Hi! Currently getting quotes from contractors to expand and finish the basement in my south philly row house (east passyunk). We have a portion of the basement unfinished with 6' clearance and a portion that is crawl space. Exploring options to get as much of it as possible to 7' ish ceilings. Will be finished to use as a den/playspace/storage/laundry. It will not be used as a bedroom.
How should I think about the resale value gained from the square footage being finished? Just poking around zillow and redfin it seems like the neighborhood gets between 250-300$/sq ft (can any Philly agents chime in on this?) Would any finished space in the basement add this much value? E.g. Finishing 300 sq ft adds 75-90k? This will be a major expense, so I want to make sure its worth it compared to other options to spend my money.
Also, for anyone based in Philly, I've heard from one contractor that quotes of 20-30k were common a few years ago, but due to recent rule changes, contractors need to maintain excavation licenses/ insurances to do any dig out work and that cost is getting passed to customers. He's saying the cost is more like 40-50k now. Will be talking to many contractors to validate of course, but curious if anyone here knows anything about this or has done basement dig outs in the last 6-12 months?
Thanks in advance for any advice or guidance!
