“I’ve been really thinking about having our basement finished and using that space for my business,” Roxanne said. “But I’m not sure if it’s a wise investment from a financial perspective. On one hand, I’ll save money because I’ll no longer be renting office space in Boston – which isn’t exactly cheap! But on the other hand, I need to know what impact having the basement finished will have on the value of my home.”
Massachusetts is one of the most competitive housing markets in the nation. If there’s one factor that can drive a property’s value up, it’s the amount of usable space available. More is definitely more, especially when you consider how many homes in our region were built in the compact New England style. Having the basement finished gives you and any potential buyers more space to enjoy.
Another factor that will impact a home’s value is how attractive the finished basement is. People use finished basements for any number of purposes, from a home office, in-law apartment, art studio, media room, storage, or even a home gym. Not every use will be equally appealing to every buyer – for example, home gyms are most of interest to people who enjoy fitness – but real estate agents are skilled professionals at explaining the potential uses of the space. What really matters is the quality of construction and how attractive the space is as a whole. Exercise equipment can be moved out and bookshelves in, for example, if your buyer is more of a librarian than a weight lifter; if the space is well built and inviting, the current use generally has no impact on the selling price. That being said, if you have the home gym and a prospective buyer loves working out, they may be willing to pay that much more for your property.
Having your basement finished in Boston pays off in a multiple of ways. First, you increase the level of enjoyment you’re getting from your home while you live there. Then, when it is time to sell, you’ll be able to realize a higher asking price due the to attractive, well-built finished basement.