How much value does a finished basement add?
We are looking at a new home. It is 3,000 sq ft with another unfinished 1,000 sq ft downstairs in walkout basement. Home is priced at 475K and has been on the market for four months without any price reductions. I felt that the price was too high, 430-450 more in line. I'm confused about who actually owns the home (something about a deed in lieu), I don't see any transfer of ownership in the county records. But anyway, the owner isn't desperate to sell (as they told my agent so) and they are finishing the basement and will not be raising the price.
Basements aren't particularly common here. I will of course ask my agent, but I was wondering if there is any rough way to determine how much value a basement might add. A finished walkout, should I just use the average price per sq foot?
I actually wish they weren't finishing the basement, but the construction is being done as we speak. We are touring the house tomorrow, though I have driven by it.