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Old 04-12-2016, 09:29 AM
 
466 posts, read 444,227 times
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Take two otherwise identical homes on the same street just a few doors down from each other. Worth about $500,000, capes, 3 bedroom/2 bath, about 1500 sq ft on two levels.

As a buyer, how much more would you pay for the house that has a finished basement? The finished basement has one large room that can be used as office/play area - nothing fancy, but drywalled, nicely painted and carpeting. No extra bathroom in the basement. Unfinished part still has the washer/dryer/etc.
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Old 04-12-2016, 09:33 AM
 
Location: Massachusetts
5,944 posts, read 6,740,447 times
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20,000 to 30,000k
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Old 04-12-2016, 09:58 AM
 
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For me personally it would probably push one home over another if everything was even. A walkout would be more desirable. I have seen somewhere you usually get 50-60% back.

A personal pet peeve of mine though is if a finished basement has a dry walled ceiling, especially if it is below the bathroom. I have torn them out in both of my homes. I liked the piece of mind seeing that there is no rot in the floor. Plus, I just prefer the look of warehouse ceilings and just paint over the pipe, joists, etc. with a sprayer.
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Old 04-12-2016, 10:43 AM
 
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Per my recent home appraisal...

Basement adjustment at $5000 for basement space, $2500 per finished room, $2500 per half bath and $5000 per full bath.


Of course, in the real world that doesn't mean much. I know I chose my current home due to the large finished basement that it had over some that had small finished basements. However, in the eyes of an appraiser, the finished space on both properties would only be worth $2.5K.


I do agree that a bathroom in the basement is a value-add as well. Can't tell you the number of time when working in the yard or on the cars in the garage and wish I had a "dirty" bathroom in the basement I could use and not have to go into the main house.



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Old 04-12-2016, 10:53 AM
 
417 posts, read 534,680 times
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Quote:
Originally Posted by 495neighbor View Post
20,000 to 30,000k
I agree with this. I would pay 20k more for a finished basement. 30k more for a finished basement in a ranch because it's usually bigger, possibly even more.
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Old 04-12-2016, 11:10 AM
 
Location: East Coast
2,767 posts, read 1,569,922 times
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The big question is whether it adds usable square footage. If that square footage can be added to the "official" square footage of the house, it will definitely add to the valuation. Even if it isn't, though, if you actually can use the space as a guest room area, game room, or den area, that is a big deal, especially on a 1500 square foot house.
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Old 04-12-2016, 11:47 AM
 
Location: Winchester
226 posts, read 287,291 times
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Following up on this, to add to the square footage, you'll need a door and window out of the basement. And I heard the window has to be around 3x3 feet, and not higher than say 40-50 inches off the floor?
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Old 04-12-2016, 11:49 AM
 
Location: North of Boston
2,939 posts, read 4,919,404 times
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I have a 13' X 23' finished room in the basement of my cape style house and it is included in the total square footage calculations by my town.

Depending on the actual size of the room and the level of fit and finish, I agree that the room should be worth $20,000-$30,000 additional.
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Old 04-12-2016, 12:06 PM
 
466 posts, read 444,227 times
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Thank you all. Very helpful.
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Old 04-12-2016, 04:30 PM
 
Location: Columbia SC
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With many of the "finished basements" I saw in the greater Boston area, it could, depending on how it was done, detract from the price. I would much prefer a "clean slate" to do such as I wanted it done versus some crappy old Grossman's, 84 Lumber, etc, paneling job like my first home in Marlborough (Marlboro) had, which I did..........LOL
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