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by Theo Stephens October 11, 2022
Housing prices have been especially volatile over the last year, and some real estate markets are cooling. But an egress window project remains a strong bet in 2022 to boost the livability and value of your home. We see a strong appetite for this project from DIY homeowners as well as basement remodelers and other installation specialists who have been subcontracted to assist with this project.
During this time of increased working from home and remote learning, additional space in your home is still at a premium. A retrofit egress window converts your basement space into more livable space for an additional bedroom, a home office, a family room are an income-producing rental. Not only does an egress window create more comfortable space to live, it can also significantly elevate the resale value of your home.
Worried that your basement bedroom does not legally qualify as a bedroom? There's a fix for that, but is it really worth it? We analyze the value an egress window adds to your home resale value across different markets in an attempt to answer that question.
An egress window can add substantial value to your home and allows you to legally market a basement space as a bedroom. How much value does an escape window add? It depends on your house and your location. Egress windows are, however, one of the few projects in which you can fully recover your cost, and then some, in resale value.
Even if you’re spending up to $6000 or more for professional installation, you can market your new space as an additional bedroom (assuming you meet qualifications such as a closet and minimum 10’ by 10’ area) when it comes time to sell your house.
Research the current average value for livable space in your community to calculate the potential added value for the new living space in your home. It’s a given that an additional bedroom contributes to the marketability of your home. Our formula multiplies the square footage of the additional livable space with the average home price per square foot in your market, and then divide that total in half to recognize that finished basement bedrooms usually appraise for between 50-70% of the above-ground value. This given value is determined by a range of factors such as the quality of the finishes, if there is a walk-out or not, and how the space stacks up to other homes in the area.
The formula is expressed as:
(Average Home Price per square foot) X (New Basement Square Footage) X (O.5)
Using this formula, we analyzed the value egress windows add to home resale values across different markets.
|City||Average Home Sales Price / Sq. Ft.||Average Value Added from 12x12 Basement Bedroom|
|Twin Falls, ID||$208||$14,976|
|St Louis, MO||$140||$10,080|
|Ann Arbor, MI||$255||$18,360|
|Fort Collins, CO||$254||$18,288|
|Overland Park, KS||$169||$12,168|
|St Paul, MN||$186||$13, 392|
Consider installing an egress window to your home if you would like to add livable space and value to your home, make your home safer and brighten the ambiance of your basement. Our DIY egress window kits cost only a fraction of the value you will see in the return on your investment.
Please feel free to contact us if you have any questions.
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