Space is a sought-after commodity in real estate. Buyers prioritize numerous variables when searching for a new home, and square footage is often near the top of their lists.
The real estate market has been highly competitive in recent years, and home prices have remained high as a result. That reality has prompted some current homeowners who feel they have outgrown their homes to look for ways to increase the usable space in their existing properties. Basement conversions are one way to add more space. Homeowners mulling a basement conversion project can learn the basics of the project as they try to determine if such renovations are right for them.
- Basement conversion projects can be costly. Though the final cost of a conversion project can vary widely depending on the condition and accessibility of the existing space, estimates range from around $45,000 to as much as $150,000. The home renovation experts at Angi.com note that the average price for excavation is $37,000. Of course, homeowners who are simply hoping to repurpose an existing basement likely won’t need to pay for excavation. Accessibility is another notable variable that can affect the final cost. If the current space is a crawl space, potentially costly structural changes may be necessary to ensure contractors and eventually residents can access the area. Basements that are already easily accessible won’t require such expenditures.
- Ventilation is a must. Finished basements must be adequately ventilated so moisture can be controlled. Without sufficient ventilation, the damp conditions common in many basements can foster the growth of mold. The Asthma and Allergy Foundation of America notes that inhaled mold spores can trigger allergic reactions in some people, potentially leading to runny nose, postnasal drip, red and watery eyes, and itchy eyes, nose, ears, and mouth, among other symptoms. Waterproofing systems and adequate ventilation can prevent mold growth in a basement, and these should be integral components of the design.
- Permits are part of the process. Basement conversions are considered major projects, and thus typically require homeowners and contractors to secure permits before any work is done. Permits may be necessary at various stages of the project. Homeowners who ignore laws regarding permits will have trouble selling their homes down the road, as it can be difficult if not impossible to secure a certificate of occupancy if renovations were made without securing the proper permits. In addition, securing necessary permits for each phase of the project can ensure final approval of the project. If permits are not secured along the way, local officials may insist work be redone to adhere to local laws, which can make the project even more costly.
- Basement conversions take time. The time a project takes will depend on the condition of the space at the start of the project and various details unique to each conversion. However, various contractors indicate projects take about two to three months once they begin. That timeline does not include the pre-project process of finding a contractor, soliciting design plans or preparing the rest of the home for such a significant and lengthy undertaking.
Basement conversion projects can add significant square footage to a home. Recognition of what such projects entail can help homeowners decide if this is the best way for them to increase livable space in their homes.
