Wednesday, May 10th, 2017 by Gwen Hurd
Every year, Remodeling Magazine publishes a list of home remodeling projects and assess their average cost vs. value. Since remodeling is such a huge investment, knowing how much of that initial cost will be recovered in a real estate sale is incredibly important. Why spend tens of thousands (and in some cases, hundreds of thousands) of dollars on something that won’t add significant equity to your property.
What I love most about this particular Cost vs. Value list is that the statistics are separated by region, and then by metro area. You can see exactly what the average cost of a remodel in your area is and how much a homeowner can expect to recoup from the project.
Total Basement Finishing may be located in New Hampshire, but interestingly enough, for the purposes of this survey, our territory does fall into the Boston metro area. The national average cost recouped for a basement remodel is 70%, for the Boston metro area, it’s slightly higher at 71.6%.
This is AMAZING news for anyone who loves where they live, but needs more space. The only other large projects that come close to that kind of recouped cost are additions. And additions change the blueprint of your home, take away valuable outdoor space, and are often double the cost of a basement remodel.
That means that Boston area homeowners can expect to see 71% of their investment returned after they finish their basement. Since most people are not finishing their basement with the intent of selling, homeowners get to enjoy their basement for years before even thinking about listing their property.
More space means you can have a kids birthday party in the basement- NO MESS TO CLEAN UPSTAIRS! If you’re thinking about finishing your basement, get in touch ASAP! We’d love to discuss your project.
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