Recently, I have noticed increased homeowner interest in finishing basements. For example, YouTube offers many channels devoted to this subject. That would be a relevant indicator of subject matter interest. Those videos now refer to a finished basement as ‘The Lower Level.’ It must be ‘a thing.’ Although most of my business involves remodeling Kitchens and Baths, I have experience in other areas, including finishing and remodeling basements. I just completed a basement remodel, and I am in the final stages of finishing the walk-out basement in our home.
The rationale for finishing a basement varies from adding bedrooms for a growing family to creating lavish Bars and Home Theaters in larger homes. The former adds low-cost living space, while the latter provides highly specialized space for entertaining. Some make apartments to generate rental income and living space for aging parents or adult children. Creating a home office in your basement becomes more important as more people work remotely or have home-based businesses. Additionally, as apartment rents increase in major urban areas, a basement apartment may be an investment opportunity worth considering.
Investing in one’s home is generally a good idea. It has created a lucrative income for me. However, some expenditures have a better payback than others. Remodeling a kitchen or a master bathroom is your best investment. Conversely, a finished basement is not among the best home improvement options. That line of reasoning may be changing as new lifestyle trends emerge.
Viable Reasons to Finish a Basement.
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- Bedrooms for a growing family
- Private space for aging parents
- An apartment for an adult child
- Space for entertaining, i.e., a home theater or bar
- Home office or studio
- Gym
- Playroom for young children
- Space to accommodate a hobby, like a wine cellar, cigar bar, or workshop.
- Self-contained space for visiting family and friends
- A man cave, a gaming area, etc.
Many homes in our neighborhood have created a Lower Level. On one side, our neighbor finished their basement to provide an apartment for their parents. Our neighbor across the street finished their basement by adding a wine cellar, a wet bar, a gaming area, and a home theatre. The homes in our neighborhood were designed to make it easier to finish a basement. Most have walk-out basements, making a finished basement more useful. Our builders provided rough-in plumbing, and the basements were framed identically to the first floor. The basement framing supports the load of the primary and second floors. So, much of the initial work was already done.
As I said, my husband, Jim, and I are in the final stages of creating a basement apartment in the home we built in 1996. Recently, we recognized a compelling reason to consider finishing our basement. We are empty nesters with far more space than we need. However, we have three daughters with families, i.e., grandchildren, who visit from time to time. A furnished apartment would provide utility for visiting friends and relatives. There are other lesser reasons we considered, of course, like adding a place where Jim and his friends can enjoy a cigar while watching college football when it’s too cold to entertain on the deck. Considering all the potential benefits, we were convinced to take the plunge.
We decided to improve 750 square feet, about half the basement’s total square footage. That is enough room for a comfortable apartment. Our floor plan includes a large living/family room, a bedroom, bathroom, kitchenette, and a fully functional laundry room. This apartment has a private entry into the family room from the concrete patio under the deck. The area to remain unfinished includes a utility room, storage area, and a large area that is Jim’s workshop. The shop area also has a private entrance. That area has excellent potential for future consideration.
Creating our Lower Level has been a learning experience and fun. So much so that it is worth sharing; suppose you have thought about finishing your basement; this series of articles will help you determine if it is a viable option for you, how to plan the project, and what to expect regarding cost. I invite you to stay tuned for posts exploring this topic over the next few months.
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Jim Weber – Managing Partner, ITB Partners
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