Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Where are you buying? I live in Las Vegas and none of the homes out here have basements. Unless I live in Tornado Alley, it wouldn't be a make or break issue for me.
It really depends on what is common in the area. If you are in an area where people expect basements, it will be harder to sell without one and it will go for less than the same house with a basement. I just moved to an area where basements are not common and the only people who seem to ask about them are people who moved from a different area. When there is a basement it is finished like a second story (all secondary bedrooms) and counted towards Sq. Ft. Just seems weird to me.
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?
1. IF homes with a basement in your specific area sell for more money, then you might have an excuse.
2. It depends on the basement too; if it's finished and is adding value to the home, by all means, if it is a money pit, then no thanks. If it is a basement apartment that can pay your mortgage then I'd reconsider.
3. I think the "location" of the home is what drives the price up or down; if it is in a good location, and checks many other things, then it might be worth it. If not then no.
4. A basement can be either a liability or an asset. However the location matters a lot more.
I guess that I am just worried about the resale value on the house years from now.
How is the house valued right now? If you're getting a good deal specifically because the house doesn't have a basement, then the next buyers will be getting a good deal for the same reason. If you're paying more than the house is worth, then the next buyers may pay less because it may be hard to find someone who's willing to pay more than the house is worth. That's how it is with every house. If you're paying the value of what the house is worth now, then it's likely you will later sell it at the value that it's worth at the time you sell it, baring any major economic shifts that inflate or depress home values in general (which wouldn't be specific to you having a basement, anyway).
How is the house valued right now? If you're getting a good deal specifically because the house doesn't have a basement, then the next buyers will be getting a good deal for the same reason. If you're paying more than the house is worth, then the next buyers may pay less because it may be hard to find someone who's willing to pay more than the house is worth. That's how it is with every house. If you're paying the value of what the house is worth now, then it's likely you will later sell it at the value that it's worth at the time you sell it, baring any major economic shifts that inflate or depress home values in general (which wouldn't be specific to you having a basement, anyway).
The house is worth $87,000. It is a two bedroom house with a shed in the backyard, but it doesn't have a basement. The seller put the house on the market for $92,500 but lowered it to $89,500. I made an initial offer of $85,000, but she counter offered at $87,000. I took the counteroffer at $87,000.
The house is worth $87,000. It is a two bedroom house with a shed in the backyard, but it doesn't have a basement. The seller put the house on the market for $92,500 but lowered it to $89,500. I made an initial offer of $85,000, but she counter offered at $87,000. I took the counteroffer at $87,000.
None of that tells me how the value compares with houses in the same neighborhood. But regardless, you are paying $87,000, which you view to be a fair price for that house (no basement) in that neighborhood. If you own the property for five years, and it appreciates in value by say, 5.5% each year (whatever appreciation rate is average for that neighborhood/area), then the house should be worth around $113,000 in five years.
Or in other words, you paid what you feel that particular house is worth for that particular neighborhood. In the future, someone will pay what that particular house is worth for that particular neighborhood. The only way that won't happen is if there's another housing bubble, or another housing crash, which would affect the value of your house regardless of whether it has a basement or not.
The house is worth $87,000. It is a two bedroom house with a shed in the backyard, but it doesn't have a basement. The seller put the house on the market for $92,500 but lowered it to $89,500. I made an initial offer of $85,000, but she counter offered at $87,000. I took the counteroffer at $87,000.
That is a great price for a house. Still, it would depend on a few other things. What is the market like in your area. I am more of a buy and hold kind of guy myself. Does the deal make sence to you? Would it hurt you to hold onto this house if you could not sell it?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
