Remodel & Renovate in Sparta>Question Details

Teddymaya, Home Buyer in Sparta, NJ

Does a finished basement add value to a house?

Asked by Teddymaya, Sparta, NJ Mon Oct 12, 2009

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Hi Teddy, now that the inventory is big (many houses on the market) and buyers get to pick and choose among so many choices, I would say that a finished basement is almost a must. I had buyers walking in and upon finding that the basement is unfinished not even wanted to consider the house. By finished I don't necessarily mean having a basement fitted with a wet bar, or excercise room, or summer kitchen, or home theater. Every buyer has his own idea about what uses would best fit that space. What I mean is having a space with a nice safe staircase, a dry, well lighted, welcoming, nice smelling space. Floors with tiles or carpeting , ceiling with recessed lighting, painted drywalls, all those help. If the buyers want to fit it later as a family room, or storage or exercise room, it's their job, but they have the basics. I had buyers not even wanting to climb down on small, unsafe staircases into damp, dark, unwelcoming spaces. Especially after seeing a house with a nice basement. So, I would say that the value added to your property is that it actually might sell, as opposed to other houses that might sit on the market because buyers have come to expect all spaces in a house to be pretty much finished.
1 vote Thank Flag Link Sat Oct 17, 2009
It's extra usable finished space and compared to a house with an unfinished basement can add value of the house.

if you are thinking of finishing an unfinished basement, be careful about the costs. It is possible that the cost may not support the added value for the area. By that I mean if houses are getting $25,000 more for a finished basement, but you spend $50,000 on it, you may not be able to add the $50,000 to the current house value and recoup the costs.
1 vote Thank Flag Link Mon Oct 12, 2009
As opposed to being unfinished or a house not having a basement, of course!....if you do an over-the -top remodel in the basement - or any other room for that matter - you may not recoup your costs. If you are going to spend money, FIRST do the kitchen appliances....
0 votes Thank Flag Link Wed Jul 13, 2011
Hello Teddy! I'ts been a while since you asked this question and I'm curious if you finished your basement and how did it come out? If you used a local contractor, did you like the company?
0 votes Thank Flag Link Tue Feb 8, 2011
Any additional room will add value to a home as long as it is not overdone or underdone as compared to the rest of the house. A nice neutral room is always a good sell to potential buyers since it gives them the option to customize it to their liking. ALWAYS secure the necessary permits so there are no problems in the future. Proper lighting, electricity and plumbing all add to the appeal.
0 votes Thank Flag Link Sun Oct 18, 2009
Teddy,

A Finished Basement CAN definitely add value to a house as long as it is a well thought out design and as Patrick suggest below completed within a budget that doesn't push the house's value over comparable properties in your neighborhood.

We recently had an experience with a House where its' Finished Basement was actually a deterent because the Home Owner took an open layout and transformed it into a lot of little, boxy rooms which really made it feel small, choppy and somewhat dark. Finished Basements should be designed to be as open as possible, have plenty of storage, well lit and not specific like Barbara mentions below. If you plan on living in the house the rest of your life, then by all means you can do whatever you wish; however, if you plan on selling in the future then your design should appeal to the masses.

Before you consider finishing the Basement, have a local Realtor perform a Comparable Market Analysis (CMA) for you to determine your Home's Value which will also help you set a Budget for the renovation. Likewise, either have an Architect or Interior Designer review your plan to make sure it is a well thought out design.

Good luck!
0 votes Thank Flag Link Sat Oct 17, 2009
Yes, it adds value. Just how much depends on the pricepoint of your home in your neighborhood. Jeffrey Otteau, Fortune 500 Appraiser has outlined these values in many of his reports. If you cant contact him directly, reach out to me through Trulia or my website below and I'll see if I can find out just how much for you.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Oct 17, 2009
Sure does. I would inquire if the "finishing" was down with township permits/approvals especially if electricity or water had been added. Nothing worse than getting to the CO portion of a deal, only to learn that no permits were pulled and the township requires applications for permits, followed by inspections . . . could most certainly delay, kill a deal or deam you homeless if you are forced to closed on the home u r selling!

Love and Peace,
Francesca Patrizio, ePro, SRES
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Mon Oct 12, 2009
Yes, Teddymaya. A finished basement absolutely adds value and is very desirable. Just make sure you don't make it too personal if you are trying to keep the resale value up. For instance, while an Irish Pub is fun for some, there are others that would not like it. A home theater room is very popular right now and brings a good return. If you have a walk-out basement, a full bath is a great option, especially if you have a pool or room for a pool. Just remember to leave some storage space especially if the home lacks storage in other areas. Good luck and if you should need a referral, I know a wonderful contractor in your area who does impeccable work.

Barbara Bertone
RE/MAX Platinum Group, Sparta
http://www.BringMeHomeNJ.com
973-726-5700 office
201-214-8400 cell
0 votes Thank Flag Link Mon Oct 12, 2009
Hi Teddymaya, yes, a finished basement adds value - even more so if the basement is walk-out. Be sure to secure necessary permits for any work you do and good luck.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Oct 12, 2009
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