Hi Srini,
How's hour home search going? To answer your basement question, generally people if buying a home prefers to have a basement but if you decide on a townhome then it is ok if you do not want to have a basement.
If there is anything I can assist you with, feel free to contact me at my cell 908-400-6484.
Neera Sharma
Prudential New Jersey Properties
Realtor Associate

In general a house that is bigger is worth more, a basement adds value as does extra baths bedrooms,garage ,nice view, good schools,good condition... The bottom line is at the right price every home will sell. Other things to consider may be association fees, major roads, power or gas lines, taxes. Also remember the market isnt especially strong right now and prices seem to continue to drop. 5 years from now I wouldnt speculate on.

Dear Srini,

I do not work in your part on NJ, but here in Bergen County a house without a basement is less desirable that a house with a basement. Many people leave it unfinished, and just use it for storage. Many people also finish it in to major living spaces such as home theater, playroom,family room, home gym, etc.
If the only house you like doesn't have a basement, don't let it stop you from buying it. However, if you can find one that fits your needs and has a basement, it will have more of an advantage when you go to sell.
Good Luck.
Sharon Kozinn

Hopefully a Franklin Park agent will chime in here.
I sell at the shore. There are many homes without basements because the water level is so high and it has a minimal effect on value as most people near the water don't expect to find a home with a basement. Also, a crawl space is preferred as it is easier to keep clear when we get flooding.
I have found that selling a house on a slab is the hardest. Not only because the construction is considered to be poorer, but also because people with fibromyalgia cannot live in a home on a slab due to the moisture it collects.
Anyway, since Real estate is always local, I would check in with a local agent to see what affect having vs. not having a basement has in your neighborhood.

Hi Srini, I agree with Marc - this is not a small consideration in the least. I have experience in selling a home in Warren that was gorgeous in every respect but only had a crawl space - many buyers would not even consider it as a result. In the end, it took longer to sell and affected the price paid.

Best,
Jeannie Feenick
Search and connect at htttp://www.feenick.com

A basement is an important positive feature and it will be harder to resell without one. A basement is useful not only for storage and potential finishing, but also for creating MUCH easier access to mechanical systems, flooring, and walls. For example adding switches, outlets, fiber, network, cable TV, etc is much easier when there is a basement from which you can snake cabling up the walls. Plumbing is also easier to access, add, and repair.

Lack of a basement in a detached home is a BIG negative, not a small one.

-Marc

HI Srini, the absence of a basement will affect future resale without question - in dollars and time. In some parts of the country, homes on slab on commonplace, but not here. It is fairly common to find townhomes on slab but not homes.

Good luck to you.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com

Everything else being equal a house with a good usable basement is more desired than one without. Therefore, it will cost more. Four bedroom homes (everything else equal) cost more than 3 bedroom homes.

Buy what you think you need but don't pay more for something of no value to you (unless of course it is something that almost all people except you require - not the case with a basement)

Srini, there are a lot of houses either without basements, or have crawl spaces. Having a basement is a personal preference and should not effect a resale of your house. Since, you are considering buying a house without it, other people will too.