An unused basement gets transformed into a full-blown entertainment room causing this couple's home value to increase.
More in Remodeling
Justin and Kristin Schaack purchased their home within the last year and they love everything about it — except the lack of space to entertain. They consider adding a patio to the backyard but ultimately decide their $11,000 budget would be better spent finishing off the basement. Their plans include opening up the stairwell, hanging drywall, installing a ventilation system and adding carpet, built-in shelving and new lighting. They grab space from the adjacent room and frame in a nook to conceal a cabinet and refrigerator. With the framing completed, they hang drywall and hire a professional to install an air ventilation system.
The biggest expense in the basement makeover is the carpeting. To ensure that it's installed correctly, the homewners opt to hire professional installers. But they finish off the newly opened up stairwell themselves by installing a railing and newel post.
By making smart choices and tackling the projects they could handle themselves, the Schaaks managed to stay well under their initial budget. Here's the dollar breakdown for this complete makeover project in terms of project cost vs. equity boost:
Sweat Equity Value Tally
drywall labor $1,825
carpet and installation $2,070
railing, cabinet and shelving $260
TOTAL = $6,995
realtor's estimated value increase = $16,000
total cost of material = $6,995
Net return on investment = $9,005
Below are some tips and information based on the homeowners experiences in this makeover.