Value of a Finished Daylight basement

salliemcgJuly 26, 2009

I had an actual argument with my next door neighbor becuase he claimed our finished daylight basement (16 windows and a door to a patio) was "worthless". When I argued that it must have some value his response was "bulls@#$". How DO realtors,etc. value this type of space? We have 5 large rooms (about 2200 sq ft) of finished space including a full bath. Is this really "worthless" or can we expect some value if and when we sell the house? Thanks!

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marys1000

Well I'm not a realtor but I would think yes it has value. How much depends on your area etc. So...you have a 2200 sq ft house up and a 2200 sq foot finished basement?

    Bookmark   July 26, 2009 at 8:51AM
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ncrealestateguy

If the quality of finishes are the same as the rest of the home, the space should appraise about the same as the rest of the home.

    Bookmark   July 26, 2009 at 10:03AM
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terriks

I know that the answer to this is very regional. In my area (west coast) most homes are built over crawlspaces or on slab, so basements are very rare. Here, a finished daylight basement will have the same value as any other square footage in the house. I understand, however, that this is not true in other parts of the country where basements are common.

    Bookmark   July 26, 2009 at 10:50AM
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ballysharon

Sounds like he's jealous...

HGTV says there's always value in a finished basement - whether they are right or not I don't know, but it just makes sense to me.

    Bookmark   July 26, 2009 at 11:30AM
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berniek

Here is an appraisers value assessment of a finished basement.

Improvement Contributory Value
Residence
1,751 finished square feet above grade at $63/s.f. = $110,313
1,405 total basement square feet at $9.50/s.f. = $ 13,348
1,340 finished basement square feet at $20/s.f. = $ 26,800
250 sunroom square feet at $6.50/s.f. = $ 1,625
100 patio square feet at $4.00/s.f. = $ 400
$152,486

    Bookmark   July 26, 2009 at 11:41AM
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chisue

In Chicagoland a finished basement has resale value, but space 'below ground' (or in windowless attic) is not included in the value assigned by the tax appraiser. Kind of a win/win for a homeowner! LOL

It sounds like you have what's called a 'walkout' basement, since you have a door to a patio. I don't know how that would appraise here, but what's important is how it appraises where you live. Check your tax bill. Ask a local realtor.

    Bookmark   July 26, 2009 at 11:43AM
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neesie

I lived for many years in a house with a finished basement. Then we moved to a house with a finished, walk-out lower level like you are describing (large windows, sliding glass doors to patio). It is like comparing apples to oranges. It was on our list of 'must haves'.

I overheard my kids referring to our old house as "the creepy house". Offended, I asked them why (I thought our other house was nice!) They said, because it didn't have big windows downstairs....so there you have your assessment from a kid, LOL!

    Bookmark   July 26, 2009 at 4:22PM
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