Home Selling in Banner Elk>Question Details

Tom, Home Seller in NC Mountains

how much difference is there for $/sq foot above grade and in a finished basement?

Asked by Tom, NC Mountains Sun May 11, 2008

I have a log cabin home with a finished basement that is half below grade. Is there a big difference in what an appraiser will give me for square footage in the finished basement vs. what they will give me for the upper part of the house?

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Tom,
I am an energetic, dependable, "get results" Real Estate Agent in your area and would love to have an opportunity to help you decide what your home might be placed on the market for and ultimately, get it SOLD! There IS a difference in price per square foot for a below grade, finished basement vs. the above grade area of your home. Let me know and I will be glad to work up a current market analysis on your home.

Sincerely,

Jennifer Pate
Braswell Realty Inc.
http://www.braswellrealty.com
828.733.5800
1 vote Thank Flag Link Sun May 18, 2008
On average I have scene the differance to be about 80 - 85%. The main thing is the quality of the work and materials. What I have scene work best in basements in mountain homes are tile floors and paperless sheetrock walls (will not grow mold).

Michael Holbrook
United Country - Johnson Realty
Wilkesboro, NC
0 votes Thank Flag Link Mon May 19, 2008
Tom,

An appraiser would take into account other properties around the area, but yes, any levels that are below grade will be given a lower value than above grade. I can't say for sure what that value would be without knowing the area. I would recommend if you are interested in selling to consult an agent for what your local market is doing and what homes similar to yours in the area are selling at, but if you have any further concerns about find an appraiser to come out and look. Beeing that it is a log cabin that may be a good idea with it being a more unique property. Having the basement finished will make the home usually will make it more appealing to buyers though and that is the ultimate goal is to get an interested buyer. My personal opinion is finding a price after comparing the appraiser's report and the local market trends from an agent and finding a price you are comfortable with from there. If you need help finding an agent, I'm unsure exactly where you are in the mountains, but I have a wonderful network of agents up in scattered places in the mountains area and could easily get someone out there to help you. If I can be of help please let me know.


Bridget Laszlo
bridget.laszlo@coldwellbanker.com
336-392-7490
0 votes Thank Flag Link Sun May 11, 2008
Tom,
Yes there usually is. Although I do know in Banner Elk and Boone area it will depend on the grade and the view. For example if you were on Sugar Mountain and the back of the house faced out with a great view that is different then you average home in the suburbs with the same situation. I grew up skiing in Banner Elk and know the area well. But, back to the question usually yes there is a marginal difference. But, a finished basement is of course going to bring more to the appraisal. As long as it is heated square footage.
Hope this helps if you need anything just drop me a line.

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Sun May 11, 2008
If you are searching for an appraisers assessment, you can contact your local REALTOR board for a qualified REALTOR-appraiser. Home value, however, is set by the buyer. If you are thinking about placing your home on the open market, ask a REALTOR for a supply-demand report for your area and where the price should be set for a successful close. The basement's value is set by the buyer, ultimately.
0 votes Thank Flag Link Sun May 11, 2008
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