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Old 04-07-2018, 07:25 AM
 
63 posts, read 79,100 times
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A contractor recommended that I legally finish a basement because it adds value to the house when it comes time to sell. I'm. It sure I'm sold on that theory, while it may add some value (I've heard that a finished basement adds only about $10,000 of value) the permit fees and years of higher taxes mean you pay more in the long run than the extra $10k you'll get when you sell. Furthermore, some people may prefer buying a house with a finished basement that doesn't have a CO because they know that it keeps their taxes down, and they may feel that they are getting a deal since it theoretically isn't factored into the asking price.

I could be completely wrong, but there are a ton of opinions out there on the subject, and this is just mine.

If I'm looking to finish approximately 500sq feet of basement space to make it into a rec room. No bath or bedroom. How much can I expect this to add to the value of my house, and is it worth getting permits and getting taxed?

Thanks.
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Old 04-07-2018, 07:36 AM
 
Location: under the beautiful Carolina blue
15,726 posts, read 23,957,202 times
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I don't think it actually increases taxes that much. Not compared to a dormer for instance.

How long do you plan to be in the house?

Would you use a finished basement? If it's not something you're dying to have I would not spend the money on it, regardless of future value. Why spend money on something that you you don't care about? It can't possibly add more than you'd spend on it.

And I'll add here, the fully finished basement is completely overblown. My husband and I grew up in houses without finished basements, yet we both used them as such. We played down in my basement year round. His family had a sort of den down there with t.v. and seating. We both coped with the cinderblock walls and concrete floor. And lived to tell about it.
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Old 04-07-2018, 07:39 AM
 
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I would use it primarily for the kids as we can make that their play room, which will somewhat help with keeping the main level of our house more orderly. Would also add an extra tv/sitting area.
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Old 04-07-2018, 07:42 AM
 
Location: under the beautiful Carolina blue
15,726 posts, read 23,957,202 times
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if you want to do it, do it. If you're not wanting to spend the money on it, and deal with the nominal tax increase, then don't. It's not going to add so much value that you'll get back what you put into it. No home improvement gives you a 100% return, not even a kitchen which is what most people are looking at.
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Old 04-07-2018, 08:18 AM
 
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Quote:
Originally Posted by lovingtoli View Post
I would use it primarily for the kids as we can make that their play room, which will somewhat help with keeping the main level of our house more orderly. Would also add an extra tv/sitting area.
you will be happy if you do that. As the kids grow, use the basement for sleepovers, visits from college roommates etc.
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Old 04-07-2018, 08:55 AM
 
Location: In the basket
9,584 posts, read 11,167,117 times
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Having a dry, full, basement is enough.
You don't *need* to finish it. Do it if you *want* to.
Also, 96.4% of finished basements don't have permits.
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Old 04-07-2018, 10:00 AM
 
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Sounds like a finished basement will be great for your family and bc of that I think you should do it. Personally I wouldn’t worry about permits. If you do decide to sell sell it as unfinished and you most likely won’t need co’s.
I’m not 100% sure but co’s are needed for baths and doors. If you don’t include it as part of the sale most likely it would slide.
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Old 04-07-2018, 10:12 AM
 
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Make it your own little sanctuary that you can escape to when the nagging and constant chatter gets to be too much. That's simply priceless.
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Old 04-09-2018, 07:16 AM
 
4,040 posts, read 4,953,251 times
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Quote:
Originally Posted by hotkarl View Post
Having a dry, full, basement is enough.
You don't *need* to finish it. Do it if you *want* to.
Also, 96.4% of finished basements don't have permits.
I have to agree, paint the walls and floor put some nice lighting, get some good shelving and you're good to go.
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Old 04-09-2018, 11:34 AM
 
572 posts, read 424,110 times
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I used to own a house that did not have a basement at all, and I have two small children. It looked like Frozen and Mickey Mouse Clubhouse had a continuing battle in my living room. No bueno. The house I currently own has a finished basement (walls, nice flooring, decent lighting, closets / storage) and it's a lifesaver.

That said... the purchase price did not increase because the basement was finished.
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