Home Buying in Minnetonka>Question Details

Spp, Home Buyer in Minnetonka, MN

Is purchasing a home in Minnetonka, MN with no basement a bad idea? Will it affect the resale value?

Asked by Spp, Minnetonka, MN Tue Jun 7, 2011

Help the community by answering this question:

Answers

10
To survive minnesota winter your main floor of living need to be up! Otherwise your need speceal heating on a bottom floor. Good luck!
0 votes Thank Flag Link Sun Apr 14, 2013
Yes. I think it's a bad idea. Not only will the house be cold, there will be more insects coming in. And, more importantly, it will definitely affect your resale -- It will be difficult to sell and the value will be lower. Most people in Minnesota want a basement.
0 votes Thank Flag Link Fri Dec 16, 2011
I sold a home without a basement in Minnetonka earlier this year. Other than a bit less storage and workshop space than the buyer would have liked, the home fit all of their needs, including being priced at a level that made sense for a total makeover of the home. (A project the buyer was itching to take on.) This home was priced less than a comparable home would have been with a basement, and it will also sell at some time in the future for less than a comparable home with a basement. This was going to be a retirement home so the no steps option was attractive for the long run for this buyer, plus, the home was on a beautiful half acre lot. It was a good fit for this buyer and it will be a good fit for someone else when they sell this home someday.
0 votes Thank Flag Link Mon Aug 29, 2011
I'm also considering buying a home with no basement. I believe the neighborhood contains many such homes, but we have to do some further investigating. Contrary to what a poster said below, I heard the opposite is true in the winter--that a slab home actually feels colder and that heating bills are more expensive. I also heard that in many colder climates like Minnesota, you need to leave the water running a bit so the pipes won't freeze.

This actually happened in the place I'm planning on snatching up. That is if the plumbing is reasonable and that the slab is winterized. It may have been that there just wasn't anyone living in the house at the time. I'll find out all of these things when I get it inspected.

I'd skip over a place like this normally, but it's bank owned at bottom dollar, and it's in move in condition.
0 votes Thank Flag Link Mon Jun 27, 2011
You have got some great answers with one common trend, we all agree it will negatively affect value. You should be getting a better deal on the property when you buy so that will be offset when you sell. Its all relative.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Tue Jun 7, 2011
Just visited my contractor today at a Lake Minnetonka home with no basement, on the lakeshore, awesome view. Completely remodeled home with shoreline only 15 feet away....Ahhh.
The home owners invested over $300,000 in beutifying this home...look for it soon in Kitchen and Bath magazines.
The answer to the question is depends on location..location..location.

LeAnn Riley
Broker, Affluent Choice
0 votes Thank Flag Link Tue Jun 7, 2011
It's probably a non issue if none of the homes in the development have basements.

Many years ago I had a relative that lived in a patio community in Plymouth. As far as I know, none of the homes had basements, and it was a fairly large development.

If it's a home that is stuck in the middle of other homes with basements, it could be an issue. Minnesotans love their basements - especially in tornado season.
0 votes Thank Flag Link Tue Jun 7, 2011
Normally it would and does. However, if the reason there is no basement is the close proximity to water/lake, that's an exception to the rule. We may love our basements but lake tends to trump :>)

Sounds like you have a particular property in mind. Feel free to email me should you want to discuss this in more detail. Always good to have a second opinion.

Steele V. Propp
Certified Consumer Real Estate Consultant
Steelep@aol.com

"We do things a little bit different."
0 votes Thank Flag Link Tue Jun 7, 2011
Affect resale value? Yes!

Bad idea? Not necessarily, if you like it and it meets your needs. It must be priced appropriately for todays market. To measure that, ensure you, or your agent if applicable, use comparables sales also without basements if at all possible.
Web Reference: http://www.realEnation.com
0 votes Thank Flag Link Tue Jun 7, 2011
Minnesotans love their basements, mostly for the extra storage space and flex-space they provide. So yes, no basement will negatively affect the resale price BUT it should also mean that you can buy that kind of property today at a discounted price.

That said, there are some advantages to having no basement. Lower heating bills, fewer water seepage issues and often slab homes have in-floor radiant heating which feels fabulous during long MN winters. And some Minnetonka homes have no basement because they are built next to wetlands which gives you a wonderful and private view of the natural environment.

It's all a matter of your priorities in housing choices. Good luck with your decision!
Web Reference: http://www.rebeccalaw.net/
0 votes Thank Flag Link Tue Jun 7, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer