From an appraisal standpoint how much value is added to the home for a 1200 sq/ft unfinished basement in the area of Glenn Dale/Bowie MD?

Asked by Kimberly Earle, Melvin G Shinn, Wilmington, NC Sat Aug 24, 2013

2600 sq / ft finished, 1 acre lot, 1600 sq/ft wrap around porch, new roof.

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4
Will Beecher…, Agent, Albuquerque, NM
Sat Aug 24, 2013
How much value depends on several variables. Can this space be finished with high enough ceilings to eventually be used as finished space with 6'8" doorways? Can it be cooled and heated? Does it have the ability to make partitioned walls for divided up living spaces. Plumbing for a bathroom? Is there proper ingress and egress so if you added bedrooms they would be legal. Also walk out basements with high ceilings are generally the most desired since they feel more like normal living space if it were to be converted to finished. Also walk out basements provide the best egress for fire and other hazards. In short, I would say it depends on the "Potential" of the basement.
Hope this helps.
PS. I am Albuquerque Realtor where we do not have many basements, but I started my career in MA where every home had a basement. Some of the older basements I have seen... the ceilings are so low you have to duck down to even walk. Often these are big stone foundations walls with dirt floors. Those older basement types would obviously have practically no value since it has no "potential" for future living space.
1 vote
Thank you. The answer to all your questions is yes.there is a rough in for a bath as well as a wet bar. I appreciate you time and answer.
Flag Sat Aug 24, 2013
Thomas Egan, Agent, annapolis, MD
Sun Aug 24, 2014
I would agree with Will Beecher the most of the three answers you got so far. But I would add that depending on the finishes you do. If you put in the wet bar and full or half bath. Ceramic tile or carpet. Is it walkout, walk up outside stairwell or on outside entrance. All that being said anywhere from $15,000 to $30,000. Almost always less than what it will cost unless you do the work yourself. But if it is what you want I would say do it. Painting a wall purple will cost money and may lower the value of your home.
0 votes
PS started appraising real estate in the Washington DC area in 1986.
Flag Sun Aug 24, 2014
Greg Myers, Agent, Gaitherburg, MD
Sat Aug 24, 2013
Kimberly,

Generally speaking if the upper level is valued at $150.00 per square foot the lower level below grade would be values at $75.00 per square foot.

Greg Myers
Re/Max Realty Group
0 votes
Thank you Greg. That is exactly what i was looking for.
Flag Sun Aug 25, 2013
Mo Davis, Agent, Clinton, MD
Sat Aug 24, 2013
Hi Kimberly,

Some value will be added for having a basement. Since it is unfinished, it may not be a great difference. You could expect anywhere from the thousands to the low tens of thousands.
0 votes
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