Michael, Home Buyer in OKC

Here is a question for someone, how does one figure the square footage price when a home has a basement and the basement is unfinished?? Is it based?

Asked by Michael, OKC Fri Oct 2, 2009

Is it based on the finished square footage only or what. Am seeing conflicting prices in Rapid City, SD. Sure would like to have some help cause we're moving up that way and are already looking at housing. We are seeing spec homes priced at 200K and the square footage cost for the finished is between 150 and 175, which is quite high. Add in the unfinished square footage and it's a lot more reasonable per square foot price, but then the complete house is not a finished house. Can someone explain so I can get a clear understanding on this. Time is of essence for we are seriously looking at housing in Rapid City.

Thx, Mike

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Jennifer Bla…, Agent, Owasso, OK
Fri Oct 2, 2009
Hi Michael:

Unfortunately, you really cannot count square footage in an unfinished basement to price the home. However, you can consider the entire basement as an amenity and come up with a price for the added value of having a basement in that particular area, Is your home in Moore, OK? If you would like, I can gather some comps, take a look at your home and come up with a good market price for your home. You can reach me at 405-625.1576 or email at Jenn@JenniferSellsOklahoma.com

Jennifer Henning
1 vote
Linda S. Cef…, Agent, Franklin, WI
Tue Apr 27, 2010
I'm not sure how square footage is arrived at in OKC.

In Wisconsin I tell my buyers not pay any attention to that for the following reasons:

1. Often times the tax record states one number and the MLS sheet states another. If the current or even the previous seller updated their home without a permit, that number could be way off.

2. Is the square footage per agent or seller?

3. Square footage in our state is arrived at differently from municipality to municipality. Some derive it from the outside footprint, while others use the totat of the interior of the rooms etc.

4. And finally, and maybe most importantly, you can have a 2500 square foot home that has less living space than a 2,000 square foot home depending on the layout of the home.

Hope I didn't confuse you more.

Web Reference:  http://www.lindacefalu.com
0 votes
Brian Eddins, Agent, Norman, OK
Tue Apr 27, 2010
I agree with Stephen. If the Basement is not finished it should be treated like a garage. However, If you do finish it out make sure you have it heated and cooled. You can't count space in the sqft if it is not cooled and heated. I hope this helps.
Web Reference:  http://www.brianeddins.com
0 votes
Stephen Toker, , 30707
Fri Oct 2, 2009
In Oklahoma, and in California, where I held a broker license since 1984, I would treat an unfinished basement the same as I would treat a garage; it is not living space. If a garage is converted into living space, it may be included into the calculations. Ditto a finished basement. Personally, I am not a big fan of converted garages, as most of the conversions are obvious, not well laid out, and shouldn't (in my opinion) the same value per square foot as the rest of the home.

Basements are really handy, and more costly to build than the typical pier and beam or slab-on-grade, foundation, so that may be why you see variations in asking prices where basements are a feature. A competent SD broker could assist you in your search and explain price variations based on area and construction. As an example, Energy Star homes are more expensive to build, but promise to return the extra investment through energy savings. And since we all expect energy prices to increase in the future, (we do, don't we?) these homes should become more valuable in the future as compared to drafty traditional homes.
Good luck in your new home search. Steve
0 votes
Ed Alvord, R…, , Oklahoma City, OK
Fri Oct 2, 2009
Usually, here in Oklahoma there are not many basements. I was born and raised in PA so I am very familiar with basements on the other hand..since Real Estate is a "local" environment, you should check with a Realtor in the SD area to be sure. I remember in PA, if it was not a "finished" basement, it wasn't counted as living space. How ever the local rules in SD, would be worth checking out..good luck. Need help selling your current home? See website link for details and tips.
Web Reference:  http://home4golfers.com
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