value of finished basement?
#1
02-04-05, 08:57 AM
value of finished basement?
my upstairs living space and homes in the area go for 100 per sq. ft. i finished my basement with an excercise room, play room, and a billiard room. no windows(underground) and doors seperate each room. i have berber carpet in all rooms except excer. room. i stained the concrete floor. i have drop ceiling in billiard room and play room. excer. room is sheet rocked ceiling. how do i gauge the sq. foot value. 10 people have given me 10 different answers. just curious...
#2
02-04-05, 04:47 PM
Group Moderator
Of course, it all depends... so nobody can give you a number without actually looking at it.
For me, the first determining factor is the stairwell area. No matter how nice the basement is finished, the stairwell can drop the entire basement's value. A "closed in", steep, narrow stairwell really screams basement and can drop the sqare footage value of basement space $10 a foot.
I think the value of basement space depends very much on how it is finished. If you go down the stairs and know you are entering a basement then the square footage is worth less. If you go down the stairs and really don't notice "the basement" then the space can be worth almost the same as the main level. A low ceiling, boxed-in ductwork, drop ceiling, no windows, cold & musty are all signs of a basement and lower it's value.
For me, the first determining factor is the stairwell area. No matter how nice the basement is finished, the stairwell can drop the entire basement's value. A "closed in", steep, narrow stairwell really screams basement and can drop the sqare footage value of basement space $10 a foot.
I think the value of basement space depends very much on how it is finished. If you go down the stairs and know you are entering a basement then the square footage is worth less. If you go down the stairs and really don't notice "the basement" then the space can be worth almost the same as the main level. A low ceiling, boxed-in ductwork, drop ceiling, no windows, cold & musty are all signs of a basement and lower it's value.
#3
02-05-05, 06:15 AM
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hard to say
yeah, I agree theres no definitive answer to this. It seems to vary by location, property values in your neighborhood and maybe other factors.
I can share a personal experience though. I sold my house last year, and a neighbor of mine sold his house (same model) 6 months before me. My house didn't have a finished basement. My selling price came in $13k less than my neighbor's (with same model home), but he had a finished basement, 3car garage, wood floors throughout and other bells and whistles that my house didn't have. Overall, I think I made out OK. But its hard to say if a finished basement would have added much more to the selling price. Also, I lived in the house for 9 years in a good neighborhood and the property values performed well anyway.
Do I still think basements are a good value? YES.
I moved into my new house last summer and plan to finish the
basement this year.
Enjoy!
-jasper
I can share a personal experience though. I sold my house last year, and a neighbor of mine sold his house (same model) 6 months before me. My house didn't have a finished basement. My selling price came in $13k less than my neighbor's (with same model home), but he had a finished basement, 3car garage, wood floors throughout and other bells and whistles that my house didn't have. Overall, I think I made out OK. But its hard to say if a finished basement would have added much more to the selling price. Also, I lived in the house for 9 years in a good neighborhood and the property values performed well anyway.
Do I still think basements are a good value? YES.
I moved into my new house last summer and plan to finish the
basement this year.
Enjoy!
-jasper
