In My Neighborhood in 54911>Question Details

Marjorie Rem…, Home Buyer in 54911

How much does the lack of a basement affect the value of the house?

Asked by Marjorie Remsing, 54911 Fri Jul 2, 2010

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Scott Godzyk’s answer
Marjorie the biggest factor if it is in an area where all house shave basements than it will hurt the value and desirability but if it is in an area that does not have basements, and that is the norm, then there is no reduction in value.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Sep 29, 2011
BEST ANSWER
It depends in large part on whether basements are expected--whether they're considered normal--in your area. In some places--as with places with high water tables or in really rocky areas--basements aren't expected. So a home without a basement isn't negatively affected. In other areas, though, where buyers expect a basement, it can affect the value.

It also obviously depends on whether the basement is finished (which can add value) or unfinished (in which case it may add relatively little value).

And it depends on the value of nearby homes. A basement in a home worth $600,000 probably will add more value than a basement in a home selling for $80,000.

Check with a Realtor in your area--and even specifically your neighborhood--for a more precise answer. Where I live (and this may not be at all reflective of your neighborhood, buyer expectations, etc.) a basement might add $10,000-$20,000 to a home's value, and maybe another $10,000 if it's nicely finished.

Hope that helps.
0 votes Thank Flag Link Sat Jul 3, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Marjorie,
I agree with Carey on this one. I would compare this to the concept of a two bedroom home versus a three bedroom. Most buyers want three bedrooms. In Appleton most buyers also want a basement. So, in essence the value goes down because there isn't enough demand. Hope this helps!
0 votes Thank Flag Link Thu Sep 29, 2011
Marjorie,

Basements, here in WI and particularly in the Appleton and immediate Fox Cities area, do affect the value of a home. Although, every home has a "price" and homes that don't have basements do still sell in this area. One of the only exceptions are lake front properties, due to high water table levels. There are many lake front properties that do not have a basement and keep their value!
I would love to help answer any other questions that you may have. Please feel free to contact me directly.

Take care,
Carey

carey.maurer@c21acre.com
(920) 740-6280
0 votes Thank Flag Link Wed Jul 21, 2010
For an accurate answer consider consulting with any local agent(s)--much will depend on the neigborhood---do most propreties have basements, or not, overall property size size, etc. Be aware of recently sold similar properties in the immediate area--it will help you make a judgement.
0 votes Thank Flag Link Sat Jul 3, 2010
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