How much does basement square footage worth?


  1. How much does basement square footage worth?
  2. How do you appraise an unfinished basement?
  3. Is finishing a basement a good investment?
  4. Does an unfinished basement add value to a house?
  5. Why are basement not counted in square footage?
  6. Does finished basement add value?
  7. How much does it cost to finish a 1000 sq ft basement?
  8. How much does it cost to finish a 1500 sq ft basement?
  9. How much will my taxes increase if I finish my basement?
  10. How much does it cost to drywall a 1000 sq ft basement?
  11. Is it worth the money to finish a basement?
  12. Can you live in an unfinished basement?

How much does basement square footage worth?

“Generally during a home appraisal, basement square footage is valued at 50% – 60% of the value of the above grade square footage (the rest of your home), so by keeping your basement budget under 10% of your home value, you’ll ensure that it’s adding value and not costing too much,” he says.

How do you appraise an unfinished basement?

As you consider the value of basements, keep these important steps and quick tips in mind.Separate basement from finished area. Do not roll basement into total square footage. Distinguish between finished and unfinished. Research your location. Use comps with finished basements. Use recent comp sales.Sep 4, 2018

Is finishing a basement a good investment?

Finishing a basement can be a good investment. According to cost versus value surveys conducted annually by Remodeling magazine, the average return on investment for a basement project nationally is currently around 75 cents on the dollar.

Does an unfinished basement add value to a house?

In terms of home value, a finished basement is not as valuable as improvements made to the main floor living space, like adding an above-grade bedroom or upgrading your kitchen. Just because a basement is unfinished does not mean that the space is a problem.

Why are basement not counted in square footage?

Square footage is also called “gross living area” or GLA, which might be a better way to think about it. If the square footage isn’t livable, it doesn’t count. However, since GLA only includes above-grade square footage, it will exclude a completely underground basement, whether that basement is fully finished or not.

Does finished basement add value?

While finishing the basement certainly adds to the value of a home, it’s not always as significant as you might think. According to Remodeling Magazine, the national average for recouping basement finish or remodeling cost is 79%. Resale Value done by Remodeler Magazine.

How much does it cost to finish a 1000 sq ft basement?

Expect to pay $7,000 to $23,000, or $15,000 on average, to finish a 1,000 square foot basement. Add around $6,500 if you want to hire an interior designer and another $2,650 for furniture.

How much does it cost to finish a 1500 sq ft basement?

Finishing a basement varies significantly depending on geographical location, basement size and professional versus do-it-yourself (DIY) work. The cost to finish a basement ranges from $2,800 to as much as $34,500 for a 400- to 1,500-square-foot basement. The average basement project costs around $18,400.

How much will my taxes increase if I finish my basement?

Finishing your basement will increase the value of your home by 70 percent of the remodeling costs, according to Remodeling Magazine. But that doesn’t mean your property taxes will go up by that amount. How local assessors determine tax assessments varies widely and focuses on a variety of factors.

How much does it cost to drywall a 1000 sq ft basement?

Finishing a basement typically costs between $7 and $23 per square foot with an average of $25 per square foot….Average Cost Per Square Foot to Finish a Basement.Size (Square Feet)Average Price800$12,0001,000$15,0001,200$18,0001,500$21,350

Is it worth the money to finish a basement?

Finishing a basement can be a good investment. According to cost versus value surveys conducted annually by Remodeling magazine, the average return on investment for a basement project nationally is currently around 75 cents on the dollar.

Can you live in an unfinished basement?

Sleeping in an unfinished basement is NOT safe long-term due to the risk of allergic reactions, lung cancer, carbon monoxide poisoning, breathing difficulties, and death via fires or floods. However, it’s possible to sleep in an unfinished basement for a night or two if proper precautions are taken.