Maximizing the space in your home is one of the best ways to build equity. It can also improve the livability of your home for you and your family.
If you're ready to make the most of your home, here are some things to think about and some ideas for improvements:
To change the footprint, or not?
If every space of your home is being utilized, you may have to think about changing the footprint. This might include building an addition or a second story and will likely be a costly endeavor. Be sure to do your research on the return on investment of your addition before making a decision.
However, chances are high that there are unused spaces within your home that can be maximized. And if you’re eager to add more livable space, it’s more cost-effective and easier to use your existing footprint. Some options may be to finish your basement or attic, enclose a porch, or convert unused nooks to extra storage spaces (like under your stairs). It’s important to note that unfinished spaces, such as a basement, do not count toward your square footage—and square footage is a big factor in home appraisals.
If you’re ready to recognize the hidden potential of your unfinished areas and turn them into valuable assets, here are some ideas:
Unfinished Basements: a diamond in the rough
By transforming your basement into a functional living area, you can significantly increase your home's value. According to Liveabout.com, finishing a basement will give you a return of 70-75% of your investment.
An unfinished basement offers countless possibilities. It can become an extra bedroom, a home office, or even a recreational space. With a finished basement, your family has the opportunity to spread out more comfortably—and guests can have a private space to stay.
A finished basement can also be an excellent opportunity to generate rental income. By creating a separate living area with all the necessary amenities, you can attract tenants and earn extra money each month. This added income stream can significantly boost your home's overall value.
Not to mention finishing your basement could help you save on energy bills. Unfinished basements are subject to being cold in the winter and hot in the summer, but with proper insulation and wall coverings, temperatures will regulate, resulting in lower energy bills and a more comfortable living environment.
Other unfinished areas waiting to shine
While unfinished basements tend to steal the spotlight, there are other neglected spaces that can contribute to increasing your home’s value.
Attic
An unfinished attic can be transformed into a spacious storage area or a cozy extra bedroom. By utilizing this often-overlooked space, you can optimize your home's functionality and improve its value.
Garage
Investing in finishing your garage can elevate its purpose. With a little creativity, your garage can become a home gym, a workshop, or even a hobby room. By utilizing this space effectively, you enhance your home's value and appeal.
Closets and nooks
Are you lacking storage space or pantry space, or do you need an extra bathroom? It’s time to get creative. Look to unused corners or closets, or even large rooms that could be condensed! There are surely a few square feet of space in your home that aren’t living up to their full potential.
Unused corners (or walls) can be a great space to add storage in the form of furniture or built-in cabinets. If you have a large unused closet, consider turning it into a half bath. You only need a space about 3 to 4 feet wide and 6 to 8 feet long to add a half bath. Just be sure you’re able to include proper plumbing, privacy, and ventilation.
If you have an awkwardly long or misshapen room, build a wall to divide the space to gain an extra room or more storage.
The bottom line
Unfinished areas in your home hold immense potential to increase its value. Whether it's a basement, attic, garage, addition, or small nook, turning these spaces into functional and attractive areas offers numerous benefits. Not only do you gain usable space, but you also could enhance your property's resale value and potential rental income. So, don't let unfinished areas go to waste; discover their true value and transform your home today.