What to Consider Before Finishing Your Basement

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WHAT TO CONSIDER BEFORE FINISHING YOUR BASEMENT
Baverage, most basement finishing projects add
1/3 of the homes existing space to the total
asement finishing is a great project for
homeowners that can accomplish a few things for
them. It can raise the value of the home
to add new living space to your house. On
square footage of the house. The space can be
used for a variety of purposes, including guest
rooms and bathrooms, recreational or office
space, storage, or even as a second unit to rent
out. It is also a relatively cheap endeavor if
you compare it to adding extra rooms or living
space to the house above ground.
This is because most of the basement has its
structure intact, meaning exterior walls and base
flooring doesnt need to be built, and there
will be no roofing costs. But there are also
a few things to keep in mind that might affect
your decision to finish your basement. This is
not to say you shouldnt aim for basement
finishing, but consider the factors below
and how they could affect your choice to
take on the project. Also, be reminded
that some of these factors are dependent on
local building codes and policies. Flooding and
Insurance Concerns When adding usable living
space and value to your home, you most likely
will be affecting the cost of your homeowners
insurance. Because of the added value, the cost
to repair or replace the house due to events
covered by your insurance goes up, which
means your payment to the insurance company,
will increase also. Most likely the amount
that your insurance will be negligible in
terms of your yearly total, this is still
something to be aware of so you dont end up
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being surprised with a bigger home insurance
bill. The other aspect of your insurance when it
comes to your basement is flooding.
Unfortunately, basements are a common victim of
flooding, either natural or from mechanical
failures, or from exterior sources. Make sure to
check what types of flooding your insurance
covers because many will have restrictions on
what is and isnt covered. Taxes and Zoning
Issues As mentioned above with insurance, you
will also have your changes to your home reported
to your local government which assesses
property taxes. With increased home value,
this means your taxes are going to increase.
This will be a steeper hike in fees that
insurance will be, and varies by location though.
And if youre in prohibited zones, you may not be
able to convert your home into a rental
unit. Basement finishing is still something
any homeowner should consider. While there
are the concerns we raised above, make sure to
weigh the benefits against them to decide if it
is right move for you.
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