No matter where you reside, a basement can add a lot of value to your home. If you want to use your basement for more than just storage, finishing your basement can generate an incredible return on your investment when you go to sell. Data collected by Remodeling Magazine suggests that, on average, basement remodelers recoup 70% of their investment.
Unfortunately, not all remodels are created equal. Some upgrades may not be worth the expense and could end up costing you more than you expect. We asked Colten Claus, an associate broker with 8z Real Estate in Colorado Springs, Colorado, to weigh in on what projects are worth the price. Here are the seven basement renovations he says you’ll regret .
The real estate expert said, “Doing it yourself can be cost-saving, but if not done well could end up costing you thousands. Poor craftsmanship, improper permits and not adhering to building codes, to name a few.”
Most projects are better left to the professionals, particularly when it comes to remodeling and renovations. DIYers frequently get in over their heads when it comes to major renos. While it may look easy on HGTV, it can easily turn into a costly headache if you do not know what you are doing. Consider at least consulting with a contractor before knocking down any walls.
Whether you hope to turn your basement into a mother-in-law suite, a rental or a hangout for your teen, you may want to add a kitchen or bathroom. Unfortunately, most basements are not equipped with adequate plumbing. Improper plumbing can cause serious problems and cost tens of thousands of dollars in damage.
When it comes to adding a kitchen or bathroom to your basement, Colten said, “If not done correctly, it could cause mold and water damage.”
A bathroom with shoddy plumbing could cost you anywhere from $10,000 to $20,000, while a poorly done kitchen could run up to $50,000 to correct, according to the expert.
“Cutting corners could lead to much higher repair costs in the future,” he explained.
Wall to Wall Carpet
Cost: $3,000 to $6,000
It is important to remember that basements are usually subterranean, meaning they are at least partially underground. When you are dealing with a room that is below ground level, it may have poor ventilation or higher-than-normal humidity. Installing wall-to-wall carpet may feel nice on your toes but prove to be a bad investment overall.
Colten said, “Although warm and cozy, it is highly susceptible to mold and moisture issues.”
He noted it could cost you $3,000 to $6,000 every time there is a problem.
Excessive Built-ins
Cost: $2,000 to $10,000
While storage is a must for most homeowners, too many built-ins can actually be a turnoff for some potential buyers. If you are remodeling your basement with the hopes of generating a large return on your investment, consider opting for removal shelves in lieu of built-ins.
Excessive built-ins in a basement “[l]imits flexibility of the space and if it is not in style, can be a deterrent,” Colten said.
Cheap Flooring
Cost: $1,000 to $3,000+
What kind of flooring you put in your basement can become a critical decision. In addition to rethinking wall-to-wall carpeting, you will want to forego cheap laminate. The problem with basements is that they can trap moisture because they are underground.
“Flooring that can’t take moisture is susceptible to warping,” Colten said.
He noted that homeowners can expect to pay $1,000 to $3,000 to install the flooring and another $5,000 to $10,000 to get it replaced.
Single Purpose Rooms
Cost: $5,000 or more
When you are considering what to do with your basement, you will want to look at the big picture. Are you hoping to sell down the road? Then you are going to want to think twice about turning your lower floor into a single-purpose room.
“Things like a home theater or gym can limit the space,” Colten said.
He cautioned that homeowners should expect to pay $10,000 to $30,000 to turn their basement into a home theater and $5,000 to $15,000 to turn it into a gym. These options, however, “may not provide a good return if the buyer has other needs,” he explained.
Lack of Egress Windows
Cost: $3,000 to $5,000 per window
Any time you do a renovation, you need to secure the proper permits and follow all building codes. For basements, this may mean making sure you have adequate egress windows. An egress window provides an evacuation point in case of a fire or other emergency. Failure to put one in your basement can be costly and dangerous.
“Going against building codes can limit the marketability,” Colten said.
He explained egress windows cost between $3,000 to $5,000 per window but are “a necessary expense.” It is important to check building codes before installing to ensure that your window meets all statutory requirements.
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