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3 Ways to Finish That Unfinished Basement: Home Improvement Tips for First-Time Homebuyers

There are many ways a first-time homebuyer can improve both the look and the value of a newly purchased piece of property. So many, in fact, that it’s actually tough to know where to begin. But before you go knocking down walls or digging up your backyard, let’s take a step back and talk about whether these various home improvement ideas are right for you and your wallet.

In this new series: Home Improvement Tips for First-Time Homebuyers, we will explore various ways of improving that new home you just bought — and, most importantly — discuss ways of affording them. While the improvement you choose to make ultimately depends on the type of house you own, it’s also very dependent upon the amount of money you’re willing to shell out. In this first edition, we will explore how to transform that unfinished basement into a habitable and comfortable living space.

A simple search of the Internet can yield endless amounts of creative and cost-effective ideas on how to recreate that dreary and damp old basement. Here are three of them:

1. Play space

Chances are your kids and their friends will love you if you turn your basement into play space. Lay down some carpet, install some shelving, and apply a new coat of paint or two, and voila: your previously unused basement is now the epicenter of playtime.

2. Adults-only lounge/Man cave

Imagine it’s a Saturday night and your kids are spending the night at a friend’s house. Instead of going out to dinner and movie, why not invite your friends over for some hang out time in your very own basement lounge — complete with a bar and a comfortable couch. Throw in a big-screen television, maybe a pool table, and you also have your very own man cave for all those sporting events and movie nights.

3. More bedrooms/living space

This may be the most ideal of all transformations, in that it essentially takes the two-bedroom house you purchased and turns into a three-to-four-bedroom home. This especially makes sense if you’re part of a growing family and your kids are no longer at the age of sharing a room. Throwing up a few walls, installing some insulation and carpet, and, most importantly, finding a way to get rid of that damp and dark feeling, can go a long way towards creating new bedrooms in an otherwise unused space.

So there you have it: three simple ideas of how to finish that unfinished basement. Again, there are so many ideas out there, so don’t feel limited in your approach.

Now let’s talk about how you plan to pay for this particular home improvement. Luckily, there are many home improvement financing tips. Maybe taking out a line of credit with a home improvement retailer is the way to go; maybe securing a home equity line of credit makes more sense.

At Blue Water Mortgage, we offer a variety of home improvement loans that will allow you to add some comfort to your home – whether you are renovating, remodeling, or finishing an attic or basement. Contact a broker today to learn more.

Roger Odoardi

Roger is an owner and licensed Loan Officer at Blue Water Mortgage. He graduated from the University of New Hampshire’s Whittemore School of Business and has been a leader in the mortgage industry for over 20 years. Roger has personally originated over 2500 residential loans and is considered to be in the top 1% of NH Loan Officers by leading national lender United Wholesale Mortgage.