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How Much Does It Cost To Finish A Basement? All Locations : Nationwide Real Estate Advice

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Showing results for How Much Does It Cost To Finish A Basement? [Clear search]
Mon Sep 18, 2017
Terry Bell answered:
I'm with you! Homes are still being built as food for termites and guaranteed to be dissolved by dry rot, mold and bugs! But out here in California, I wouldn't want a concrete home that would probably cave in, in an earthquake, and from what I remember of basements in the east coast, don't think I want a place for mold to grow! But I bet it won't be long until we start seeing a lot more composite materials that are stronger and more bug resistant show up. I guess metal beams are probably expensive, but I am replacing any wood on my home repairs with TREX and that concrete flooring for underneath ceramic tile instead of plywood. I'm also a big believer in the future of modular homes. Manufactured homes pre-made in the factory still are seen as less quality than conventional housing. But I remember going to the World's Fair up in Montreal back in 1967, I think, where they unveiled what I think was called Housing for Humanity, modular apartments that could be put together like legos. It's hard to believe that was seen as the future back then, is still not accepted, but I really believe that soon prefab homes, built with materials such as trex, will become the new way of addressing low cost housing and get back to simpler living. ... more
0 votes 124 answers Share Flag
Sat Sep 11, 2010
jeff donnellan answered:
You're asking all the right questions. Of course your home will look better with improvements, but it would be difficult to advise how much is necessary vs. how much would be needed to sell your home with out seeing it's current state. A comparative market analysis is the best way to understand what other homes in your neighborhood are selling for and what kind of features or improvements they have done in order to sell. In some cases, "as is" homes sell much faster because almost everyone is looking for a deal, but depending on the price range others want a home in top condition. I would be happy to speak further about this, please feel free to contact me. ... more
0 votes 7 answers Share Flag
Thu Jun 24, 2010
Corey Eubanks answered:
Having a legally designated ADU typically adds resale value to a property in the future. It can also provide assurance to prospective tenants that you are a proactive landlord, allowing you to attract a higher caliber of tenant applicants and possibly charge a higher rent. ... more
0 votes 7 answers Share Flag
Fri May 28, 2010
Jewel Stockli answered:
Your rate is not bad. Rates are really low now and rentals are in demand. Does your basement have a seperate entrance? With that savings I'd actually buy an investment property to bring in some more cash flow and pay down the existing morrtgage!

jewel@OregonRealEstateByJewel.com
503-936-2432
... more
0 votes 9 answers Share Flag
Fri Nov 16, 2012
Harry Khayalian answered:
Good question.
Some of the things you should look out for are structural damage, outdated plumbing, electrical, etc. You are right some of these older properties look better then the newer ones. Get the inspection!!!!!
Thanks
Harry
Century 21 Golden Realty
626 390 2544
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0 votes 11 answers Share Flag
Mon May 9, 2016
answered:
Hey Sujad....We are running about 35-45 days to process either program at Wells Fargo. We do service our loans and have a dedicated draw dept.....The key to the processig timeframe is getting the contractor and FHA consultant (if you are going to do the consultant K) together quickly to meet at the property as soon as possible after you get an accepted contract on the house. The consultant K rate is about 1/8 higher than the Streamline K..... The extra fees for the Consultant K (also known as Standard) are the extra fee you have to pay the FHA Consultant which probably averages $750.

Sometimes you can live in the house during renovations but it depends on if the items being completed are are safety or health concerns. For example, you cannot live in the house if the water is not hooked up as that would be a safety hazard.

I do have a Wells contact in Miami if you are interested, shoot me an email and I will put you in touch with him...
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0 votes 8 answers Share Flag
Fri Apr 8, 2011
Jerry Holcomb answered:
Yes, my friend Christune Wilson is the 203K expert. send me an e-mail and I'll connect you.
0 votes 6 answers Share Flag
Thu Aug 9, 2012
Vicky Davis answered:
Hello,

Have you seen the home yet? Is it the one located on Hidden Creek Dr.? I have not heard anything negative about the community. The location is great with easy access to the 30 bypass. It is located in the Coatesville School District, but with a Downingtown Post Office address. The square footage indicated does not include the finished basement. Since Caln Township does require a Use & Occupancy on all resales, I would check to see if the property has been assessed to reflect the finished basement; otherwise, the taxes could increase once the township/county is made aware of the finished basement. If you would like any additional details, I can send you via email. ... more
0 votes 14 answers Share Flag
Wed Mar 30, 2011
Larry Sarlo answered:
Honestly if you are looking ot sell I would not finish the basement and not do anymore to the house unless it is to repair ie; new roof, rooted wood, etc. Of course you indicate this is already done...

Without seeing the home there could be other things you may want to do that cost nothing or little to maximize your market sales price.

You should have an experienced sales rep come in and provide honest input of what is needed to sell your home and how they would market your home is most important.

Haddon Heights is a nice desirable area. You certainly sound like you have a terrific home. A nice home in your area will get tons of buyers into your home.

Homes in audubon/ Haddon Heights are selling like your description from $210k-250


If you like some professional advise, I'd be happy to discuss your home with you and what is needed to sell your home in this market. No obligations and no cost....


