Home Selling in Lakeville>Question Details

Coco0704, Other/Just Looking in 55044

Should basement be finished before selling?

Asked by Coco0704, 55044 Sat May 19, 2012

We are preparing to sell our home. The basement is insulated, has the studs, and has the wiring installed. However, we have not completed it. Should we finish it before listing the home?

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Answers

11
Tina Lam’s answer
The answer depends on how handy you are. Usually, the cost to finish a basement is not returned upon resale, unless you can keep the cost low by doing it yourself. Otherwise, if you can convert the basement into a separate rental unit, that would add enough value to justify finishing the basement.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat May 19, 2012
Depends on your situation and the sold comps in your area. Remember you will never get the same dollar on a per square foot basis as you will on above ground finished square feet from an appraiser. Plus if you are going to finish it, make sure it is finished in the same quality of the rest of the homes
0 votes Thank Flag Link Sat Dec 7, 2013
Depends on your situation and the sold comps in your area. Remember you will never get the same dollar on a per square foot basis as you will on above ground finished square feet from an appraiser. Plus if you are going to finish it, make sure it is finished in the same quality of the rest of the homes
0 votes Thank Flag Link Sat Dec 7, 2013
It really depends on the competition. Most of the time, I would say no. If you currently have only 3 bedrooms or less, you would benefit from adding another bedroom in the lower level. Most buyers want 4 bedrooms. Also, basements tend to convey a very personal use of space. I have seen buyers get almost offended by the choices a seller has put into their basement. Most of the time, buyers prefer to see a blank canvas. I would contact a Realtor to do a market analysis on your home to see if it makes sense.
Best of Luck!

Doug MacCallum, GRI
Edina Realty Lakeville
952-200-4607
doug@edinarealty.com
0 votes Thank Flag Link Thu Apr 25, 2013
You very well could benefit from finishing the basement. Even adding a living space would add square footage to the MLS listing. As with all home improvements, IF DONE WELL, they most always help sell a home.
0 votes Thank Flag Link Thu Apr 25, 2013
Should you finish your basement before selling? That all depends on the other homes you are competing against in your areas price bracket. If all the good homes have a finished basement, then the answer is YES. If most homes have unfinished basements then the answer is MAYBE. Your home needs to be as good or better than the competition to sell. Its that simple.
I hope that helps you.

Respectfully,

Kevin Burns
elected a 2012 SUPER REAL ESTATE AGENT by Mpls St Paul Magazine & Twin Cities Business Monthly

RE/MAX Results
15451 Founders Lane
Apple Valley MN 55124
cell (952) 210-5243
kevin@kevinburnshomes.com http://www.kevinburnshomes.com
0 votes Thank Flag Link Tue Jan 29, 2013
Hi there,

The best possible way to find out if your home will attract more buyers while also making sense to your pocketbook is to have your trusted real estate agent look into comparable homes for you. This will help determine if the additional square footage whil bring you a higher price point and ultimately have you come out on top.

Best of luck to you!

Rachel Long
RE/MAX Results
952-237-5312
0 votes Thank Flag Link Tue Sep 18, 2012
It is very simple. You take a look at all the comps with unfinished basements and see what the average sales price is condition/location/and lot wise compared to yours.

Then you look at comps with FINISHED basements and see what the market gives for this. For most retail sellers the answer is no, because the spread is not large enough for it to be worth your time. If you can finish it yourself the answer is almost always yes.

But my comrades are correct having a Realtor on your team can really help with this and let you avoid a $10,000 mistake or really at the end of the day maximize your profit.

I work with investors that flip homes all over the metro, so I would consider myself an expert at knowing what projects return the highest profit in homes. Is it possible that instead of finishing the basement you will make more money sprucing up the kitchen and bathrooms? That is something you may want to know.

Feel free to contact me if you would like some help on this I would be more than happy to assist you.

Good luck!

~Chris
0 votes Thank Flag Link Mon May 21, 2012
I'd have to know more about your home. If it is a 3 bedroom home and you are adding a 4th bedroom, then it probably makes sense. Most people search for 4+ bedrooms and that would make your home much more visible. If you already have good square footage for your neighborhood, then it's probably not something you'll see a return on. Many buyers want an unfinished basement because they have very specific ideas on what they want to do with it. I live in Lakeville and would be happy to take a look at your home and give you some honest advice.
0 votes Thank Flag Link Sat May 19, 2012
Dear Coco,
The answer is a definite maybe. A professional Realtor will help you figure this one out. Is your competition all homes with finished basements? Is your kitchen in first-class shape. Do your bathrooms gleam and shine? If you can answer yes to both of those than find out what the cost of finishing your basement will be and what the payback on resale might be. We offer both a CMA (comparative market analysis) and a PTA (Price / Trend Analysis) to make sure your house is priced properly to sell from the first day of listing.

If all you are talking about is rock, tape, mud, paint, and carpet then more then likely the answer is yes, go ahead. If you have to run new HVAC then maybe not. Make sure you tour your competition with a great Realtor who can help you make your home outshine the competition. Our listings in your area generally sell within 30 days.
0 votes Thank Flag Link Sat May 19, 2012
You also have to watch out for the appraisal these days. If you are finishing the basement to hopefully add value you better be able to back it up with some great Comps.
0 votes Thank Flag Link Sat May 19, 2012
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