(ARA) - Can you put a price on peace? Family time? Extra room in your home? What if you could be reasonably certain that the price you paid to upgrade your home to enjoy today would pay dividends tomorrow? Turns out finishing your basement may be just such an investment.
Remodeling Magazine's 2005 Cost vs. Value report puts the average percentage of cost recouped for a basement remodel at 90 percent in the first year, topping popular projects such as a bathroom addition or a major kitchen remodel.
"Homeowners want to feel they're making a solid investment in their home -- a good financial decision, and one that will convert a dark, uninviting space into a quiet, comfortable retreat from the hustle and bustle of the upstairs world," says Frank Palmeri, business manager, Owens Corning Basement Finishing System (TM). "Unlike 'traditional' investments, basement finishing will pay dividends immediately."
It's no surprise that basement finishing is one of the most popular remodeling projects, with more than one million finished each year in the continental United States, according to a report from the Tampa-based Home Improvement Research Institute.
The Basement Finishing System (TM) experts at building materials manufacturer Owens Corning recently surveyed homeowners about their basements and found that 60 percent of homeowners with unfinished basements say they are likely to finish their basement in the next five years, with head, heart and wallet coming together as they weigh the alternatives.
With stats like those reported in the Cost versus Value report, it's no surprise that two-thirds of those planning to finish their basement say they want to increase the value of their home. These homeowners see it as an investment rather than a cost -- money in the bank for the future, and bigger, better living space today.
Among homeowners who have already finished their basement, more than half reported they had received more value than they had expected from finishing their basement, and more than 90 percent had received as much or more value than expected.
However, even homeowners who look forward to the benefits of a finished basement are often daunted by the project, fearing a lengthy and messy process. These homeowners may find the competitive cost and convenient construction process of a finishing system to be a sound alternative to traditional drywall construction for their basement remodel.
With minimal disruption and virtually none of the dust and mess associated with traditional drywall construction, wasted space is transformed into an additional living area -- a media room, office, play room, or home gym -- an investment that will reward homeowners now and in the future. Courtesy of ARA Content
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.