return on basement finishing


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Old 09-08-07, 10:01 AM
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return on basement finishing

We are considering using the Owens Corning basement finishing system to convert about 600 sq ft of basement into liveable space. The cost is obviously higher than doing it ourselves, but time constraints and a moist environment are making us lean towards this quick, inorganic alternative. The retail value of the project will be about $35,000. Any ideas/opinions on the system and its resale value? We will be selling our house in just under one year. Is it worth it? Thanks for your help.
 
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Old 09-08-07, 10:09 AM
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Wink

I dont think you will get a payback on it in just 1 year.
 
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Old 09-08-07, 10:13 AM
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Since you are considering such a quick sale, I would definitely not go with the Owens Corning system. The only rooms that will give you an appreciable return are the kitchen and the bathrooms. Remodeling other rooms will enhance resale value, but you would actually have to be selling the house to someone who is knowledgeable of the system for them to appreciate it. All others will see a wall, and ho hum it.
I am not saying not to do the remodel, but do it with resale in mind, not skimping or doing inferior work, but economizing, making a good room to live in, and an area the future buyer will fall in love with.
Good luck with the project, and let us know if we can help further with it.
 
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Old 09-08-07, 11:03 AM
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I agree with the other two post! But $35000 for 600 square feet! WOW!!!!
 
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Old 09-08-07, 06:03 PM
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Check with any realtor. They can tell you what the value of such a project is when it comes to selling your home. $ 58.00 per square foot may not be too bad, depending on whether it includes wiring, lighting, adding HVAC outlets, flooring, etc.
 
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Old 09-08-07, 08:02 PM
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I think that is still way to much! If it was being finished when home was being built I could see the cost. But the outside walls or their the floor is poured. Wiring will be easy. You might be right but I just don't see how it could be that much.
 
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Old 09-09-07, 05:23 AM
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Thanks for the replies. Here's a bit more info on what they'll do: all the walls, full electrical (can lights for every 30 sq ft), a heating system, replace the existing wooden door that leads to stairs and a Bilko door to the backyard with a door with a window and a dome to protect the stairs from the weather, and give us the flooring for free (it's worth $10/sq ft and we lay it, but it's really easy - like laminate, but flexible).

It will take our house (an 1800 sq ft ranch) and increase our livable sq footage by 30%. Is that worth 25,000??

We would do this ourselves if we could, but with a small baby it's just not feasible.
 
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Old 09-09-07, 05:46 AM
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Originally Posted by goldstar
Check with any realtor. They can tell you what the value of such a project is when it comes to selling your home. $ 58.00 per square foot may not be too bad, depending on whether it includes wiring, lighting, adding HVAC outlets, flooring, etc.
Forgot to mention - current value of the house is $80/sq ft. So assuming the value at least holds steady, is paying $58/sq ft nuts?
 
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Old 09-10-07, 12:05 PM
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I would say your nuts. Especially if you only get $80/sq ft for regular space. Most places I've been value finished basement space about 1/2 of regular space, so $40/ sq ft. I would say this would give a negative ROI.
 
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Old 09-10-07, 01:06 PM
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I wouldn't say you are "nuts", by any means, because that name is reserved for my wife to call me, but like airman said, you have the infrastructure already built (walls, floor, ceiling, roof, grading, backfill, landscaping) All these costs will figure into the $80. Finishing the basement should come in with a $30 to $40 maximum. Now, plumbing from scratch if you don't already have stubouts will add to that. Good luck with the project!
 
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Old 09-10-07, 03:48 PM
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thanks and a warning

OK, we decided not to do it. I did some more research and discovered that Owens Corning has a reputation for horrible sales tactics...which we almost fell for. The sales rep told us that he was offering us a discount to be a "showcase home" where we would have an open house after installation to show off their work. The discount brought the cost down to $42/sq ft, but a simple google search taught us that a "reasonable" cost for this product is between $25 and $35/sq ft. So his song and dance about how his discount to us was all of his profits and he was only charging for materials because we'd be a "showcase" was, in a word, bull.

So thanks for helping us figure out that we were about to become suckers.
 
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Old 09-11-07, 06:37 AM
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Just in case anyone else is considering the OC system, I'd suggest reading this first.

http://draginol.joeuser.com/articlec...ID=102&s=1&u=0

you have the infrastructure already built (walls, floor, ceiling, roof, grading, backfill, landscaping) All these costs will figure into the $80. Finishing the basement should come in with a $30 to $40 maximum
I've had to use this one when getting an estimate on a sunroom, too. One of the first things they trot out is "well, you know it costs an average of $XX.xx to build a house around here." And when you say, "Yes, but that INCLUDES the site work, plumbing, electric, HVAC, FLOOR COVERINGS, etc..." they always start hemming and hawing around it.

My advice? Just be prepared and do your homework FIRST.

Tom
 
 

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