Finished Room and Value
When an appraiser considers value, finished space is worth more per square foot than unfinished space. Normally, there is a different value placed on above grade square footage and below grade square footage. Most appraisers will not consider a room finished unless it is heated. There are also different types of value. Your home is assessed for tax purposes. The value placed on your home to figure your property taxes is not necessarily the same value you could price your home for sale. Property tax assessments are not updated every year according to resale value. They may have a percentage built in to increase each year but it rarely correlates with the market.
Professionally Finished Basements
A professionally finished basement will definitely add value to your home. Professionally finished means the proper permits were obtained at the time of the improvement and the work was completed in a professional manner. The basement should be completed by a licensed contractor like the staff at Norm Hughes Homes in Duluth Georgia. This includes electric, plumbing, drywall and heat and air improvements. If the reason you ceiling is low is due to heat duct work, you may be able to use a smaller duct system. Doors, trim and flooring should match the rest of the home. This type of improving will raise your value for resale and for property taxes. Depending on your cost of improvements, it may not result in a profit. That’s why calling Norm Hughes Homes can make sure you get the most resale value out of your basement remodel. However, it will improve your chances of selling your home quickly and you will enjoy the extra living area in the meantime.
Unprofessionally Finished Basements
A basement that is finished without obtaining permits or finished to match the rest of your home may be an enjoyable space but won’t add much value to the home. An appraiser won’t count the square footage as being finished and some buyers will not buy the home unless you obtain the proper permits. Some buyers will like the additional space but won’t want to pay more for the home unless it is done correctly. The cost will always be more than the value in this case and if you want to get permits after the fact, you will probably be charged a fine on top of the cost of the permits. This means if you want to add value to your home, do it right by using Norm Hughes Homes in Duluth Georgia or it could end up costing you money.