Remodel & Renovate in 46220>Question Details

Bill, Home Owner in Indianapolis, IN

Finishing basement - 46220 = how much added value?

Asked by Bill, Indianapolis, IN Wed Jun 20, 2012

My house was appraised for $125,000 about 2 months ago. About 45% of the basement was finished including a full bathroom when the house was appraised. All things being equal, how much value will be added by 100% finishing my basement? (i don't need an exact answer, but a ballpark would be nice - $5,000? $10,000? 5%? 10%? etc..). I know the answer "varies" and there are other factors, but I just want an idea of what to expect... Thanks!

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Answers

2
Bill,

In my opinion the additional finished space is not going to greatly increase the appraised value of the home, however when it comes time to selling your home, it will make the home more marketable and might increase the market value or listing price.

Here are a few factors when considering the value:

1. Is the basement space considered livable space? Are there fire egress windows?
2. Was the work done by a licensed contractor and were permits filed?

If you would like a more specific value to the home, please contact me for a free market analysis where I can compare your home with what has sold on the market over recent months.

Good Luck,
Justin Biehl
317-294-7211
0 votes Thank Flag Link Tue Jun 26, 2012
Please give me a call at 317.385.1722 and I would be glad to discuss it with you. I unfortunately am not getting as much as I need to give you my opinion.

Thanks

Michael Weaver
Managing Member
The Vearus Group
Web Reference: http://TheVearusGroup.com
0 votes Thank Flag Link Wed Jun 20, 2012
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