People choose to remodel their homes for a variety of reasons and the Team at The Cleary Company Remodel-Design-Build has over 27 years of experience improving the lives of their clients in Columbus, Ohio.
Finishing your basement can add a significant amount of usable living space to your home as well as increase its value. According to the 2022 Remodeling Impact Report from The National Association of Realtors® (NAR) Research Group and the National Association of the Remodeling Industry (NARI) finishing your basement into additional living space will net you a cost recovery of up to 86%! This report is filled with valuable information with regards to everything remodeling.
So, let’s dive in! What does the report tell us about a basement remodel?
Americans spent $420 billion in 2020 on remodeling their homes according to a study from the Joint Center for Housing Studies at Harvard University. While most consumers responded they would have remodeled regardless of the pandemic, 86 percent of consumers report remodeling one area of their home made them want to then remodel other areas of their home.
Let’s focus on what else the report says about completing basement remodels! NAR utilizes a Joy score for each project based on happiness. We love this because we know that as remodelers, we provide a good deal of joy to our clients when they see their finished projects.
Adding new living space to a home with a basement remodel has a cost recovery value of 86%. “REALTORS® provided an estimate of the likely dollar value each project would add to the house at resale. In comparing that dollar value to the estimated cost of each project provided by NARI members, a Recovered Project Cost percentage was calculated.”
NARI Remodelers placed the cost estimate of a basement remodel at $57,500 (of course this is nationwide). Realtors® estimated a cost recovery is $49,250, so 86% is the percent of value recovered from the project on average.
The most interesting response we found is that regardless of the pandemic, 74% of those surveyed would have remodeled their basement.
To learn more, read the entire report here.
Functionality and Livability / #ImprovingYourHomeLife
When collaborating with our clients we focus on their needs for increased functionality and livability. Check out these before and after photos and you’ll see what we mean. We are confident we increased the functionality and livability for these clients!
Our Design-Build Team has added value to many of our client’s basements with numerous new features including:
- home offices
- home gyms
- playrooms for kids
- game rooms & bars for adults to entertain
- customized storage
- and even a few wine cellars
We know that a basement remodel can be one of the most satisfying spaces you remodel. Gain square footage, space for your family, and the needed additional bedroom, office, bathroom, craft room, or storage. The sky’s the limit!
Are you ready to remodel your basement? Contact us today to start a conversation!