Home Selling in Spring Hill>Question Details

Carol McAlis…, Real Estate Pro in Nashville, TN

hey, what are you using for per sq/ft on finished basements, with walk out, bath, etc. I know doesn't matter really.... basement is basement.

Asked by Carol McAlister, Nashville, TN Mon May 3, 2010

I am thinking $36/sq whether in gold. Am i right? Get so few with one. help

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The basement sq ft is typically included if the basement is above grade (such as a walk out) or has windows that allow ingress. Other wise , it is a basement and not the same as normal living space when considering value.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Fri Jun 18, 2010
Steve and Diane are seeing the same numbers that I find from appraisers. Many comparables sales (for neighborhoods with basements) track these numbers pretty close too. Then there are the rare homes that actually track at 100% of value - if the finishes are the same or better as the main level living - but it’s been few and far between.

Have also seen replacement costs estimates (or fixed costs numbers, $XX/ft) for unfinished basements; typically ranging in that loose $20-25-30/ft range. Is that what you guys have found?
0 votes Thank Flag Link Fri Jun 18, 2010
Basements that are heated and cooled, are considered from 50-75% of the rate of the rest of the home's square footage according to most appraisers. I would contact an FHA approved appraiser for your property as each appraiser and lender has a different set of criteria. The same can be said for bonus rooms. Do they count 4 foot and in or 5 feet.

Remember, the only appraisel that matters is the one done by the buyer.
Web Reference: http://www.dianeo.us
0 votes Thank Flag Link Wed Jun 16, 2010
Just spoke to an appraiser about this on a recent listing of mine. He said that he typically does 50-75% of the main house depending on condition of the basement. Hope this helps!
0 votes Thank Flag Link Mon May 3, 2010
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