How important is a basement? (Chicago, Plainfield: 2014, house, buyers)

[moderngnome]

Originally Posted by chijan

CSD610--interesting response. I have little intention of staying in the Chicago region for the next 20 years, so it seems normal for me to think about resell. Would you recommend renting unless you want to keep your house forever? I'm actually not concerned about resale price, just resale ability.

Yes, more info -- the house is big enough with extra storage on the 2nd floor. Mechanicals have their own space on 1st and 2nd floor. The house is near the train and has great schools, which is why we're considering it. We've also had to leave one rental because of basement flooding issues, so I am a bit biased against it.

I personally hate basements and use them generally only for storage, but I think I could accomplish that just as well with a shed or less stuff. I also grew up in Florida where we don't have basements. My husband, however, LOVES basements and always grew up with one.

It's funny, I think I considered basements a must have until I moved to a flood prone community (Elmhurst). Now I consider them a hazard.

I would honestly be happy to buy my next house without a basement.

[Aredhel]

Originally Posted by chijan

If I'm concerned about resale, should I be looking at a different home?

In the Chicago area (and most other parts of the Midwest) the answer to that question is YES! People in this part of the country don't just want basements for storage, they want them as a refuge in the event of severe weather.

[chet everett]

Originally Posted by Aredhel

In the Chicago area (and most other parts of the Midwest) the answer to that question is YES! People in this part of the country don't just want basements for storage, they want them as a refuge in the event of severe weather.

There has not been a tornado of consequence east of IL-53 in nearly five decades -- https://en.wikipedia.org/wiki/1967_O...rnado_outbreak

[JJski]

I want a basement for bar/entertainment space. Its important to us for that reason...

[twodoor2]

In the Chicago area, a basement not only adds significant value to the home, but most people end up finishing it. They are very very popular, and finished basements are a HUGE plus for home ownership and resale value. I remember a time, not too long ago, that you almost had to have a finished basement to sell a house.

[wjj]

I don't think it is so cut and dried.

In Buffalo Grove, there are a ton of SFH without basements, mostly built in the 1970s and 1980s. They all have crawl spaces that are about 3.5 to 4 feet deep, so it is easy to crawl around in and easy to access plumbing and HVAC. Some have concrete floors and some have a thick layer of pea gravel topped with plastic sheathing. You can also store a lot of stuff down there if it is not too bulky.

The houses with regular basements do tend to sell for more (but not a lot more) IF they do not have a water seepage problem. If they do have water issues (and we have high water tables here), then they can sell for less. Some people have had the crawl space dug out and converted into a basement. The cost runs about $40K to 45K, not including finishing the new space and possibly relocating utilities. But they only recover about half to 2/3 of that on resale. Whether $25K to $30K constitutes "significant extra value" upon resale is in the eye of the beholder. Some people would prefer to save the $25K on purchase and use the money to upgrade the kitchen instead. To each his/her own.

The houses without basements sell about as fast as the ones with basements assuming the same level of updating in the main living areas, especially the bathrooms and kitchens. They sell for less, but the owners also bought them for less.

We have a second SFH in SW Florida and like nearly every home there, it is built on a slab, so no crawl or basement. We adapted as have the hundreds of thousands of other homeowners down there, at least half of whom are transplants. People coming from other areas of the US may not have had basements. You might be surprised at how many people do not care about a basement. And how many do not finish the ones they have (we "unfinished" ours to convert it into a workshop and exercise area. We also have a fully concrete crawl that is accessed from the basement for storage).

So......if the house is nicely updated, it will sell about as fast whether it has a basement or not, at least around BG. But it will sell for less - but then again, you should pay less when you buy it.

[Bellamouse]

Originally Posted by CSD610

If you are going to purchase a home by potential "what if" resale price you should not be purchasing a home.


If you like a basement purchase otherwise don't.

This is dumb advice. Ignore it. As someone who works in the real estate industry, it is indeed important to at least consider resale.

I cannot tell you how many clients thought they were purchasing their "forever" home and overlooked some obvious resale issues, only to find out that their circumstances in life changed or their desires changed and they ended up sitting on their house forever trying to resell it.

It's not always foolish to buy a house that may be difficult to resell, but it is always foolish not to take that fact into consideration.

[twodoor2]

Originally Posted by Bellamouse

This is dumb advice. Ignore it. As someone who works in the real estate industry, it is indeed important to at least consider resale.

I cannot tell you how many clients thought they were purchasing their "forever" home and overlooked some obvious resale issues, only to find out that their circumstances in life changed or their desires changed and they ended up sitting on their house forever trying to resell it.

It's not always foolish to buy a house that may be difficult to resell, but it is always foolish not to take that fact into consideration.

Yes, and even if you don't resell, what about your heirs, like children? You don't want to leave them with a home that doesn't appreciate in value, or even depreciates.

[linicx]

In the scheme of housing the 3 bedroom 2 bath (3/2) has the best resale value and sells the fastest. It is especially appealing if in includes whole house air conditioning/a GFA furnace, all brick or siding, an attached two car garage, a large lot, a master suite with bath, a basement, and it is move-in-ready with new appliances and fresh paint. The top dollar will buy this house.

This house with a crawl space, and a one car agarge will lower the sale price and increase the time on market from list to sale. The selling price will decrease again, and the time on market will increase again too if this house is on the slab foundation. A slab house is built on concret. It is worrisome as a plumbing problem can lead to tearing out part of your concrete floor to replace or repair it.

The 2/2 has less value, is generally smaller, and is often on the market longer than the 3/2 even with the same featured.

The slowest mover is the one bedroom / one bath on a small lot. It may be on a slab foundation with no garage and no central heat and air conditioning.

How a house is constructed or where is located is immaterial. Everything else you see is considered a "cosmetic" featue, or cosmetic fixture. It can be replaced, painted, removed, upgraded or ignorned. This includes the neighborhood. . .

[Runuova]

Originally Posted by Lookout Kid

I've also seen several "split level" houses that had a crawl space in lieu of a basement. Meh. A lot of buys will pass on this.

This is exactly what I bought but, it was fully remodeled and the price was a steal. Those were the reasons that made sense to us to buy it.