Home Buying in Farmington>Question Details

C.w.lee, Home Buyer in 93907

We are moving to CT and are confused, is there a difference in price and resale between a house with a basement and one without?

Asked by C.w.lee, 93907 Fri Jan 15, 2010

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Welcome to Connecticut! It is easy to be confused in this state. First, we have personal property tax on cars which is odd to many people moving in. Second, we love our basements. We hope that they are dry and have tall enough ceilings to be finished someday. We usually like it if there is direct access from the outside either by hatch or walkout door. You are right to assume that a house built on a slab with no basement will sell for less and take longer to sell in most cases than a house with a basement.

Good luck with your search!
0 votes Thank Flag Link Wed Feb 10, 2010
My Buyers want basements and will walk away from homes without one. Folks have a lot of "stuff" these days and are also looking for that room to hand out in and be casual. Even if the basement isn't finished, it CAN be, which makes it more attractive to a Buyer. Most Buyers will fork over a little more to have this feature.
0 votes Thank Flag Link Thu Jan 21, 2010
Around 1996 it would have cost about $7,000 to put in a cellar. A slab would have been half that, probably even less.

The cellar gives you room to put your stuff. It gives you a place above the splash that happens from rain. It gives you room to put a furnace. It makes life easier.

I have seen houses built on a slab rotted on the bottom. Usually a house on a foundation only ends up with rotted sills, not the whole wall.

You always pay more for quality construction. A cellar or basement is part of a higher quality and thus more expensive house.
0 votes Thank Flag Link Sun Jan 17, 2010
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0 votes Thank Flag Link Sun Jan 17, 2010
There's also a difference in price depending on whether the basement is finished or not. In some areas, depending on certain factors such as window size, finished basements can actually be added to the square footage of the house and therefore can add quite a bit to resale value as well as just general convenience in added living space.
0 votes Thank Flag Link Sun Jan 17, 2010
yes there is a big price difference without a basement the price will be less. Give me a call if you have any other questions Shawn Aldridge 860-810-3691cell#
0 votes Thank Flag Link Sun Jan 17, 2010
I will tell you as a buyer in the northeast, I excluded all houses that did not have a basement. Furthermore, access to an attic was also high on my list of desirables. After that, a garage was high on my list as well. Why? I live in 950 sq ft of space here in the city where my air conditioners become part of my bedroom décor during the winter. I also have lived in a house with a crawl space where plumbing problems were difficult to fix, and on a slab construction where I feared a potential break in my plumbing beneath or in the slab.
0 votes Thank Flag Link Sat Jan 16, 2010
There can be, however prices are based more on the home, its qualities/amenities/upgrades and location, not whether it has a basement or not. A home without a basement can have a lower value however, it is does not cause an extreme fluctuation in price. In Connecticut, basements are more of an expectation, unlike Florida. Are you looking for a home with a basement? Is a basement important to you? Also, you are moving to Connecticut, have you considered the area of Connecticut you will be residing in? What you are looking for in the area? I am happy to answer any questions you have about the areas, give me a call 860-202-6145 or email me.
0 votes Thank Flag Link Fri Jan 15, 2010
From your zip code it looks like you are coming from Calif, Salinas? I lived on the West Coast twice. Once in Pacific Palisades and another time in Danville outside San Fran. Of course basements are not common out there.
Here in CT, a lot will depend on location. Probably most homes have basements, but depending on where you are relocating there are styles of homes such as High Ranches and Splits that don't actually have basements. The lower level is usually a walk out with maybe partial underground . If you are in certain areas such as coastlines, most will not have basements. In general new construction will have basements, but again depends on location and price point.
This is such a broad question. What part of CT are you moving to? Once that is narrowed down, your agent will do price comparisons for you based on that particular area. Don't discount homes without basements, because some maybe a good value in your price range and location.
I did a few numbers for you. Since last summer in Wilton, Weston, and Westport, (Fairfield County ) approx. 75 homes sold with crawl or no full basement. Location was a major factor. These homes ranged in prices from 300,000 into the millions. So again there is no pat answer. In general a center hall colonial with a basement is probably what most people want in the North East.

If you contact me and I service the areas you are interested in, I will do comparisons. If not then I can refer you to an agent in our company who does service that area.

Good Luck and keep an open mind. The East Coast is quite different from the West.

Best Regards,

Candace Lipira
Prudential CT
203-856-8501
CandaceLipira@PrudentialCT.com
"Oh by the way I am never too busy for your referrals"
0 votes Thank Flag Link Fri Jan 15, 2010
Location, Location, Location. Basement, Basement, Basement. Basements in The Fairfield County area of Connecticut are ideal locales for placement of mechanicals, above ground oil tanks, and depending on local zoning could be converted to ideal space to blossom into a playroom or home theatre. Slab foundations & crawl spaces obviously shift mechanicals into areas that could afford addtional living space. Depending on the topography of a parcel, the amount of ledge (Rock to dynamite) to excavate, basements may be prohibited. There are fabulous houses that sell in my local area without basements especially along the Long Island sound where flood planes prevent basements....however, most homebuyers in my area will opt for a basement versus a slab/crawl space. One firm in Connecticut to finish lower level or waterproof basements that is a favorite of many of my clients is Connecticut Basement Systems. The firm offers free estimates as well. http://www.connecticutbasementsystems.com/
Web Reference: http://www.drewpeterson.net
0 votes Thank Flag Link Fri Jan 15, 2010
According to the "What 21st Century Home Buyers Want" survey of customer preferences conducted by the National Association of Home Builders, the inclusion of basements in new homes has been on an upward rise since 2000. Homes being built on slabs are declining, as homeowners find more value in basements both during their occupancy of the home and at the time of resale.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Fri Jan 15, 2010
I'm not sure where you are moving from, but in CT most houses have basements. A slab house is more difficult to sell because of the expectation of a basement on the part of potential buyers. I'd be happy to help with any other questions or concerns you may have.
0 votes Thank Flag Link Fri Jan 15, 2010
Typically a house with a basement would be have higher resale value because of the added space you get with a basement.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Fri Jan 15, 2010
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