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I am looking at houses but I selected a house and made an offer on a house that doesn't have a basement. The other houses that were available with a basement weren't as good in quality. I didn't fill out the loan application and the closing won't be for three more weeks. If I buy this house and try to sell it after the mortgage is paid off, will it be worth it? Or should I just walk away from this altogether and look for a house with a basement?
Last edited by anonymous51; 10-14-2014 at 08:28 AM..
If I buy this house and try to sell it after the mortgage is paid off, will it be worth it?
Do you really expect an answer to such a question? Who knows? (And a lot depends on the local market whether houses without basements are desirable.) But you're buying it...so it's likely that someone else would be interested in buying it as well.
"Worth it" is a subjective statement. It's impossible to answer your question without specifics about the market.
Sometimes it works. My BIL bought a house in Florida that was the only one on his block without a pool and lanai. They sold it later with no problems, but they were in a good school zone.
So, if there's a closing in three weeks, obviously your offer was accepted. Can you really close in three weeks if you haven't even done a loan app? There was no date in the contract by which you were supposed to do this?
Basements. The only thing I can think of is do you want an underground space in the event of a tornado in your area?
So, if there's a closing in three weeks, obviously your offer was accepted. Can you really close in three weeks if you haven't even done a loan app? There was no date in the contract by which you were supposed to do this?
Basements. The only thing I can think of is do you want an underground space in the event of a tornado in your area?
The closing date is in early November, but I didn't receive the loan application yet. I will receive it in the mail in a couple days.
Are basements common & typical where you're looking? If virtually every house has a basement but yours then you might get less for it comparatively when you go to sell.
Are you in Tornado Alley ? if so, I'd want a basement
What are the storage possibilities on your lot for a home without a basement ? Two car garage? Outbuildings, huge walk up attic, etc.
Three weeks may not be enough time to close. Still have to go through appraisal process and any repairs that could be found. Still have to do home inspection and deal with whatever is found during that.
I have seen entire housing developments built on slabs due to perk test water issues. In some areas of the country houses built on slabs or partial basements are very common.
Personally I like having a basement for a workshop, utility room and a place to store stuff and I wouldn't buy a house without one.
Are basements common & typical where you're looking? If virtually every house has a basement but yours then you might get less for it comparatively when you go to sell.
Are you in Tornado Alley ? if so, I'd want a basement
What are the storage possibilities on your lot for a home without a basement ? Two car garage? Outbuildings, huge walk up attic, etc.
Three weeks may not be enough time to close. Still have to go through appraisal process and any repairs that could be found. Still have to do home inspection and deal with whatever is found during that.
There is a shed in the backyard. Also, there is a home inspection that will take place this afternoon that I will attend.
There are tornadoes in the state where I live, but there hasn't actually been a tornado in the city limits here for decades.
No one here has a basement. My home has gone way up in value since I bought it almost 4 years ago.
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