Original Article by Fox Blocks
In the past, basements were considered little more than glorified cellars: dark, damp areas used primarily for storage and utility purposes. However, with today's innovative construction techniques and rising real estate prices, adding a basement to your new build can significantly increase your home equity and provide additional usable living space.
Insulated Concrete Form (ICF) construction pairs well with this concept, and creates safe, energy-efficient spaces perfect for media rooms, family playrooms, exercise rooms, and more. In this article, we will explore the benefits of incorporating a full ICF basement into your new build and how it can lead to a substantial return on investment.
The Advantages of Adding a Basement
Adding a basement has significant advantages that can drive not only an attractive return on investment, but can also make your home more enjoyable, and safer, for your family.
Increased Home Equity
One of the primary benefits of adding a basement to your new build is the potential for increased home equity. For example, consider a 1,500 sqft slab-on-grade home with an appraised value of $400,000, amounting to $267 per sq. ft. of living space. By adding a 1,500 sq. ft. basement, the total living space is doubled to 3,000 sq. ft. With the added value of a full ICF basement, it's reasonable to assume that the new appraised value of the home would be significantly higher than the initial cost of constructing the basement.
According to recent evaluations, the home equity improvement can be approximately 40% over the construction costs for a basic full basement and about 50% over the construction costs for a walk-out daylight basement with a bathroom. This means that homeowners can enjoy a considerable return on their investment, while also reaping the benefits of additional living space.
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