What adds the most value when finishing a basem*nt?
The appraised value of finished basem*nt space is generally 50% to 60% of the value of the main level square footage. To maximize the cost/value ratio, the market experts recommend keeping the basem*nt budget below 10% of the existing home's value. Staying between 5-10% is a good plan.
A full bathroom is made up of four parts: a sink, a shower, a bathtub, and a toilet. Anything less than that, and you can't officially consider it a full bath. The math is simple: Each utility is counted as one-quarter, so you add and deduct a quarter for each one, as the case may be.
A finished basem*nt is not typically included in the overall square footage of your home. This is especially true if the basem*nt is completely below grade, meaning the entire basem*nt is under ground-level.
A full or three-quarter bathroom should be considered a necessity if you plan to use your basem*nt as a guest room, family bedroom, or living suite. A full-sized installation requires approximately 60 square feet of floor space, while a half-bath or small bathroom will come in at about 30 square feet.
Adding a basem*nt bathroom can increase your home's resale value by 10%-20%. It also can turn a wasted space into an enjoyable addition to your home. The average basem*nt bathroom will cost $3,000-$25,000, depending on the existing plumbing and condition of your basem*nt.
Does a basem*nt count toward overall square footage? As a general rule of thumb, listing agents and appraisers don't count a finished basem*nt toward the overall square footage, especially if the basem*nt is completely below grade—a term that means below ground level.
Yes, your downstairs toilet will be classed as a bathroom for insurance. Insurance quotes consider all en-suites, toilets, and wet rooms in your property as bathrooms.
According to Opendoor's data, adding a full bathroom can increase the median home value by 5.7% on average, which is a dollar increase of about $17,638. We define adding a full bathroom as converting existing space to include a shower, sink, and toilet.
In order to be considered a “full bathroom,” it must contain a sink, shower, bathtub, and toilet. Additionally, a full bathroom usually requires a minimum of 36 to 40 square feet. Without those components, you can't officially call it a full bath.
In the United States, on average, finishing a basem*nt will give you a return of 70 to 75% of your investment. For example, if you spent $1,000 on improvements, it would increase the value of the property by about $700. If you spent $10,000 on improvements, it would increase the value of the property by about $7,000.
Why are basem*nt not counted in square footage?
The entire level must be above grade in order for that space to factor in to the official square footage. This almost always means that if any portion of the basem*nt is below grade, the entire level will typically be excluded from the calculation of the home's square footage.
What is a Finished Basem*nt? So, what constitutes as a finished basem*nt? A basem*nt is finished when the entire level is complete and similar to the upstairs living areas. It generally includes an electrical system, heat, finished floors, an accessible entrance/stairway, level ceilings, and finished walls.
A bathroom in your finished basem*nt is the ultimate convenience. Adding a bathroom to your basem*nt, or remodeling an existing bathroom, can also increase your home's value. If you go with a full bathroom complete with a shower or tub, you'll make the space fully livable.
If you think plumbing can be difficult above ground, then you can only imagine the challenges that arise when installing a basem*nt toilet. But don't give up just yet: With the right plumbing solutions for your space, you can easily install a basem*nt toilet.
Although there is no right or wrong answer, most basem*nt bathrooms are approximately 30 square feet. This is an ideal size for a half bath. If you aren't utilizing the basem*nt as an extra living space for family, guests, or tenants, a half bath should be all you need.
“Consider white tile, chrome or nickel fixtures, a white porcelain shower and tub, and efficient low-flow toilets and new piping,” says Dogan. “A renovated bathroom can add up to $50,000 to the value of your home,” for a dream renovation with top-of-the-line additions.
Garage space is not included in square footage, and many standards do not count basem*nts (even if they're finished) in overall square footage.
When house plan sellers refer to Total Living square feet, they are referring to the “living area” of the home. This can be thought of as the area that will be heated or cooled. It is called the living area because this is where you spend your time. An attic, while a useful storage area, is not living space.
By definition, a walkout basem*nt qualifies as below-grade because most of its sides are partially or fully below ground level. Even so, you will notice that at least one side of the basem*nt is above-grade leading to a patio. The classification is essential in calculating the total square footage of the house.
How much value does a downstairs toilet add? You can add an extra 5% to your home value by adding a downstairs toilet extension.
Do wet rooms add value?
It's estimated that an additional bathroom can add around a 5% increase in value of a home, according to a variety of studies by insurers and estate agents. A wetroom, when styled as an extra bathroom, whether ensuite or separate bathroom, can therefore add an additional 5% in value to your home.
Having more than one bathroom is an automatic bonus to your home's value, especially if the home is for an entire family – an extra bathroom will definitely appeal to buyers more. The cost can vary greatly depending on the area you live in and where the bathroom is placed.
In general, a bathroom can increase your home's value anywhere from 10-40% depending on the quality of the bathroom and its updates. That's anywhere from $20,000-50,000 for cost-effective updates.
Unless the amount of clutter begins to affect the structural condition of a home, it will not affect an appraisal. The cleanliness of a home also has no impact on the value. It is not uncommon for an appraiser to walk into a cluttered, messy home.
How Does an Additional Bedroom Affect the Appraisal Value? An appraiser is focused on the amount of square footage in a house, not how many bedrooms there are. This means that the appraisal value will usually only go up with an additional bedroom if it comes in the form of additional square footage.
A partially finished basem*nt has finished and unfinished areas. For instance, many people will have a fully finished living area and maybe a bedroom or half bathroom in their basem*nt. These areas will have fully finished walls, floors, and ceilings with all utilities done correctly.
If you have a functional attic, basem*nt or garage, your appraiser will factor those assets into your overall home value. In most cases, the square footage of these areas won't count towards your total home's square footage.
Just because a basem*nt is considered “unfinished” doesn't mean that the space is a problem waiting to happen, and if you're looking to purchase a home with an unfinished basem*nt, you'll want to ensure the value is noted accordingly during the appraisal process.
Does adding a bedroom in the basem*nt add value? Absolutely. Buyers are all about usable space and are willing to spend a little extra to have more of it. According to Remodeling Magazine, a midrange basem*nt refinish yields on average 70% ROI.
Generally speaking, a two story house is defined as a home with two full floors above ground. A ranch home with a basem*nt, for example, is not considered a two-story home.
What counts in square footage of a house?
Any space that has walls, flooring, ceiling and heat would count as finished square footage. So, it's likely that stairwells, closets, walk-in pantries and other areas you might be questioning would contribute to the square footage count of a home.
Some appraisers will measure square footage with a good old measuring tape, albeit a large one. Others come equipped with those new state-of-the-art laser devices. I have been present when an appraiser will just eyeball a difficult-to-measure space or even do the wide-arm measurement.
Finishing Your Basem*nt Adds Value to Your Home
According to Zillow, homeowners can expect to see an average of 70 percent return on their investment with a basem*nt finish/remodel.
Divide the value of your home by its number of square feet. The resulting amount is the cost per square foot. For example, if your home is valued at $225,000 and contains 1,875 square feet of finished space, its cost per square foot is $120. Plan to spend $40 to $75 per square foot on finishing your basem*nt.
Siding replacement recouped 92.8 percent of its cost, according to the study. The only home improvement likely to return more at resale was a minor (roughly $15,000) kitchen remodel, which returned 92.9 percent. Replacing roofs and windows were also high on the list, returning 80 percent or more at resale.
Below-grade space is approximately half of the above-grade price. So if the price per square foot is $150 in your location, your basem*nt would add an additional $75 per square foot.
