How Much do Chicago Homeowners pay for basement finishing
Leo: The cost of finishing a basement definitely varies depending on where you go, your negotiating skills and just how much of the job you are willing to do yourself. A build can cost the average home owner from $20 to $25 per square foot according to the national average. Other factors regarding the cost would depend on whether or not according to code, are required to do a substantial amount of waterproofing, adding a door to the outside or if you want additional windows that give additional lighting to your new living space. Let’s say you want to add a wet bar, or a bathroom or even a kitchen to the mix. Then your costs will definitely increase quite a bit. This is when it’s nice to have a licensed friend or family member provide some of the work for you. But remember that you want your Chicago basement contractor to be licensed.
But what about the appraisal exactly, Leo?
One of the things you have to keep in mind is whether or not you plan to live in your home long enough to get the full enjoyment. After all you may spend anywhere from $15-$60k on your basement project. Just how much equity you will receive in return will depend on how your home compares to other properties in your immediate vicinity or general area. Real estate brokers and appraisers will calculate and quantify your home’s square footage. If the majority of your home’s square footage is in your basement,it’s not very likely things will go in your favor if space in neighboring properties are all above the grade. In The end though let’s be realistic and frank. A home will always sell better if there is a finished basement rather than not.
How much can we expect back, leo?
The national average of a Chicago finished basement as well as the national average, is about 66%. Location will surely play a huge part in this though. Hinsdale basement remodelers and Frankfort, Il basement remodeling contractors have reported that basement builds fetch upwards of 80% of a return on investment whereas the average Basement remodeling plainfield Il contractors say a build can fetch anywhere between 60% and 80% depending on whether or not the home is considered a luxury property.
For more information, contact your local basement remodeling pros at finishedchicagobasements.com