Finishing a basement can provide homeowners with flexible living solutions like guest suites, gyms, or media rooms. However, its impact on home value varies widely based on local markets and current conditions. While some markets, like Denver or Cleveland, may benefit from a finished basement in terms of resale, others might not see much increase since basement space is often appraised at only 50-60% of above-grade areas. Homeowners must weigh investment cost against potential returns and lifestyle benefits. The shift in home usage post-2020 has driven interest in finishing basements for increased functionality.
A finished basement can unlock major livability by adding square footage and functionality, but it may not always correlate with added property value.
The 2022 Remodeling Impact Report indicates that homeowners typically recoup about 86% of the basement finishing costs upon selling their home.
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