Basement Repair Costs: Calculating the Benefits
With your home being your largest investment, repairs can get pretty costly. Some homeowners may shy away from their basements due to cost concerns. However, when it comes to remedying basement problems such as wet carpets, wet walls and leaky basement windows, it is important to look at the bigger picture rather than the price tag. So, here are the facts.
In regards to basement repair costs a professional contractor will suggest either an internal or an external solution.
Exterior basement repair solutions are more costly than interior basement repair solutions because the installation of exterior solutions call for landscape removal and replacement.
However, when it comes to basement repair costs the real numbers pertain to the benefits.
When you actually crunch the numbers, you will realize your basement repair costs do not even compare to the costs you would have if you decided to add an additional room to your home.
On average the cost of finishing your basement is $70-$150 less per square feet than the cost of an additional room.
That’s right! It’s cheaper to repair and finish your basement than to add an additional room in your home.
Your basement repair costs are around $50-$70 per square foot where as adding an additional room will cost you around $120-$220 per square foot.
Repairing your basement also has other monetary benefits. By ensuring that your basement is properly waterproofed and repaired you are adding value to your home for resale.
On average home buyers will discount the price of a home by 10% due to a wet basement. For example, if your home is worth $200,000 then the cost of not fixing your wet basement in property value alone is $20,000.