Finish a Basement in Chicago to Make Money!?
If you are interested in finishing your basement because you want to put it on the real estate market in Chicago, read this first! Many people do not realize that having a finished basement can really increase the value of a home in Chicago. You get the best return on investment when you finish a basement in a house where there is not much living space above ground. Having extra living space in your home in Chicago can be a real big selling point and feature. Finished basements are highly sought after since yards are not usable during winter months and early spring. Many residents in Chicago actually prefer a finished basement to a yard. Finishing a basement is also a great alternative to moving into a larger and more expensive home since most people in Chicago use their basements as living space.
However, there are a few things that you have to keep in mind when it comes to finishing the basement. First and foremost, you should have a sump pump and a battery back-up sump pump as well. Having sump pump insurance is vital! Sump pump coverage is not standard on most policies so make sure you add it. When the power goes out, the sump pump does not work. That is why before you ever start any work on your unfinished basement; add sump pump coverage to your policy.
It will be very important for you to think about if you are going to do it on your own or if you will be hiring someone to do it for you. It is possible to save a lot of money if you do this job on your own. Make sure that you know how to do the work before you start putting up framing and running wiring. If not, you will only end up causing more work for a contractor to fix. Read “Hiring a Contractor” to ensure work gets done correctly and in a timely manner if you are hiring someone to finish your basement.
Make sure you or your contractor pull permits to do the work. If you try to do things without pulling permits it can cause more headaches and fees in the long run. Make sure you or your contractors are following the electrical code especially when running conduit and installing electrical outlets. As a general rule of thumb, receptacles shall be installed so that no point measured horizontally along the floor line in any wall space in more than 1.8 m (6 ft.) from a receptacle outlet. Jones & Bartlett Ugly’s Book is a great reference for the do-it-yourselfers. If you have questions about things being done correctly, the city inspectors are actually great resources; it is when you try to do work without permits when inspectors become difficult to work with.
It is important to figure out what type of flooring you want to put down in the basement when you finish it and make sure you take the moisture in your basement into account. You could go with tile, laminate, carpet, or even wood (wood is usually not a good choice since moisture will soak into the wood and cause expansion and possible mold issues). Each and every one of these options will have a different price and a different look when placed in your basement. You might want to use remodeling software, or work with a Chicago professional to at least see what each one will look like in your basement. Then you can make a decision that you will be happy with.
Consider what you want to put on the walls as well. Most basements are going to be simple concrete. If you are interested in finishing a basement then you have to think about what you want on the walls to make the room look complete and amazing. Drywall is one way to go but if you are worried about dampness then you may need to special kind of drywall. Green board is the preferred kind of drywall since it is mold resistant. It is also a good idea to use a good primer that is mold resistant.
If you live in the outlying suburbs, finishing a basement actually does not add much value to your home compared to the cost. A cost effective way to make a basement look better and more usable is by painting the concrete with a bright paint and adding plenty of lighting. Lighting goes a long way in improving the look of a basement.
In the end you have to realize that the cost to finish a Chicago basement is going to depend on what you want to do with it. If you are only finishing a basement to add value for selling, check your neighborhood for sold properties with finished basements to see how much value was added. It is very important to do a cost/benefit analysis to make sure your neighborhood is one where finishing a basement will add value. If you are finishing the basement to have more living space and bedrooms, a finished basement can be priceless.
Privacy Policy: We hate SPAM and promise to keep your email safe.