DESIGN DILEMMA:  HOW CAN WE ADD LIVABLE SPACE TO OUR HOME WITHOUT AN ADDITION?

Help! We really want to add some truly livable space to our home, but without adding on. Finishing the basement seems like a good possibility. What should we take into consideration as we plan so that we know what to budget?

And are we likely to get a return on our investment?

JOHN’S ANSWER:

Costs for a full renovation project will vary widely depending on the scope of your project, but expect that it will at the very least require the services of a professional plumber, electrician, general contractor, and interior designer. Also, don’t forget the cost of permits.

• In addition to the basic framing for walls, ceilings, and floors, basement remodels may need the addition of - or changes to - existing foundation work, emergency egress windows, waterproofing, and a sump pump or drainage system.

• Features requiring additional specialized plumbing such as a wet bar, laundry facilities, or an additional bathroom will add substantial cost as well.

• A home theater system is often popular for basement entertaining spaces, and can add several thousand more to your overall cost.

Finishing a basement can earn up to a 70 percent return on your investment, which makes it one of the most cost-effective remodeling projects after the kitchen or bathroom.