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Value of a Finished Daylight basement

Posted by salliemcg (My Page) on
Sun, Jul 26, 09 at 8:10

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!


Follow-Up Postings:

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RE: Value of a Finished Daylight basement

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?


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RE: Value of a Finished Daylight basement

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.


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RE: Value of a Finished Daylight basement

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.


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RE: Value of a Finished Daylight basement

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.


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RE: Value of a Finished Daylight basement

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


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RE: Value of a Finished Daylight basement

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.


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RE: Value of a Finished Daylight basement

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!


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