Remodel & Renovate in 55406>Question Details

Lesley Cafar…, Other/Just Looking in Minneapolis, MN

In a simple basement remodel, how much will a third bedroom and full updated bath add to the sales value of our house?

Asked by Lesley Cafarelli, Minneapolis, MN Sat Aug 7, 2010

The basement was originally finished in the '70s with dark wood paneling and carpeting and currently has a tiny, 3/4 bathroom that isn't up to code. We've had water damage from the unventilated bathroom and an outside drainage problem that is being addressed. The space has two areas (now a family room and office), a 7' ceiling, and a large closet. We plan to install an egress window, replace walls and ceiling with painted drywall, and install a tile floor and new lighting. Also, will the door to the basement suffice as the bedroom door, or does the bedroom area (now the office) need its own door?

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Lesley,

Here's a link to Remodeling Magazine's Cost vs. Value report for renovations and additions. The data might be helpful. http://www.remodeling.hw.net/2009/costvsvalue/national.aspx

I find that 3-bedroom homes are now much more in demand than 2- bedroom homes. Even single people seem to want a master, a guest room and den/office. As you've described it, the current basement would likely detract from the value of the house. For both of these reasons, I'd say the value of your house will increase. A local agent can help you with how much the incease will be.

Annie
1 vote Thank Flag Link Sat Aug 7, 2010
You need to figure out how much per square you think your home is worth. Then you need to figure out how much per square foot your below ground square footage is worth. To get this information call me and I will do a free CMA and inspect your house and give you a rough idea.

What year was your house built, where is it located, what condition is your home in? I need to ask you some more questions to give you a realistic number. 612-423-0202
0 votes Thank Flag Link Wed Nov 27, 2013
That depends on how old the home is, what style, and how well the improvements are done. Generally, you will not get an increase in value that is equal to the cost of the work done, so be careful. If you are planning to stay and live there for a while, go ahead and remodel. If you are planning on moving, you may want to leave it up to the new owner.

Adding a basement bedroom and bathroom does not automatically add value to your home. It depends on the market in your area and many other factors.

Contact a REALTOR® for more specifics on the value of your home. It is not something that can be determined without much more information.
0 votes Thank Flag Link Wed Aug 18, 2010
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