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Question: Why do home buyers always want a finished basement?

(Posted by: The Oriole on 2010-02-08 13:28:13)

I don't get it sometimes. Like my parents tried to sell their house and it was estimated at $229, 900. Well in the terrible job market area of Northwest Pennsylvania, you had to expect to not get that much for it. They only sold it for $170, 000 and it took 2 years. Well I would help them with the open houses and let me tell you I'm amazed with people. Everyone always expects too much for a nothing and expect too much out of the previous homeowners. But get this, out of the first 10 couples that came in, none made an offer. But 8 out of the 10 asked to see the basement first compared to anywhere else or said they wanted a finished basement. And I'm like wow, even with the 3 car garage, carpeted hallways, new cabinets, new stove, a refrigerator to be given to whomever moves in, a half acre backyard, and a freshly paved driveway, they care more about the "finished basement ". You can't expect to have everything handed to you. If the finished basement matters so much to people why don't they do the darn thing themselves? If my parents were to have finished a basement, then someone who were to make an offer wouldn't want a basement, then it would be a waste of time. But I mean a finished basement would add $10, 000 in value to the home. So would you rather have that added on to the house or buy the "house " for less? I mean if these home buyers want everything a la carte and want to spend $300, 000+ on a home with a tiny yard and a small driveway, then all power to them. But where I come from a "finished basement " isn't the end all be all of home buying.

Posted by: RochelleSC on 2010-02-08, 14:40:17

Once upon a time, a 'finished' basement was almost unheard of. You had to have some bucks to do the job and it was almost never done until you'd been in the house a few years and saved up the money to pay for the work and decided how to best use the space. That said, I think it's safe to assume that in the last couple of decades of many houses having their basements finished out thanks to banks giving home equity loans for the work, many people in the housing market simply look at that room as ADDITIONAL living space, not as EXTRA living space (which is it because it is rarely figured in with the square footage listed in the home) and are put-off when they see a house that does not have it at least partially finished (which is actually the desired scenario because then some of it can still be used for rough storage). I think this is akin to seeing a few houses that have finished-out garages (which I think is stupid and really diminishes the value of a house) and then expecting that ALL garages should be finished out (garages are also never added to the footage of a home) Who was your realtor? This is the person who is responsible for the MARKETING of the home and should bear most of the responsiblity for describing all the assets the home has as well as stating the possibilities the home has/ had. If this person did not do this well, then you should have an issue with that person... not the potential home buyers who are VERY cash-strapped and/ or are ONLY looking for the best bang for their buck. I do understand your irritation with all the people who came in who quite possibly shouldn't have even been looking at a house that might have been outside of their price range, but if you've ever seen the show "Sell This House ", you'll realize that most people are IDIOTS when it comes to buying a house and what they're actually buying when they go thru an open house. Many of the homes that your buyers may have already seen could've have been previous fixer-uppers that were redone before they were put back on the market (and the previous owners probably lost a TON on the upgrades/ remodeling too!) so the fact that your parents home didn't have a finished room did not compare well to the others. Again, a lot of this should be filtered thru your real estate agent... It could've been marketed to the public as a 'home with possibilities' or 'room to grow'... that kind of thing. It all depends on what they'd seen before.

Posted by: ladystang on 2010-02-08, 13:31:39

Don't know as i don't want a basement, i want a finished attic.

Posted by: ryan l on 2010-02-08, 13:51:01

People want the extra livable space. But as they are buying a house, they may not have cash to finish one themselves. Personally, I'm a carpenter, so I'd love to build my own basement room.

Posted by: onebear469 on 2010-02-08, 14:27:46

With a soft housing market people can pick and choose, a house is only worth what someone is willing to pay for it