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!
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
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.
Greater Atlanta Realtors