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| The Real Estate Encyclopedia |
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| Should I Finish the Basement? |
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| Category - Home Ownership FAQ's - Building Your Home
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Typically, using the 10% rule, e.g., if you have a $450k house, $45k in the basement is appropriate or on a $150k house, a $15k basement is considered an appropriate investment. Every dollar above that will have diminishing returns.
Another good rule of thumb to explore the cost of finishing the basement is the $30/foot "ballpark", but that varies widely from location to location. Contractors are typically hungry especially in slow markets and are often willing to work for much less.
Be sure to get a detailed cost breakdown on finishing your basement from your builder before committing to this work. If you cannot afford to finish the basement immediately, you can always create a long-term plan to save toward this goal. |
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