A finished basement can increase your property's value by 70%. While a basement does not add to the overall square footage of the house, that fact is usually beside the point for homeowners. A finished basement will often function as an informal family room or living room, office, playroom, or guest room. If a bathroom is in the basement, many homeowners will renovate the space to be an in-law suite. Real estate in Columbus Ohio is hot and adding a finished basement, along with any other home improvements you make, will often give you more leverage when negotiating a price for your home.