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Old 01-25-2010, 01:43 PM
 
368 posts, read 1,355,722 times
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[SIZE=3]I am trying to find out how much would it cost to finish a basement – house was built in 1994, is about 2900 sq ft, two story. Basement is walk-out. I am providing all these details, as I am not sure how much information is needed.[/SIZE]
[SIZE=3]We are not looking to do anything fancy, but I would like it to look nice and comfortable. A bathroom w/ shower would be a big plus. Thank you for your help![/SIZE]
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Old 01-25-2010, 01:51 PM
 
Location: Hudson County, NJ
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Ithink you left to many open variables. SF of house doesn't help with sf of basement. Take a more accurate measurement of each room or the whole basement.

Also, what is the current ceiling, or what do you want to put up? YOu most likely want a drop ceiling so you can remove the tiles for any service needed.

What is the state of the current floor and what floor do you want to put down. Keep in mind if you get water or at the bottom of the hill your flooring options are different.

What is on the walls, exposed cynder block, cement, paneling, and what do you want to do.

Are there currently lights up or how is the lighting situation overall. How high are the ceilings, and is there room below your current bathrooms to make it easy to put in a bathroom in the basement.
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Old 01-25-2010, 02:15 PM
 
Location: NJ
1,252 posts, read 3,011,123 times
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nowitsshowtime said it already but lots more information is needed. The bathroom & shower alone could be $2000 or $12000. Depends if you want tile, what kind of tile, shower door vs. shower curtain, Kohler vs. Delta, chrome vs. brushed nickel, sink/cabinet from Home Depot vs. something nice, and whether or not a plumber needs to run a new line for the basement bathroom. For the remainder of the basement look at what Owens Corning offers here: Owens Corning™ Basement Finishing System™
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Old 01-25-2010, 02:40 PM
 
Location: New Jersey
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I don't know of any ball parks that have basements, much less finished ones...

(sorry, I just couldn't resist)
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Old 01-26-2010, 04:54 AM
 
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Let's put it this way- I'm currently finishing our basement, doing all the work myself other than HVAC, and it's going to cost around $18,000 for 750 sf of finished space. That includes a full bath (plumbing already under the slab by the builder), 8'10" drywall ceilings, 12' of cabinets for a wet bar, separate zone of AC with electric heat (you'd want to go with gas in NJ- we're in GA) and construction of a bedroom, bathroom, game area and family room. If I were to have the work done, I'd be looking at around $40-45,000.
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Old 01-26-2010, 07:53 AM
 
Location: Forest Hills
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A basement that size, done well, with you chipping in for some work... probably $40 - 60k... if you want to start adding fancy features like a theatre and/or wet bar, higher end bathrooms, and more outsourcing, you can start to approach $80 - 100k. If you do all the work yourself and really bargin shop you can get it down towards $20k I'd guess.

Remember, you're typically doubling the living space of your home by finishing the basement.
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Old 01-26-2010, 10:42 AM
 
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That's good to know, thank you.

We are considering making an offer on a house. Same model home two houses down sold in November for $755K. These people want to sell theirs in the mid 700s also. However, the house we are considering to buy does not have a finished basement. Also, the lot is wooded and they have not taken out any trees, so there is no grass or open space in the back yard at this time (it needs to have some trees removed, replace the gravel, and get some grass going). The driveway is really, really long, and all gravel, which I hate, so we need to replace the gravel. These are three major, expensive projects. The house that sold for $755K had all that. Any advice on what we should deduct to account for these differences? I realize we can't get dollar for dollar, but I think their expectation is unrealistic. We are strong buyers with a good downpayment, so that should count as well, right?
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Old 01-26-2010, 10:55 AM
 
Location: Forest Hills
555 posts, read 1,429,277 times
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Impossible to say... remember, you have to make the offer you're comfortable with... the home is worth quite simply what you're willing to pay and the seller is willing to accept. A finished basement will generally only make up 15k or so on an appraisal so that's probably a good place to start in terms of devaluing not having a finished basement. An appraisal won't take any consideration on a treed lot versus grass as far as I know. Having trees removed is fairly cheap, for a few grand you can have a couple guys come out and clear out a lot of space. I've never had any asphalt done to know what that runs but it will likely be dependent on total square footage for the driveway. You might be better off calling up and asking for a quote, but again, I'm not sure this will affect the appraisal value of the home. The last 2 things are more cosmetic from an appraisal point of view.

The bigger thing is the continuing dropping of home prices. Homes are going down about 1% per month. So that home that sold in November may only be worth $740 now.

Based on the little bit of info you've provided... I'd offer $720ish. The problem with having to do things after closing is needing the cash, it's always easier to get a slightly larger mortgage and pay for it through that then to have to come up with a down payment, closing costs, and then the extra $40 grand or so you'll need to do the things you want. You may be better off finding a home a bit closer to what you want exactly.
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Old 01-26-2010, 01:50 PM
 
368 posts, read 1,355,722 times
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Quote:
Originally Posted by nemmert View Post
Impossible to say... remember, you have to make the offer you're comfortable with... the home is worth quite simply what you're willing to pay and the seller is willing to accept. A finished basement will generally only make up 15k or so on an appraisal so that's probably a good place to start in terms of devaluing not having a finished basement. An appraisal won't take any consideration on a treed lot versus grass as far as I know. Having trees removed is fairly cheap, for a few grand you can have a couple guys come out and clear out a lot of space. I've never had any asphalt done to know what that runs but it will likely be dependent on total square footage for the driveway. You might be better off calling up and asking for a quote, but again, I'm not sure this will affect the appraisal value of the home. The last 2 things are more cosmetic from an appraisal point of view.

The bigger thing is the continuing dropping of home prices. Homes are going down about 1% per month. So that home that sold in November may only be worth $740 now.

Based on the little bit of info you've provided... I'd offer $720ish. The problem with having to do things after closing is needing the cash, it's always easier to get a slightly larger mortgage and pay for it through that then to have to come up with a down payment, closing costs, and then the extra $40 grand or so you'll need to do the things you want. You may be better off finding a home a bit closer to what you want exactly.
Yes, that is a big consideration, as home prices are still coming down... However, our agent claims that prices have bottom out and they are seeing trends of homes selling. I am not sure if its wishful thinking on her part, or just pure exaggeration. We are 40-50 min outside of Manhattan, so that may be a cause? Our lease is expiring in July, so we would like to find something relatively soon, do whatever work needs to be done to the house before we move in, and be out of the rental by summer... Easier said than done, as sellers want the sun and the moon...
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Old 01-26-2010, 02:30 PM
 
Location: NJ
12,284 posts, read 30,949,306 times
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Quote:
Originally Posted by NatasNJ View Post
No one and I mean NO ONE knows where house prices will be in the near/long term future. Everyone has their guesses but everyone has a biased view. The only reason I am buying now is the thinking that I will stay in this house LONG term. (20+ years if possible) That being the case I think I can outlast any short term loss of value.
Agree. Honestly, if an agent told me that, they'd be fired that minute. I find it shameful and just a wee bit transparent.

Anyway, to answer the question...like everyone else said...it depends! Anywhere from $15-$80K! LOL
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