-672-6069  Margaret Herdt Turn Key Realty