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Post by MorellisCupcake on Oct 13, 2015 3:03:33 GMT
If anyone is keeping score  we couldn't sell our house in Charlotte. DH's contract is up in MO next summer so we're probably going to move back. (Which I'm fine with, I miss North Carolina fiercely.) Here's the thing.. now we have to look at selling the house in Missouri. We're pretty lucky on this end, since we got a fantastic deal on this house and paid way under value. A house down the street from us just went under contract..they were listed at $40K more than we paid for this one last summer. (Yay!) There was no mention at all of a basement - they have one, but I'm guessing it's not finished or it would have been in the listing somewhere. It's the exact same floor plan we have..same hardwood floors, similar paint colors, etc. There are a couple of differences, and here's where we're debating whether to put money into finishing our basement. We want to max out as much money as we can from this. The other house (OH) has a three car garage, mine has a two car garage. Because of their extra garage space, they lose some space at the front hall and just have a flat wall when you walk in the door. Because I have 2 car, I have this by the front door..drop zone and a closet.  The other major difference is in the basement and back yard. Like I said, no mention was made of their basement so I'm guessing it's not finished. Mine isn't either, but it does have a theater room - my sons LIVE down there. It's got a full wall of built ins, two level seating, built in desk, etc. It's very nice, but it's one room, not the whole basement. You have to take 4-5 steps through the unfinished part to get to the double doors to open to that room. The other thing.. OH's basement is underground, and mine is a walkout. It's very hilly here, and I ended up at nearly the top of the hill. These aren't the best pictures, it's just what I had on photobucket. Here's the back of OH..   Very nice and green and private. I have nothing bad to say about this, I think it's lovely. This is my house.. I have a deck (Archadeck,no maintenance) that's about 20' x 20', and a walkout basement. Under the deck there is a concrete patio with slider doors opening to the basement. This is the back of my house from below.. it's the only picture I have but you can see it up on the hill, with the deck and retaining wall for the back yard.  and my back yard from the deck, so you can see the back yard. It's perfectly flat, thanks to the last owners.    OKAY. Those are the differences. They don't have a walkout, we do. They don't have a deck, we do. They have a 3 car garage, we don't. We have a semi (partial) finished basement walking out to a patio. If they got the money they did, we think we can get about the same. And are okay with that. My question now is, do we sink more cash into finishing the rest of the basement? Will it make that much of a difference? I swear, I hate hate hate real estate. Owning two houses and paying two mortgages on top of college tuition made for a really really bad year. We have renters in there now which is helpful (paying $250 less than our mortgage, so we're still paying some for Charlotte). July will be the time we can move back, and after the headache and heartache of trying to sell that other house, we want this one to go quickly. Luckily, this house is only 5 years old, painted grey/blue everywhere inside, and is in excellent condition. *sigh* so just tell me, should we sink the money into finishing the basement? Or say, good enough, we're making money on it, and move on with life. |
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Deleted
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Post by Deleted on Oct 13, 2015 3:18:34 GMT
I would NOT sink money into finishing the basement. While you may not get as much out of the house with the unfinished basement you also won't risk LOSING capital you put into doing the work. I think if a buyer wants it they will be willing to pay a bit less and finish it to their usage instead of having you ask a higher price and they know they have to remodel.
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Post by MorellisCupcake on Oct 13, 2015 3:22:24 GMT
Thanks Volt. I know that was a rambling question. I'm not naive about real estate, this is the 6th house I've owned (and still own #5). I'm thinking that if the other house sold (and houses here sell FAST, it's awesome) then by the time any buyers hit the basement, they either like it or don't. It's bright, neutral, landscaped, in great condition.. so the basement won't matter, y'know? We just have to decide and keep going back and forth on it.
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twinsmomfla99
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Post by twinsmomfla99 on Oct 13, 2015 3:24:35 GMT
I would not finish the whole basement. But is there any way to finish just that small portion leading to the theater room so the buyers would not be walking through the unfinished area? Sort of a "basement foyer" so it looks nicer? I would think you might be able to do that pretty in expensively with some drywall, flooring and ceiling tile. It should not cost much if no electrical is involved. Even if it doesn't add a lot to the bottom line, it might add a little extra oomph that helps it sell quickly.
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GiantsFan
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Post by GiantsFan on Oct 13, 2015 3:38:23 GMT
I'm not familiar with basements, but is the finishing just a matter of sheet rock and flooring? In that case, I'd probably finish it. But DH and I are pretty handy and can do sheet rock, paint, tile and some electrical ourselves. Say less than $2,500. If it's a matter of needing a electrician, plumber, permits, etc. then I'd sell as is. You might want to contact your Realtor and ask them. They will know the market in your area - what sells and what doesn't. BTW - it looks like a nice property. |
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Deleted
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Post by Deleted on Oct 13, 2015 4:16:41 GMT
Finishing the basement will end up costing you more than you planned for. Finishing the basement will end up costing you more in stress/headache.
