Finish the basement?h d

Discussion in 'Buying & Selling Real Estate' started by Francy, May 14, 2014.

  1. Francy

    Francy Active Member

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    Our house has an unfinished basement. How much does a finished basement add to the value of a home? It's a walk out basement.
     
  2. Kate

    Kate Senior Investor

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    If I'm recalling correctly, I think it's between $20 and $30 added per square foot, so a larger basement could add a considerable amount to value. *But* there are other factors that have to be taken into consideration such as partitions, future possibilities for the space, entrance access, and so on.
     
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  3. Peninha

    Peninha Senior Investor

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    Wow, it's impressive how much value to the house the basement adds, I'm impressed. Sometimes I envy the American way of life, everyone seems to have huge houses while I am living in a small flat.
     
  4. Francy

    Francy Active Member

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    Good to know! We will finish it eventually. We have plumbing finished for our bathroom downstairs, just have to do everything else! I will be looking forward to it being finished and adding to the overall value of our home!
     
  5. Leeroy_MY

    Leeroy_MY Well-Known Member

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    Finish the basement. It will definitely add a higher value to your property compared to the cost of building it. However, make sure you hire a competent contractor to do it. I've seen cases where people had high aspirations to renovate their house only to overestimate how strong the ground upon which their house was built leading to serious cracking in the walls and foundation of the house.

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    If cracks like these start to appear, be careful - your house might be starting to weight more than your land can sustain.
     
  6. Gelsemium

    Gelsemium Senior Investor

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    Ouch, that's looking nasty Leeroy, but the contractor that did that with the job basement has to be liable, after all you didn't hire him to destroy your place!
     
  7. nashvilleshelby

    nashvilleshelby Active Member

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    The value of your home will increase quite a bit. When you have an unfinished basement it can be used as a bargaining chip to help negotiate in the buyer's favor. I would do what I could to finish it as effectively as possible.
     
  8. LittleMissMia

    LittleMissMia Guest

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    Yes I have heard that also. So @Francy, if your basement is fairly large than this would be a great addition to the home because it would add so much more living space as well as adding value to the home should you decide to rent it out or sell it. Now if it is a smaller basement, than perhaps the main benefit will be that you have new living space.
     
  9. LittleMissMia

    LittleMissMia Guest

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    Oh my that's a scary image. You definitely do not want to see any major cracks in the walls of your basement! I would hire the best contractor you can find, even if that means spending a little more than you wanted. In the long run, it may save you hundreds of dollars and time as well!
     
  10. Muthoni

    Muthoni Guest

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    I do not know about the cost but is so lovely to have a walk out basement. There are so many things you can do with it. Once you finish it, it can be converted into a man-cave for the man of the house or that teen son if there is one residing in the home. It can be a home office or if you are adventurous convert it into an indoor pool. You got me going there!
     

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