We’re talking about the basement, which can be a major space-consuming investment and a big expense.
We’ve seen the value of the basement increase by an average of 50% over the past decade.
However, a new report from the National Association of Home Builders (NAHB) has revealed that basement space is becoming increasingly scarce.
With only 1% of homes in the US requiring attic space, the shortage of attic space can have a devastating impact on the quality of your home.
The NAHB study found that only 10% of new home construction projects are expected to be able to fit the entire space needed by a single attic space.
“The reality is that we need a lot more of this space to make homes habitable,” says NAHS president and CEO David Hirsch.
“And when it comes to this basement, we’re in a tough spot.”
A basement is one of the main areas where you can see the biggest cost impact.
According to the NAHBS, a typical new home costs $1.6 million to $2.1 million to build, which means that a basement will cost an additional $300,000 to $500,000.
The average price tag for a new home is now $2,000,000; it’s expected to rise to $3,500,00 in 2022, and to $4,500.
And for new home owners in areas with a high percentage of basement residents, a basement space will cost $4.6 to $6.2 million, which translates to a cost increase of nearly $600 per square foot.
“We’re seeing the impact of this shortage on the market and our ability to find new, affordable homes,” says Hirsch, adding that the shortage is especially acute in urban areas.
“When we talk about the suburbs, we see this huge influx of new apartments and condos, and as we go to those areas, we don’t have any space in the house for that amount of space.”
A new home buyer needs to be flexible about the amount of attic they can afford.
If you want to live in a basement, you need to make sure that you can afford it.
According the NAB, the average cost of living in a new residential area is $1,500 a month.
But the NAAB says that “housing affordability is only half the story.”
For example, if you have a family that needs a basement and you need the space to have their kids’ bedrooms, that cost may be much higher than it should be.
If your home is larger than four bedrooms, you can buy a basement that’s bigger than a two-bedroom.
“A basement space that is larger is not the best investment,” says Peter H. Jones, a senior vice president with the National Apartment Association (NAA).
“And a bigger basement can make a lot of sense if you’re trying to do a lot in the basement space, or if you want a place that’s easy to move around in the future.”
It can also be helpful to consider your existing attic space as a backup plan if you don’t plan on making significant renovations.
“You can do a basement upgrade in a way that it doesn’t make a difference if you need that space for a while,” says Jones.
“But if you do need it in the long term, it’s going to be much better to buy a new attic than a new basement.”
So if you already have a basement plan, but want to buy one that’s a little bigger or a little smaller than you need, you might consider purchasing a smaller attic space for an extra $200 to $300 a square foot, which is cheaper than buying a bigger attic.
“Most people will need about half of the attic space to be used for the basement,” says James Ritchie, senior vice chairman of NAA’s home improvement business.
“So if you only need a small attic, you could get that for $100 a square feet.”
In the meantime, you may be able get a new floor under the house and upgrade your attic.
But, don’t get caught off guard if you decide to make the decision without consulting with an attic expert.
“It’s important to consider the attic when looking at attic space,” says Ritchie.
“Because it is the home to your home, you should be planning ahead and understanding the importance of the space.”
How do you know if you can fit the space you need in your basement?
If you’re considering building a basement in the near future, you’ll need to weigh the value you’re getting and the amount you’re spending.
If it’s a large basement space with a lot and a lot you might want to get it done quickly.
But if you’ve already done some remodeling, you’re not looking to spend that much.
“If you’re still thinking about the issue of space for your future, it might be worth doing some remodels or even just buying a larger floor, and that