While the cost of remodeling your existing basement can easily run you $35,000 and up, depending on the scope of the project, the advantages of making that change can often justify the expense. If you have a growing family -- or are planning one -- a finished basement can provide additional living space for sleeping (and sleepovers), entertaining friends, practicing musical instruments, and much more. It can even be converted into a fully functional efficiency unit, which can be used as an in-law apartment, guest quarters, or an income-generating rental unit. When you stop and think about it, the added value of a finished basement can not only enhance the quality of your family life, but it can improve the investment value of your property. More Space For Living and Playing Unless you have an especially large home to begin with, your shared living space can start feeling a bit cramped and confined -- especially on weekends, rainy days, and during school vacations. By dedicating a separate space in your home for the kids to play in and entertain their friends, you're keeping boredom at bay, while preserving more peace and quiet for yourself! A well outfitted basement rec room not only enables you to maintain a semblance of order in your primary living areas, but it gives your family the chance to pursue individual interests and activities without getting in each others' way. It's not always a perfect solution for family harmony, but it can represent a quantum leap in the right direction! Other Benefits of Finished Basements In addition to the extra living space and "breathing room" that a remodeled basement can provide, it can also enhance a home's resale value and marketability. If you're considering putting your house on the market in the foreseeable future, any upgrades you can make to an unfinished basement would be considered a positive selling point. Although most home buyers are more interested in the appearance and functionality of the kitchen, bathrooms, and other key areas of the house, the condition of the basement often leaves an enduring impression on people's minds -- either positive or negative. Depending on their needs and personal preferences, the look and feel of the basement can help seal the deal or be a deal breaker. Basements that have been converted into nice living spaces are considered a "bonus" -- a "value added" feature -- while dingy looking, unfinished basements tend to detract from the overall appeal of the property. Since the possibilities of a rec room area are so diverse, a converted basement can pretty much be all things to all people. It can be used as everything from a home workshop or recording studio to a billiards room. Depending on your neighborhood zoning laws, a finished basement could even be the ideal location for a home-based business or a place to hold classes and club meetings. Other options include a home gym, a woodworking shop, or a yoga studio. The potential is only limited by your imagination, lifestyle, and budget.