Market Conditions in 27612>Question Details

Spiz, Home Seller in Raleigh, NC

what's the value per square foot for finished basement space in Raleigh, NC.?

Asked by Spiz, Raleigh, NC Sun Sep 30, 2007

Homes in my neighborhood go for approx $200/sq foot for the main floors.

Help the community by answering this question:

Answers

5
I am not in your area, but a general rule of thumb is that basement square footage is about 50% of the main floor price per square foot. In some cases it might go for up to 75% of the main floor price per square foot.
Web Reference: http://homenashvilletn.com
1 vote Thank Flag Link Sun Sep 30, 2007
Hi,

Are you thinking of finishing your basment or is your basement finished already? Typically the basement is given 50% of the value of the main levels. It also depends how the basement is finished quality wise too. Hope this helps. If you have additional questions, please feel free to call me at 919-624-1631. We do have a home with an unifinshed basement and decided not to finish the basement right now.
0 votes Thank Flag Link Thu May 19, 2011
Hi Spiz, great question! If the basement sq.ft area is 100% finished, in a like manner to the rest of the home (that's important), it has usually been given an adjustment of 50% of the main floor price per sq. ft.. Jay's comment below is also a good one. Most of the basements I see here are walk-outs. They may not get as much value from an appraisal stand point however they certainly are attractive to folks relocating down from northern states. Which does give your home an advantage on the selling side. Hope this helps.

Your Raleigh Realtor, Pamela
0 votes Thank Flag Link Mon Nov 3, 2008
Are there other homes in the area that have similar basement space? If so contacting a local realtor to research the comps in the area would provide the best information available. If you need help finding a realtor I am available to assist you.

Determining the value per square foot is more of an appraisal function and you may want to contact a local appraiser as well.
Web Reference: http://www.ChrisRoark.com
0 votes Thank Flag Link Wed Oct 3, 2007
Things to consider:
1) How buried is your basement? For example a walk-out basement on one or more sides will be worth more than a no window cellar.
2) Are the finishes of the basement equivalent to those in the rest of the home?
3) What is in the basement? One large room with walls and lights, or multiple rooms with entertainment center, office, bathroom, bedrooms, fireplace, kitchen etc...

To sumarize the more the basement is like the rest of your home the more it will be worth.
If you have a copy of your appraisal from when you purchsed the home, and the basement was finished then all of these issues would have already been addressed by that appraiser to establish the relative value of above and below ground areas.

If you recently finished it, are there comparable home sales in your neighborhood also with basements, they could really help narrow down the basement value.

Similar topic, NC Real Estate Commission Square footage guidleines found at web reference.
0 votes Thank Flag Link Sun Sep 30, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer