{ "media_type": "text", "post_content": "I bought a ~4k sqft home in Chicago suburb about 7 years ago. It has ~2k sq ft unfinished basement. At the time of moving into this home, we were expecting our daughter and then we also had our son two years later. I was on the fence on finishing the basement at that time because I wad not sure to invest $50k (min) in finishing the basement. Now the kids are 7 and 5, I am thinking if I should finish it so kids can enjoy but it is not a necessity. Thoughts on ROI of finishing the basement.", "post_id": "61004bf3559dca001c6ecf8d", "reply_count": 14, "vote_count": 4, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

I bought a ~4k sqft home in Chicago suburb about 7 years ago. It has ~2k sq ft unfinished basement. At the time of moving into this home, we were expecting our daughter and then we also had our son two years later. I was on the fence on finishing the basement at that time because I wad not sure to invest $50k (min) in finishing the basement. Now the kids are 7 and 5, I am thinking if I should finish it so kids can enjoy but it is not a necessity. Thoughts on ROI of finishing the basement.

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Not sure about ROI but having a dedicated space where I can send my kids (9, 7, 3) to play has unspeakable value to me!

likefunny

^ I can definitely relate to this.

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Even if you don’t make 50k back and say you make 30k, is it worth it to you to spend 20 just to have it? I think yes

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But also remember furnishing it will cost like another 10k

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Not sure how the Chicago market is, but in general right now is not a great time for any building projects. High material costs still and contractors are pretty busy and expensive. Since you’re not sure I would just wait until next year and decide then. I think ROI would be good assuming you’re in a nice neighborhood where people will pay for the space.

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Nothing will change in a year. Just do it.

Building costs have come down a bit, and having it finished will increase the square footage for appraisal purposes if you want to refinance, sell, or take out a HELOC (unfinished basements don’t count as square footage, usually, for appraisal purposes). I think the real question is: do you need/want a more finished living space for your family? If yes, then why not?

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Makes sense P1. Thank you.

Assuming you intend to stay in the house then finished basement is a huge value add with kids. 1). Test for radon before you finish and 2). Look for lower cost finishing options recognizing that kids in a play area can be rough in things especially if boys.

smart

I agree with finishing it with the warnings and advice above but would add that in about two to three months we should begin seeing prices come down on materials as peak building season will be waning and supply will begin to balance out with demand. Unpredictable covid-19 outbreaks and mandates not withstanding.

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There is no ROI on the basement- do it so you can enjoy the extra space.

What did you decide

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