Home Buying in Morton Grove>Question Details

Ming D, Home Buyer in Illinois

How much does a 400 sq feet sub basement worth more?

Asked by Ming D, Illinois Tue Jul 1, 2008

I looked at a house with a 400 sq feet sub basement below the basement. It is used for lawndry room and tool room currently. I can't find any comparables in that area that has this fourth level. How much more does this sub basement is worth comapred to a similar house with no sub basement? This is in Morton Grove, IL.

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5
This is a very good question. There are currently 7 homes with sub-basements in Morton Grove listed in the Multilple Listing Service. The value of having that extra space depends on a number of factors, including but not limited to: location of the home, condition of the home (inside and out), size and number of rooms, and style of the home (decor inside, and "curb appeal" -- how does it look outside. Sub-basements are usually found in split-level designed homes, as the staircase allows for that extra space underneath to be utilized. This can at least narrow down the comparison to other split-levels usually. There are a lot of things to consider... the space alone does not have a definite dollar figure attached to it. The seven homes on the market in the MLS range from listing prices of $429,000 to 649,000. What is also important is sales history... if subbasements have not added $ value in recent sales, then the sub is not showing its value in today's market; if the subbasement homes have a higher sale price and are pretty comparable to homes without this feature, then the subbasement adds value. Since this is a slower market year, comparables are fewer than they would have been three years ago.
1 vote Thank Flag Link Tue Jul 1, 2008
Hi Ming D.,
The subbasement, and some are different from others, not all of these split level homes with subbasement are build exactly the same.... I would suggest that you look at other similar homes and select the one that has and offers everything else you want in a home at a similar price or in a similar price range, then if you find one that does have a subbasement and one that does not, and condition and price are similar, you are gaining extra space, i.e. your basement will be your office or family room or other as your needs indicate and the subbasement would be your laundry and additional storage space which if all the rest of the home is in good condition and equal and nice extra thing to have....

But yes the general updates and conditions of the rest of the home, location, and outside condition of the home, what else is new (like windows, roof, appliances, updated and remodeled baths etc. will be more important to the pricing of the home and its market value) Hope this helps you a little!

Good luck in your house hunting if we can help answering any other questions or providing you with additional homes that are similar to the one you looked at, let us know and we will gladly provide you with
additional information and some listings to clarify the sub basement in those bi-level / tri-level homes....

Sincerely yours,
Your Chicago & Northshore Expert - YourRealtor4Life!
0 votes Thank Flag Link Fri Jul 9, 2010
Hi Ming-
You are looking for a qaud level home. You can ask the Realtor that showed you the home, or you can call me directly.
Hope that helps
0 votes Thank Flag Link Mon Aug 25, 2008
In the Schaumburg area it would add about $12,000 unfinished and maybe $20,000 if finished nicely.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Wed Jul 2, 2008
Ming,

My opinion is that it really does not add any additional value to the home. Happy home shopping!
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Tue Jul 1, 2008
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