I agree with Volt...that I'd rather pay less for your home and finish the basement to my liking/specifications than to pay more for the house with YOUR finished basement.
I also think it cannot hurt to talk to your realtor. THey can look at comps and determine if homes w/unfinished basements are moving and can recommend whether or not that's something you should do.
But my gut tells me that it's just not worth it for you to do.
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Post by bc2ca on Oct 13, 2015 4:17:34 GMT
I doubt putting money into finishing the basement will net an increase in value and it is going to make no difference to someone looking for a three car garage. When comparing similar houses in the same development the most important thing to me would be location and view.
It is great that houses are selling and hopefully prices will continue to rise between now and next spring.
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akathy
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Post by akathy on Oct 13, 2015 4:40:04 GMT
When I sold my last place the buyers were thrilled the basement wasn't finished so they could put their own spin on it. They invited me back to see it after they'd done a bunch of things and if I finished the basement it would've been completely different. I vote no, I don't think you can get your money out of it if you finish it.
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Post by 950nancy on Oct 13, 2015 4:48:51 GMT
I thought that the only rooms you were likely to get back most of your investment were bathrooms and the kitchen. Then again, my expertise is hours of watching HGTV. I'd ask my realtor.
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Post by sunnyd on Oct 13, 2015 4:52:56 GMT
Don't finish the basement. How many bedrooms & bathrooms do you have? Is the total square footage about the same as the neighbor's house? Are the # of bedrooms & bathrooms the same? In our market the 3rd car garage is worth about $10,000 on a comparative market analysis. Your home is lovely & that view is worth a premium IMO. Good luck!
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Post by holly on Oct 13, 2015 5:18:10 GMT
I wouldn't finish it. Does the other house have a view? If not, your house should get more money, that's a nice view and a nice level lot. Most view lots don't have level lots so that's definitely a plus for me.
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Post by penny on Oct 13, 2015 6:06:56 GMT
A friend who is a realtor said told me once that only kitchens and bathrooms make you money, everything else just decides how fast you'll be able to sell... Not 100% true of course - price, market, etc, impact that, but as far as updating and renos go she says it's true...
She also says that every buyer, whether they're aware of it or not, want something to be 'wrong' with the house they buy... Something they can do themselves, something that 'needs' them, the ability to say "the previous owners never so we're going to do it right and ____"
I think the finished room you do have is fine... There's a finished spot to let kids play or set up whatever they want, but they're not seeing a third of the house designed for a use that might not suit them... Basements are the truly customizable parts of a house... You can decorate and redesign other rooms but they remain a bedroom or a kitchen... Basements can be any sort of living space...
Stunning view btw... Beautiful all year round I imagine...
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oaksong
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Post by oaksong on Oct 13, 2015 6:35:12 GMT
I would definitely talk it over with a realtor who knows the area. If you do some minimal finishing, it may help sell the house faster and make it more likely that you'll get your asking price. Many buyers want move-in ready. So many homes on the market are being staged now, and there's a good reason for that. I think it depends on how much you would need to spend.
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Post by eversograceful1 on Oct 13, 2015 11:15:00 GMT
I wouldn't finish the basement either.
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Post by peasapie on Oct 13, 2015 11:45:31 GMT
I wouldn't finish it, but I think it's great that it is partially finished. The buyers can do the rest in whatever style they like. Your home looks lovely.
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sweetpeasmom
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Post by sweetpeasmom on Oct 13, 2015 12:07:55 GMT
I wouldn't finish it. When we were looking at houses, there was one that we looked at that had a finished basement. Dh kept commenting that it would be difficult for storage reasons because the whole area was finished and there wasn't really anywhere to store various things like the lawn mower. The house we ended up buying didn't have a finished basement and that was how we liked it.
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Post by kristi521 on Oct 13, 2015 12:37:07 GMT
I wouldn't finish it. The partially finished piece should help sell as well.
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Post by Spongemom Scrappants on Oct 13, 2015 12:40:17 GMT
I'm not a realtor, but I play one when I watch HGTV.
Finishing the basement will only cost you without adding any appreciable value.
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gloryjoy
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Post by gloryjoy on Oct 13, 2015 12:46:14 GMT
I wouldn't finish the basement either but I would try to finish up that small area you have to walk through.
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Post by maryland on Oct 13, 2015 12:55:42 GMT
I love your walk in! Your house sounds and looks beautiful!
I wouldn't finish the basement. Ours isn't finished, but we have one section with a large piece of carpet an entertainment center and sofa. My kids are embarrassed for friends to see their basement, but we made it look decent so when they have friends over, they can go downstairs and watch tv. But you have a media room, so that will be great! I would love that!
