If you’re in the market for a new home, you’ve probably looked at lots of properties. And if you’re like most prospective homebuyers, you’ve probably focused on certain things when looking at a house. The number of bedrooms and bathrooms, for example. The size of the kitchen. The size of the lawn. The overall appearance of the house.
But if you’re like most prospective homebuyers, you might also be making a common mistake: overlooking the basement.
Basements Represent Hidden Value
A finished basement can add lots of value to a home. And if you’re buying a home with a finished basement, you’re going to pay for that value. That’s because finished basements are among the top home remodeling projects for adding to the appraised value of a home.
But if you’re buying a home with an unfinished basement, you might be getting some hidden value that you’re not really paying for. That’s because lots of buyers, sellers, and even realtors frequently fail to appreciate thepotential value that an unfinished basement adds to a home.
An unfinished basement is typically not included in the square-footage of a home when appraising a home’s value. And that means that when you purchase a home with an unfinished basement, you’re getting a bonus. That basement represents untapped, undervalued potential.
Turn the Potential Into Reality
Once you’ve purchased a home with an unfinished basement, you can turn the untapped potential of that basement into real value any time you choose by having that basement remodeled. By doing so, you’ll be adding great value to your family’s life.
But basements often represent up to half of a home’s square footage. So when you have that unfinished basement remodeled, you’ll also be adding a huge bump to the market value of your home. Because all of that basement square-footage that was ignored in the appraisal of your home before you bought it, will be included in future appraisals.
And if you decide not to have that basement remodeled right away? Then that potential value will be available for you to tap into at any time you choose – or will offer a big potential bonus to the next buyer of your home.