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Remodel & Renovate in Saint Clair County : Real Estate Advice

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Thu Mar 28, 2013
Stephen Ellerbrake answered:
A finished basement definitely adds value to homes in O’Fallon. The amount of value added varies depending on a number of factors including the amenities included and the level of finishes. For example, a basement with a finished bathroom, a home theater, a fireplace, a bar, or other amenities will be valued differently from a basement without those amenities. And a basement with newer, high-end finishes will be valued differently from a basement with older finishes. There is no typical square-foot dollar value that can be called accurate because these variables are fairly wide-ranging and are dependent upon subjective opinion. In other words, what might the buyer pay for the basement may define what the market will bear and therefore, the value is defined in part by individual buyer sentiment. Appraisers use formulas based on comparative market analysis to establish value for finished basements as well. However, the square-foot dollar value is almost always considerably less than above-ground square footage. Sellers should also keep in mind that storage space is important to many consumers, so a balance of finished to unfinished space should be considered. ... more
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