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lesley
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Post by lesley on Oct 13, 2015 13:00:47 GMT
Looks like the Peas are pretty unanimous! You know what that means - do what we say!  |
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lindas
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Post by lindas on Oct 13, 2015 13:03:21 GMT
I had to walk away from many houses when we bought our previous home because of a finished basement. DH had a pool table and none of them were finished in a way that we could get the darn thing in there. Just the the fact that you have a walkout would have put your house to the top of my list as a buyer.
Don't bother with the expense and the MESS of finishing it. Let the next owners live with the Sheetrock dust.  |
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Post by cmhs on Oct 13, 2015 13:09:49 GMT
No way. Your house has a lot going for it as is.
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pridemom
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Post by pridemom on Oct 13, 2015 13:16:11 GMT
I wouldn't finish it, either. As a Missourian, i would jump on that view.
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Post by MorellisCupcake on Oct 13, 2015 13:33:12 GMT
Looks like the Peas are pretty unanimous! You know what that means - do what we say! I love when that happens. Thank you all for your thoughts. It's very helpful. I bought this house in the first place because of the walkout and the view. DH and I are very handy too, and thought pfff, no problem, we can do the rest. Then we got burned on Charlotte, when that house sat on the market for so long. It just made me second guess everything. And we started thinking, if we CAN do it, SHOULD we do it? We know it will sell, but going through what we did in Charlotte just makes me want to get a contract as fast as possible when the time comes. I had to walk away from many houses when we bought our previous home because of a finished basement. DH had a pool table and none of them were finished in a way that we could get the darn thing in there. Just the the fact that you have a walkout would have put your house to the top of my list as a buyer.
Don't bother with the expense and the MESS of finishing it. Let the next owners live with the Sheetrock dust. ![:smile:]() No kidding! DH is currently building a closet in our laundry room and that's enough mess for me. |
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Post by MorellisCupcake on Oct 13, 2015 13:37:51 GMT
Don't finish the basement. How many bedrooms & bathrooms do you have? Is the total square footage about the same as the neighbor's house? Are the # of bedrooms & bathrooms the same? In our market the 3rd car garage is worth about $10,000 on a comparative market analysis. Your home is lovely & that view is worth a premium IMO. Good luck! 100% the same house. Same layout, same hardwood floors, # of beds and baths, etc. The only difference is they have dark cabinets in the kitchen and we have that off white, creamy color. They sold, we'll be okay.. It really is just the stress of the last year that's driving us to think we need to do more, make it better, etc. I'll be glad when it's all over, frankly. |
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Post by gritzi on Oct 13, 2015 14:17:42 GMT
In our area a contractor would charged about $30,000 to fully finish a basement, and that quote might be low depending on your wishes.
If you could finish the basement yourselves & only spend $5-8,000, perhaps. If you're looking at a $25,000+ project I would not unless the finish will double your investment and add that much more to your selling price.
My advice, make the outdoor & main living spaces as pristine & livable as possible. Your view is beautiful, so no worries there.
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Post by melanell on Oct 13, 2015 14:22:41 GMT
I wouldn't bother. Where I live, nearly everyone has a basement, and people all do different things with them. You have one really nice feature down there already, plus the enticing yard access, so people could view the rest of the basement as a really nice blank canvas to do something perfect for their family. I would, however, make sure that there are no moisture issues/mustiness down there. I'm sure being high on the hill and having a walk-out basement helps to lower the risk of those, though. If you can make the unfinished area seem clean, bright, and ready to finish (or use for storage), I think it would be a "pro" for many prospective buyers. |
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Post by Darcy Collins on Oct 13, 2015 14:23:46 GMT
Is the media room actually finished, or is it teenage boy finished? If you or the previous owner actually went to the expense of fully finishing the media room, I would look at finishing the small area leading up to the media room. Mostly as I do not believe you can count the finished area as finished, if you have to go through an unfinished area to access it. I'm sure it various by region, but fully finished basements or parts of basements are counted here for both negotiations and appraisals (while the below area is appraised at a lower value per square foot). If finishing that small space allows you to claim the media room square footage, the return may make sense. If you've dressed up the unfinished space to make it appealing, but is not fully finished, I absolutely would not consider finishing the basement before selling. That area of the country will typically only recoup about 65% of the cost of the basement remodel in increased value. Now if you do the work yourself you might be able to drive costs down and actually squeak out a gain, but for that amount of time and money it is not worth it.
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Deleted
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Post by Deleted on Oct 13, 2015 17:12:11 GMT
I wouldn't finish it. It's a dilemma that we're facing as we will probably down size in a couple of years, but we already have four bedrooms, each with their own full bathrooms, so our huge basement is unfinished and used for storage. (I don't need any more square footage to keep clean). The realtors that we have talked to about it said, "Don't"....use it unfinished to your advantage and market it ready to customize.
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we couldn't sell our house in Charlotte. DH's contract is up in MO next summer so we're probably going to move back. (Which I'm fine with, I miss North Carolina fiercely.)
