Remodel & Renovate in 01545>Question Details

Sb, Both Buyer and Seller in 01545

Finishing basement vs appraised value?

Asked by Sb, 01545 Sun Dec 13, 2009

We are planning to finish our basement around 800 sq ft - with one bedroom, full bath and kitchen - and making it walk-out we are in Shrewsbury, MA -will it increase the appraised value of the home?

Help the community by answering this question:

Answers

7
Always pull a permit. If I were doing my basement over I would include a drainage system in case there at some point is a lot of water, like now, when snow melts.

The basement will not be considered in sq ft when appraised if selling, only a credit on quality.

Reminder to tell your insurance agent too.

Get a number of quotes and check references......
0 votes Thank Flag Link Sun Feb 13, 2011
Yes it will increase the value, based on the quality of the finished product. The value will not
be the same dollars per sq.ft. as the upper floors.
Please remember to acquire a building permit prior to starting the project.
tina bilazarian
Web Reference: http://www.bilazarian.com
0 votes Thank Flag Link Tue Jan 5, 2010
Hello Sb- This should be done all with Town permits, etc. If you are adding a kitchen, then they will think this is an inlaw apartment or a totally separate apartment, plus adding the bedroom and the bath there. They are a lot of potential issues and hurdles with this.
Is it town sewer?
Yes, it will add value to the appraisal. But most likely it won't recoup your costs dollar for dollar. If you add something that is illegal- like an inlaw or whatever- then it could actually detract from the value of the home, in the appraiser's eyes. If you'd like to discuss further, please feel free to contact me directly.

Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Mon Dec 14, 2009
I agree with Galen, however the increase will not be equal to the cost. Permitting is required for the the intended work. Also, when you decide to sell your home most buyers will check with the town to see if permits were pulled. If not that could affect the sale of your home.
0 votes Thank Flag Link Mon Dec 14, 2009
Town of Shrewsbury is strict on finished basements, basements need to be permitted.
Recommend you check with the building department to gather information prior to proceeding with
vendors.
Tina Bilazarian
Web Reference: http://www.bilazarian.com
0 votes Thank Flag Link Mon Dec 14, 2009
I agree with Galen - having a finished basement is a plus, and an appraiser will add a certain amount to the value of your home when comparing it to others if you were to sell it. Regarding the kitchen in the basement, again, I agree with Galen to make sure you check on zoning regs if you're thinking of "in-law" space. Although, in the future, having a full second kitchen in your basement could possibly limit your pool of buyers to only those people looking for that type of situation; whereas if you just did a sink and cabinets, it's not so much of a full kitchen, rather than a potential wet bar type situation.
0 votes Thank Flag Link Sun Dec 13, 2009
Professionally finished basements add a significant value to a home especially one with a walkout basement. You may want to check out the zoning laws in Shrewsbury regarding in- law apartments since you seem to be planning to create one.
0 votes Thank Flag Link Sun Dec 13, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer