Basement Finishing: Should I Finish My Basement?

For some people, basements are strictly for storage and laundry. But for others, it's a place to exercise, entertain, and create. Whether you want a home gym, theater, office, or anything else, your basement might just be the place to put it. If you're asking yourself, "Should I have my builder finish my basement?" then this piece is for you. Maleno highlights six critical considerations to help you make the right decision.

1. Do You Have the Budget and Time to Finish It Now?

More often than not, people invest in new construction as much for the financial benefits as they do for an improvement in their quality of life (QOL). Of course, owning a home comes with a plethora of benefits. But with a custom home, it's tailored to your exact lifestyle and taste.

Further, it's more than just an investment of money; it's an investment of time. For a semi-custom home, you're looking at about four months; for a fully-custom home, you're looking at anywhere from six months to a year and a half. Accordingly, if you're building new and have the budget for it, we highly recommend getting everything on your wish list while everything is under construction rather than down the line. Reason being, it'll likely take less time, cost less money, and make less of a mess if your basement is finished before the overall house is finished.

That said, whether for financial reasons or otherwise, sometimes you just have to wait, and that's okay too. A seasoned custom home builder will help you plan for your future by equipping you with the proper plumbing, electrical, and HVAC components to ensure you're positioned for a successful renovation.

2. Are You Prepared for the Unexpected?

Life can take some wild twists and turns, and having extra finished space in a house can help you prepare for them. Case in point: the pandemic. Having a little extra room for a home office became invaluable.

Additionally, it's nice to have extra space when you have friends or family over. Whether you build out a designated guest bedroom or just have a pullout couch, it's always wise to have places for people to sleep.

Many people have kids when they're not necessarily expecting to. So, why not build out some flexible living space that can handle whatever comes your way?

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3. Does QOL Mean More to You than ROI?

At face value, finished basements don't deliver the best ROI. In fact, you'll likely recuperate about 86 percent of your investment, according to the National Association of REALTORS (NAR).

However, your QOL can improve dramatically. With a finished basement, people surveyed by the NAR noted that they had a/an:

• Greater desire to be home
• Increased sense of enjoyment when home
• Felt a major sense of accomplishment

Furthermore, while helpful to consider, the NAR's Impact Report may not capture the whole picture when it comes to ROI. For instance, (and this is especially true for people who work at home), your home life can significantly impact your professional life. Therefore, if you can reduce the number of distractions and stressors at home, you may perform better at work and see returns through a different revenue stream.

4. What Type of Basement Are You Finishing?

There are three main types of finished basements:

1. Walk-out basements
2. Standard-lot basements
3. Garden-level lot basements

Oftentimes, the most attractive option to buyers is the walk-out basement. With ample natural light and access to the outdoors (typically a backyard or patio), this variety of finished basement is a smart move if your property has a slope to it.

Then, you have your standard fair: the standard-lot basement. It's underground, built with concrete cinder blocks, and has minimal natural light. While they don't naturally have the same poshness as a walk-out, a seasoned builder will install the right light fixtures, use the right materials, and employ design techniques that make it feel less subterranean.

There is also a middle ground between walk-outs and standard lots. This kind of basement is known as a garden-level basement. A garden level will have a mix of small windows close to the ceiling and full-sized windows.

If you're finishing it strictly as a monetary investment, walk-out basements will likely attract more offers when it goes on the market. However, there are still many incredible options for standard-lot basements, but you may not see the same level of return. Lastly, Egress windows can be added to standard-lot basements for natural light and a safe exit from the home during the construction process.

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5. Do You Have a Function in Mind?

Finishing a basement is a significant investment, so having a purpose is essential. Consider your lifestyle, hobbies, and family size. While you can certainly finish a basement just to finish it, a clear function often yields a better result. For instance, some popular finished basements include a/an:

6. Consider Your Ceiling Height

When you're working with a builder, ask about the height options of your basement. Yes, you can finish a seven-foot-tall basement, but it will likely make you feel a little claustrophobic rather than cozy. If you have a nine to ten-foot ceiling option and have the budget, we strongly recommend spending the extra money. Not only will the space feel more open, but you'll have way more options for designing, decorating, and using your basement.

Go with a Pro

You can add almost anything to a finished basement, from a wine cellar and canning room to a guest room and gym. If you need help making the vision of your future basement a reality, then reach out to Maleno. With over four years of custom building experience, we can design a basement tailored to your specific lifestyle, aesthetic preferences, and budget.