Want to sell the house in the future. Bought at 625k, appraisal came up to that amount. It is a 3 bedroom home with an unfinished “basement” (ground level same as garage). The basement right now has electricity hookup, framing for 2 bedrooms, full bathroom and a living room area – all 712sq ft. We want to finish it, which will make it a 5 bedroom 3 bathroom house. A 4 bedroom in our area with 100sq less space is currently priced at $690k, do you think our home could sell for more? If it does would it be wise to sell even if we haven’t lived in it for 2 years? People do say 5 years is better to stay in a home before selling. We had 30% down.
How much value would finishing basement have to sell house?
byu/MuchLavishness inRealEstate
Posted by MuchLavishness
3 Comments
Unlikely more than you put into it unless you DIY finish it.
I would finish it just because I have access to good contractors I can do it at a reasonable price. the fact that it’s ground level and not really a dungeon basement type definitely a positive. the reason why people say to not sell for at least 5 years is because real estate typically doesn’t go up that fast which means you need to have steady growth for 5 years just to make up the cost to sell. depending on where you’re on the US that has gone out the window and you can easily profit within one to three years.
You need to talk to a local realtor that knows the market. Basement bedrooms don’t count as much as higher level bedrooms.