A basement renovation can increase a home's value anywhere from 15 to 20 percent, according to a recent article in Market Watch. Needless to say, it isn't surprising to head that many Chicago area families are interested in completing a basement renovation in the near future.
However, before you decide to undergo a basement renovation yourself, it is important to consider the ways in which you can maximize value. Consider these 3 tips from John Gutman, vice president of sales and acquisitions at MACK Estates, as recently posted in Market Watch (where you can read three more).
Make it water-tight
Many Chicago area homeowners experienced basement flooding this summer (and some experienced costly damages from this flooding). To ensure your remodel doesn't go to waste, it is important to make sure your basement is water tight. Install a sump pump with a back-up battery in the event of a power outage. Gutman also recommends this:
If you are redoing the basement flooring, take the time to install drain pipe in the floor along the entire perimeter of the basement walls to catch leaking water and pump it to the sump pump. There’s nothing worse than making your space look perfect, only to have it destroyed by water damage because you didn’t take this extra step.
Keep access panels accessible
Believe it or not, many times access panels are covered up during the course of a remodel. It is important to keep them accessible, even if you're not planning on putting an outlet near them. You will need to have periodic access to the HVAC dampers and electrical circuits as a homeowner. These panels help control air flow and electricity flow in the house.
Add rooms if possible
If you can add a bedroom or bathroom to your basement, it is highly recommended as this will boost your resale value.
Remember that building a room so it can function as a bedroom doesn’t mean you need to use it as such – home gyms, storage rooms and game rooms can all work in the space built as a bedroom.
Learn more about remodeling your basement by reading this article in Market Watch.
Looking to remodel your basement in the Chicago area? Don't hesitate to contact us for helpful referrals! We'll be glad to help.
