Home Buying in 07661>Question Details

RK, Home Buyer in River Edge, NJ

Would having only one full bath and a half bath in the finished basement affect resale value?

Asked by RK, River Edge, NJ Thu May 17, 2012

Hi,
We are considering a house with 3 beds and 1.5 bath. But the half bath is in the finished basement. I am concerned that having half bath in the basement will affect resale value. Other than that the house has everything we are looking for. Also the house has been on the market for over 180 days. Please advise. Thanks.

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Answers

10
Hi RK,

Try having your Realtor run comps in the town for 3 bedroom and only 1 full bath. Another words treat this as 1 bath home and see what sale figures you come up with.
The 1/2 bath in the basement could then just be considered a bonus added onto these sale results.

Just a thought!
Good Luck!
Chris Gubb
Keller Williams Village Square
Ridgewood, NJ
1 vote Thank Flag Link Thu May 17, 2012
Agree with prior posters, comp it as a one bath home, but the presence of the half bath in the basement among finished space will certainly add to the liveability of the home. Assuming other features are comparable, the finished space with bath will justify being at the higher end of the pricing range. And in the end, having the finished basement with a bath, may well be why this home will sell and others that lack it will not.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sun May 20, 2012
Not every house has more than 1 bathroom , so if this home has everything you are looking for and a finished basement with an additional bath consider it a plus and go for it! I don't see any reason why having an add'l bath in a basement would affect the resale value. Many buyers like that feature , it comes in very handy if you use the basment as a play room or a game room. Guests or children don't have to run upstairs when nature calls
0 votes Thank Flag Link Sat May 19, 2012
Thanks Mary. The house does have outdoor access to the basement which is finished.
0 votes Thank Flag Link Fri May 18, 2012
RK,

I agree with Chris. I would comp this out as a 1 full bath house.

Since it's a ranch, (as opposed to a 2 story home with a full bath on the bedroom level and the 1/2 bath in the basement), it changes the situation about re-sale vs purchase price just a bit. In my experience it's a much better situation if 1) the 1/2 bath is in a finished basement, which it is. and 2) if the basement has outside access as well as inside access. Those two factors make the 1/2 bath in the basement less of an issue.

If the house is priced competatively, and the sellers haven't lowered their price in 6 months, then either they had a great Realtor who did the initial market analysis and came up with the "right" list price, and / or the sellers are "stuck" on a price they want. When your Realtor does the market analysis, see if those numbers bear out the list price (with a bit of negotiation room).

Good luck !!!
0 votes Thank Flag Link Fri May 18, 2012
I just checked the MLS. If it's the one on Princeton, it was on the market in 2011 for $448,000 and the listing expired. Check with your realtor and ask them to do a CMA to figure out if it's priced too high. Taxes don't seem unreasonable for River Edge. Your realtor can answer many of your questions.
0 votes Thank Flag Link Thu May 17, 2012
Yes its the same house, but now it is priced 408,000
Flag Fri May 18, 2012
Thanks for all the answers. It is a ranch style home with finished basement. It is priced competitively. Although the house has been on the market for 6 mts+ the owners have not lowered their price which is a bit weird .
0 votes Thank Flag Link Thu May 17, 2012
Every deal is different, and the temperment of every seller is different as well. It could be the seller is stubborn, it could be that the seller is getting bad advice from relatives who think they know better, it could be that the seller is "not in a hurry" (altho they aren't very knowledgeable about how days on the market affects the price of a home), it could be because the agent is "letting it ride".... or they have had several offers that just haven't come up to their mark. Bottom line? There is a home for every buyer, and a buyer for every home. It's all a matter of timing.
Flag Thu May 17, 2012
Hello RK...
Okay, you've asked two different questions here, let me address them individually.
1) Would "having half bath in the basement will affect resale value"?
A: Depends. Do the comparative houses in the area have their half baths somewhere more useful? How many floors does this house have? If it's two stories plus a basement, that would be harder to justify a basement 1/2 bath than if there's just one floor and a basement. If that's the only thing you're concerned about, then I think you're in good shape.

2) "the house has been on the market over 180 days".
That can mean a lot of things, and not always bad. In NJ, the typical selling "season" is spring, summer and fall, with fewer sales in winter, so the house went on the market just as the market was slowing down. Then, because the market was slowing, the house was sitting, or "getting stale" as we say in the industry, which makes it less marketable, so it can be a downward spiral through no fault of the property. Six months on the market, though, does tend to make the sellers more nervous or anxious which can motivate them. It could also mean that the price is too high. All things to consider when you're formulating your offer price. Good luck!
0 votes Thank Flag Link Thu May 17, 2012
The house you are considering is probably currently priced (lower) than other similar 3 bedroom homes taking that situation into account. Did you look at other homes that had, perhaps, 3 bedrooms and 1.5 bathrooms, but both baths on the main living floors? Bet they were priced higher because of that (at least they should be if a proper market analysis was done).

So yes it will affect resale value, but you should be paying a bit less to buy the house, and selling it a bit less when you DO sell, so relatively speaking it's a wash.

IMHO, problem is not so much resale "value", but it's slightly harder to sell it because of the situation (hence the house being on the market for 180 days). Obviously there is a buyer for a house with this set-up, since YOU are considering buying it. If you love the house and the location,and it's in your price range, then don't be hasty and discount this home.

Discuss the pros and cons with your agent as well.

.
0 votes Thank Flag Link Thu May 17, 2012
Typically buyers are looking for the half bath on the first floor to avoid running up (or down) stairs. There could be a few reasons why the house is on the market for so long....priced too high, location, or buyers don't want River Edge's high taxes. If the house is everything you want and you don't mind doing stairs to use the bathroom.....go for it! I grew up in River Edge, it's a nice town. Like every town, it has its pluses and minuses. Good luck!!
0 votes Thank Flag Link Thu May 17, 2012
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