My wife and I are considering transforming our bare 1600 square foot basement into a functional living space. We envision drywall walls, a drop ceiling, carpeted floors, a kitchen/bar area, and a full bathroom with a walk-in shower. One estimate came in at around $60,000, which would add approximately 1300 square feet of finished space. The remaining unfinished area would include the furnace room and a small storage space.
Another estimate was slightly lower at $55,000, but the builder seemed less experienced. The main cost drivers are the full bathroom and the kitchen/bar setup, which would feature a stove, dishwasher, sink, cabinets, a small fridge, and a long bar-style countertop.
We're wondering if this kind of investment is worth it and whether we'd see a good return on investment when selling the house. Would finishing the basement pay off in the long run?