Basements and Pools...Appraisals (real estate, buying a home, buying)

[VickiR]

We've had lots of questions about pools and basements and the values of these items.

This article answers lots of those questions so I thought I'd share for those that are interested or thinking about adding a pool or buying a home with a basement.

Talking about appraisals...I see nothing about Zestimates!!!

Top 9 Reasons Appraisals Come in Low - Real Estate News and Advice - realtor.com

[mlhm5]

You will not get your money back for a pool, unless there is a special buyer, who is unaware of the time and cost of pool maintance and is hot for a pool.

Same for a finished basement. Strangely in NC, as opposed to other states, you are allowed to include below grade areas as living space. It may cost the builder $30+K to get to the first floor because of the slope of the land, however do not be fooled. The banks value the finished basement at $0 - $35 a sq. ft.

[meanieme]

I don't think there is a "standard" that appraisers use to adjust basement space or pools.
For example, in looking at my house, the appraiser adjusted +$35K because of pool and about +$50/sq ft for basement.

[VickiR]

Originally Posted by meanieme

I don't think there is a "standard" that appraisers use to adjust basement space or pools.
For example, in looking at my house, the appraiser adjusted +$35K because of pool and about +$50/sq ft for basement.

There is no standard adjustment but appraisers do use a range.

For example...a finished basement could get between $35 and $55 per sq. ft. It is up to the appraiser to decide.

[mlhm5]

If you are doing a second with a bank, banks view basements as basements.