Contact me

Lawrence Sarlo
Weichert Realtors
609-868-1171
lsarlo@comcast.net
... more
0 votes 10 answers Share Flag
Thu Sep 18, 2014
answered:
I am not a realtor, but because I see appraisals, I can see the translation from dollars into value, and I have done enough open houses with realtors to know what I think. First try to take a look at your home objectively. First look at your curb appeal. Walk up to your front door and make sure that there is no peeling paint, or that you have a screen door that doesn't close properly, little things like that. Do the same as you walk in the front door. If the first thing they see is worn carpet on the stairs, or dirty or damaged paint in the front hall, get it fixed. It's easier to overlook little things if the initial impression is a good one. There is very little that you can do to your house in terms of updates that would translate into an equal amount of dollars in terms of increased value. If you can make a small investment in painting, or make sure that everything is neat, clean, and clutter free, that helps. Painting in itself can make a big difference. If you have white walls, you can try a trendy color, but not something so odd that people get thrown off when they see it. I would say that other than that, save your money to put into the house you are buying, not the one you are selling. ... more
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Thu Jun 28, 2012
Patrick Thies answered:
That's going to depend on your area. You need to look at what homes with basements are selling for in your area. It shouldn't be that hard to find out if most of the homes in the area are the same style and built around the same time. Look at what similar homes have sold for with basements recently and adjust accordingly. ... more
0 votes 11 answers Share Flag
Sun Jan 24, 2010
Kathy Weber answered:
Kejohnson,

I would suggest you don't do it. Anything with a "/" in it seems to deter buyer's. Especially bathrooms.

Keep it "1" full bath. Most buyer's want at least "2". If you show it less than "1", it will definitely hurt your chances at resale + possible appraisal issues. (There will be no comp's).

Best of luck!
... more
0 votes 20 answers Share Flag
Sat Feb 25, 2017
Rouriel Noubini answered:
Tile is much cheaper than a real hardwood floor. Go to homedepot and check both price with installation.
0 votes 90 answers Share Flag
Thu Jan 7, 2010
Michael Hammond answered:
Opinion only here, but unless your home is only 1200-1500 square feet, that second deduct seems high to me. Hank, where are you?
0 votes 28 answers Share Flag
Fri Jul 14, 2017
Joy Santiago Clark answered:
Hi Leslie:

Are you able to finance acquisition of properties as well in addtion to 4k in rehab? How much are you able provide to potential buyers? Depnding on how much you have available, I would have a never-ending list of clients for you.

Please email me direct at joy@dwellingsunlimited.com or call 248-994-0400 to discuss.
... more
0 votes 17 answers Share Flag
Thu Feb 18, 2010
Sean Dawes answered:
Does one have a better location?

How old is the resale?

Also why is the layout better in the resale? Think about your future resale, if you like it for a reason most likely a future buyer will as well. ... more
0 votes 10 answers Share Flag
Wed Oct 21, 2009
Maria Hughes, S&A Homes answered:
To answer your question....No, I would not pay for another appraisal. I recently helped a former client of mine who wanted to refinance. The appraisal came back much lower than what was expected. I did a CMA for him and was able like you to find comps, better comps. I prepared the CMA and suggested he submit it to the underwriter who will in turn go back to the appraiser and ask for a re-consideration of value. In this particular case, it helped.

Keep in mind the comps you may think will work may have already been considered by the appraiser as not being comparable. This is why I suggest you do the above. All they can do is say no. It's worth a shot. My suggestion first, would be to contact a REALTOR and ask them for a free CMA. See what comps they come up with.

You can ask for a new appraisal but I would only do it if you have a particular reason to believe the appraiser made a mistake that seriously deflated the house's value. For example he miscounted the number of bedrooms, etc. Again I would have a REALTOR look it over and ask for their opinion. They may think the appraiser is right on track or suggest you request a reconsideration. In my opinion this is most cost effective approach than paying for another appraisal.

Please keep in mind, the bank/appraiser does not care that you need X amount to finish your basement. If this appraisal came in at this price, chances are the next one will too. Maybe you need to wait a little longer before finishing your basement or do the best you can with what they give you. Again I would ask for a reconsideration before giving up.

Contact a REALTOR of your choice first. If you currently do not have one in mind, please consider giving me a call. I should be able to tell you whether I think the appraisal is right on track or not. This comes from years of experience.

Good luck and if anything let me know how it turns out.

Maria
maria.hughes@remax.net
... more
0 votes 3 answers Share Flag
Thu Mar 28, 2013
Tim Klein answered:
Carolyn,
It's the asking price divided by the livable square feet above ground. Though some Realtors code the space in error, the usual reason for the differences are due to walkout lower levels and tri-levels though there aren't many of either in Berkeley. Let me know if I can help.

Tim Klein
Broker
Metro Brokers - The Realty Werks
303.973.7600
... more
0 votes 11 answers Share Flag
Wed Jul 10, 2013
Anna M Brocco answered:
Don't be too concerned about construction types, they are what they are and all houses have to be built to code. When you find your new home have an engineer do an inspection to determine if any problematic issues exist in the structure. Yes, carpeting can be removed and most often underneath you will find great wooden floors that my need some refinishing--cost will have to be determined after the carpeting is out, and will depend on the size of flooring. If you need assistance feel free to call or e-mail.

Anna
917-576-5376
abrocco@laffey.com
... more
0 votes 5 answers Share Flag
Sat Jun 27, 2009
Mike Carpenito answered:
Upara,

Thanks for the question. The cost to finish a basement would vary depending on the types of materials you would use. I would recommend going to one of the big chain hardware stores and pricing out materials. Wood paneling can start as low as $11 per sheet, but can easily reach $150 a sheet when you get into your cherry woods.

The idea to finish your basement is a great one for your family and also for future resale value. Even though the added square footage can not be added to the total square footage of the home, it is added living space. This will make your property much more attractive than those properties without one. Good luck with your remodel!
... more
0 votes 5 answers Share Flag
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