Is Adding a Basement to Your Home Worth The Investment?

In many areas, especially cities, space in the home is hard to come by. Even in the suburbs, families are growing and we are all collecting more “stuff” that has to be put somewhere. Single family homes just are not big enough anymore. The allure of adding a basement to expand the home has captured the attention of many home owners, especially in the north east where space is really limited.

To be sure, adding a basement to your home, or converting your crawl space into a basement has it’s drawbacks:

  • The cost can be a factor. There is a tremendous amount of work involved in this job, and it has to be done by skilled laborers and engineers. Doing it alone is dangerous and will lead to enormous structural problems with your home
  • The work involved also limits how many contractors will do the addition.
  • Time: this job takes time. It has to be planned properly and done right or you risk damage to your home.

But, it’s not all bad news.

In fact, most of these problems have been solved…

Cost is brought down by using new, advanced equipment that cuts the work load down. It is still not a cheap job, but, between the lessened work load and financing, the project is quite affordable to most.

The time factor has also been reduced by the better equipment.

There are also some huge benefits to taking the plunge and adding the basement:

1. More Living and Storage Area

This is the biggest draw for most. Having more room to live, add rooms, have a home office or gym, or just to have more space is very attractive to most home owners.

If you have a crawl space, this can seem like an unreal fantasy! But, it is actually possible. You can add a full floor to your home instead of just having a small crawl space down below.

2. Basement = Higher Resale Value

Having a basement put on your home makes it more valuable. Usually, home owners see a 120% return on investment. This means that you not only get a new basement, but you will make more money when you sell the home.

This alone makes the project worthwhile.

Contact some local contractors who do this kind of work. Most will give you a free estimate and offer financing on the job. You’ll be surprised how affordable it actually is, especially considering the return on your investment.