Home Buying in 60093>Question Details

wfhough, Home Buyer in 60093

House without a basement (only crawl space). Does this diminish value of home and will it affect value when re-selling?

Asked by wfhough, 60093 Wed Jan 15, 2014

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A home with a basement will be worth more than an equal home without one (either slab or crawl space)
You should pay less when you buy and get less when you sell vs a home with a basement
0 votes Thank Flag Link Wed Jan 15, 2014
We here in the midwest are basement people. And yes, it does affect the value. Basements are a whole other living level. If you have a choice of basement or no basement - usually chose basement, even if you don't use. It is something people expect. That being said, houses do sell all the time if there is no basement. Sometimes other things in the house outweigh the no basement, but it will affect value - yes.
0 votes Thank Flag Link Wed Jan 15, 2014
A basement always adds value unless it is in a flood zone. Many part of Northfiled are in a flood zone so you wouldn't want a basement if the house is in such a zone. Before you buy make sure the house doesn't get water in the basement and isn't in a flood area. If you have any other questions please contact me at: dkipnis61@hotmail.com
0 votes Thank Flag Link Wed Jan 15, 2014
Yes, it does. Really, you have to think about what kind of house it is and it's function and area. In a flood way/zone- probably doesn't affect it and may be better if flood can occur. Is the house a two bedroom and serve well for adult ranch for example- probably not so much effect. Is it near a park. school, and 2 story with 4+ bedrooms........absolutely- your mostly likely buyer with be someone with children or larger family. Storage is a must and a deal killer.
Having said all that. there are people who don't care about it and there are basements that people wouldn't step a foot in if you paid them to.
*The most important thing is to ask yourself if there is room in the house that makes up for the lack of basement. Some place to exercise, storage, rec room, is the crawl gravel or concrete? etc....
But most of the time, if a buyer asks for a basement, we search only for houses with basements. It take a creative agent to think outside the box and be able to point out other areas in the house to use "as a basement".
If you are concerned, I would be happy to give you my opinion after evaluating your home in person.
You may visit my website and read a little about my history and Bio if you would like.
http://www.athomewithkaren.com
best regards,
karen
0 votes Thank Flag Link Wed Jan 15, 2014
On the North Shore, and particularly in the Winnetka/Northfield market, most homes have a basement. Because of the persistent flooding problems that exist in our market, this can be a double edged sword. However, most buyers are looking for a basement in the homes they purchase to use for storage, recreation and in the case of the newer homes with deep basements, exercise rooms, media centers and wine cellars.
That said, unless the property is located in a flood zone/floodway or has a history of water issues, the lack of basement will have an effect on the sales price. However, most homes have some feature (i.e. bad location, no garage, functionally obsolete baths or kitchen etc.) which effect the marketability and ultimate value of the property.
In the current market environment which reflects a very strong demand, and a very limited supply of available homes, buyers are often overlooking these limitations in order to secure a home.
howard@thehudsoncompany.com
Flag Wed Jan 15, 2014
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