Sunday, March 19, 2017
Home Renovations and Maintenance
You’ve made the decision to sell your house and the basement is unfinished. Should you finish it or leave it in its “unspoiled” state (that’s realtor speak for “unfinished”)? Will it add value? Will it help sell the house?
Depending on the quality of materials used, finishing a basement can be a significant cost – as much as $75.00 per square foot or more if you hire a professional to do the job, but how much value will it add? In short, normally not enough to justify finishing it. While a finished basement will usually help sell a house if the job has been done right, it does not add significant value.
Finishing a basement can, however, be a great way to add space to a smaller house. You could add an extra bathroom and in addition have an extra bedroom for guests or that I-want-my-own-space teenager. Finish your basement to meet your needs and desires, but not to make money off it.
Also, consider who your potential purchaser will be. A young family? Seniors downsizing? Would this finished basement be an added benefit to them or make the property less attractive? These are questions I can help answer.
The wiser investment would be to renovate an outdated kitchen or bathroom, but that’s a topic for another day.
When you’re ready to buy or sell in the Burlington or Oakville area, or for general real estate advice, please contact me. I can help!