Nicole, Both Buyer and Seller in Illinois

Does $11, 518 sound like a good price to finish a basement? Drywall, insulation, carpet and suspended ceiling. That price is with a 15% discount....

Asked by Nicole, Illinois Fri Feb 3, 2012

I just want to make sure I'm getting a good deal that's all.

Thanks

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5
Side Kick Property Finders, LLC.’s answer
Hi! Well, depending upon the sq footage and assuming that the *original* price (with the 15% added in) would be over $13k, then yes it's possible to be getting a good deal for that amount. Also, it's assuming that one would be using the most basic materials (i.e. insulation, drywall & simple painting) as opposed to more fancier cosmetic "upgrades" such as crown molding, custom color paint, etc.

I also encourage my customers to make 2 lists...1 for needs & 1 for wants. It helps to put into perspective the things you can live with (or w/out) when budgeting.

Hope this helps!
1 vote Thank Flag Link Sat Feb 18, 2012
I highly doubt you are getting a good deal. Sounds way too good to be true. The contractor will either do a horrible job or hit you for a dozen extras that aren't part of that price. For a decent job you can spend almost that much on materials alone. Without knowing the specifics, it is possible but unlikely. Code compliant plumbing, electrical and heating alone can easily add up to that and more.
Web Reference: http://aic-chicago.com
1 vote Thank Flag Link Fri Feb 3, 2012
Have you ever thought of refinancing with an FHA 203K rehab loan? There would be two distinct benefits from using this loan program:

1) You wouldn't have to come up with the cash out-of-pocket
2) You would be able to have a licensed professional called a "Plan Reviewer" determine exactly what the upgrades would add in value to your home. No worrying about if you got a good deal or not. Please contact me if you would like more information about this program that my company offers.
0 votes Thank Flag Link Sat Feb 18, 2012
Get another quote, then get another quote. And get the quotes in writing including ALL that the quote includes. Make sure you know exactly what you want done. Example: 50% completed and you decide that you really do want the closet, he can get you good on that extra.
0 votes Thank Flag Link Wed Feb 15, 2012
Nicole,

Any plumbing? Electric being done? What is the amount of square footage being finished? Seems like a good deal but I always recommend my clients to get 2-3 bids. Good luck!

Juan
0 votes Thank Flag Link Fri Feb 3, 2012
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