I am currently attempting to put a percent value on residential basements. I am interested in a general percentage of what a basement is worth. Ex. 20% of the homes value. I am trying to find a percentage for the following: homes with a finished basement, homes with an unfinished basement and homes with just a crawl space. If you would be able to provide me with your expert opinion on basement values it would be a big help.
A good formula is to take the cost of the reno and times it by 1.5 to 2.
So if you paid $20,000 for a basement reno, most likely you can up the value of your home by around $30k to $40K
If the price is worth it a finished basement can up your house's value quite a bit. Depending on the area it can be a great idea to create some minimalist bedrooms as well and try to market the home as a good place for students.
I will give you the bottom line on this from my experience. Houses with basements that have been renovated to make a nice comfy living space can make your house value raise more than 20%. If you can give more living space that is usable homes sell fast.
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