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Walkout basements are not generally included in a home’s square footage, although they may be if they meet certain conditions that depend on local regulations. A finished walkout basement used as a living space may be counted toward square footage in some locations as long as all codes for livable space are met.

It is generally more affordable to finish a basement than an attic, though it ultimately depends on how you plan to use the space. The average cost to finish a basement ranges from $7 to $23 per square foot, while attic renovation costs $30 to $60 per square foot. However, a simple attic conversion to a storage space will cost significantly less.

Basements with persistent moisture problems or flooding shouldn’t be finished until the moisture issues have been fixed. In addition, if your foundation is cracked, you have unmitigated radon levels, or you have asbestos or lead pipes, remediate the underlying problem before finishing your basement. Turning a basement into living space before fixing these issues can lead to serious health risks or structural damage. 

Yes, in most cases, finishing a basement is worth the cost. The project adds valuable, usable square footage to your home and typically provides a return on investment (ROI) of 70% to 75%. For example, an average basement refinishing project costing $32,000 could add between $22,400 and $24,000 to your property's value. The final value added depends on factors like your location, the quality of materials and workmanship, and the features you include, such as a living space, bedroom, or bathroom. To be officially counted in your home's total square footage, the finished space must comply with all local building codes, including requirements for points of egress. However, in areas prone to flooding, a finished basement might be seen as a liability by potential buyers and could potentially decrease your home's value.