Home Selling in 30132>Question Details

Nelmsn, Home Seller in 30132

how much value will a finished basement add to a home?

Asked by Nelmsn, 30132 Wed Jun 20, 2012

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5
I wish the answer would be easy, it is not...

It all depends on how the basement will be finished (rec room, full bath, 2nd kitchen, add. bedroom) or just a big finished space with ceiling walls flooring and lights?

So the expense and the details of the finishings of a basement largely depend on the current size
age and upgrades of the home and may be more importantly the size, upgrades and styles of the
surrounding homes, do they all have finished basements, how large are they and how would yours compare to them...

The best would be to connect with a good local Realtor, who can give you some insight as sometimes it is great to have another bedroom and a full bath in the basement and a finished basement, but sometimes the new buyers do not mind an unfinished basement as they can live in the home as is and then finish the basement down the road they way they want it and with what they need.....

What I usually do for clients of mine who are thinking about adding on or finishing

if they need the space for themselves and love the area and yard and really do not want to move and sell, and intend to stay in the property for another 6 - 10 years, by all means finish it to your
desires and needs.... if a sale could come before the next 5 years, then I take my clients to
see homes in their area that have finished basements and those that do not that are currently on
the market so that they can see for themselves and at the same time get some really good ideas
for what to do with their basement and what not.

But in general a finished basement will add value, the question always will be how much does it cost you and how much will you get back when selling!!!!!

Good luck to you


Most sincerely yours,

Edith Karoline Jasser YourRealtor4Life! Working always in the very BEST interest of her clients, covering most if not all of the city of Chicago, all N and NW suburbs, the fine homes of the North Shore, and many of the W and SW suburbs as well.
with @Properties, with several offices in the city of Chicago, offices in Evanston, Winnetka, Highland Park and lake Forest, 30 Green Bay Rd, Winnetka, Il. 60093

EdithSellsHomes@gmail.com or EdithDoesItRight@yahoo.com (preferred)
or contact me via my website at http://www.tinyurl.com/MeetEdithHere, you can find out
about YourRealtor4Life! and her services, expertise & more

Have a most wonderful Day!
0 votes Thank Flag Link Fri Jun 22, 2012
Hi, It depends on the existing floorplan on the main living levels. Typically I find buyers love having a finished basement to use as office space, playroom, or just everyday family space. I also find it can really make a difference if the maij living space is really small. It's hard to put a specific value on the project but know that it will almost always be a plus and help the overall value.


Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Thu Jun 21, 2012
It's all subjective and depends heavily on design, quality, condition and funtional appeal. In short, does it add to the utlity of the home and is it something that a buyer will find advantageous and worth paying more for? A well designed and cared for area with natural light, high ceilings and quality finishing will of course add more than a standard builider grade area with a drop ceiling.

If the homes in the area typically have basements or your home "needs" the extra space then it will add more both in terms of appeal and value. Something like an inlaw or kitchenette area adds significantly as we see multigenerational families under one roof.

When I appraise homes "typical" basement finshing is 40-50% of upper level area, better jibs are adjusted higher. So the answer is that there isn't a text book answer - like everything else real estate it depends on a myriad of factors.

Hank
0 votes Thank Flag Link Thu Jun 21, 2012
Typically it will add about 70% of the cost of renovation. So for example if you spend $100,000 on the basement renovation, then you can recoup about $70,000. If you need a selling agent to represent you, feel free togive me a call to discuss a comprehensive CMA for your property.

Fred Yancy,Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Wed Jun 20, 2012
There are a lot of factors... The area you are selling in, other comps that have sold, how it is finished, square footage, permitted, heat and air. I'd be happy to do a competitive market analysis on your home and tell you what it's worth:) Feel free to call me at 678-800-2515. I'd love the opportunity to work with you!
Tracy Emery
Maximum One
Greater Atlanta Realtors
678-800-2515
http://www.max1atlanta.com
Tracy@max1atlanta.com
0 votes Thank Flag Link Wed Jun 20, 2012
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