Flipping a home is all about making the smartest choices for your ROI. Investments are only profitable if they proportionately increase the home’s value in the next sale. A basement in your flip-project home can provide huge potential, but only if you put it to good use. Finishing a basement or renovating a finished basement can be a boost to your ROI if you make the right upgrades. Let’s take a look at the top 3 high-ROI ways to upgrade your flip basement.
Finished Living Space Ads Square Feet to the Home
Taking a basement from unfinished to finished has inherent value. Good-quality walls, floors, and ceiling alone can transform a musty storage space into additional square feet of living space. Unfinished basements are not supposed to be listed as square feet of the home because it is not livable. But a finished basement can be an extended living room, den, craft room, or even suites for bedrooms. The square feet alone will increase the selling value of your flip.
Additional Bedrooms and Bathrooms
Everyone knows that home value is calculated by the bedroom. A five-bedroom home has greater value in most neighborhoods than a three-bedroom house. Consider transforming a finished basement into one or more additional bedrooms, turning the basement into a darker, quieter place to sleep for new owners with a big family. Extra bathrooms are also inherently valuable. Not only is there another bathroom in the house stats, but a bathroom in the basement ensures convenience of a bathroom on every active floor.
Basement Apartment Suite
You can even renovate the basement into a separate suite, like a mother-in-law suite or a space ready to be vacation-rented by the next owners. Basement suites are great for subletting, roommates, or families with teenagers. Not to mention the additional value of another bedroom, bathroom, living space, and/or kitchenette.