Some markets are seeing a trend in the remodeling of basements as this provides increased space without having to move to a bigger home.

The costs of the conversion are lower than the purchase of a larger home.

Basement Remodels on the Upswing

As more people are staying put in their homes, rather than selling and moving to a bigger place, the basement is becoming a more important living area.

A recent survey says more people are remodeling this part of the home to make the most of every square inch of living space.

ServiceMagic.com, a company that connects home owners with pre-screened contractors, commissioned the survey. Results revealed that nationwide basement remodels rose 10 percent in the first six month of 2008 compared with the same period last year.

The most popular uses for the space are spa-like bathroom retreats, children’s playrooms, workout areas, billiard rooms, and home offices.

With an average cost of $40 to $60 per square foot - or a base price of about $35,000 - basement remodels are far more economical than an addition, says Laura Sanchez, director of internal operations at McStain Neighborhoods, a home builder in Colorado.

Source: The Denver Post, Sheba R. Wheeler (07/17/2008)

Source: http://www.realtor.org/RMODaily.nsf/pages/News2008072502?OpenDocument