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#1
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return on investment of partial basement finishing?
Folks,
I am loooking for advice on modest ways we can improve the function and value of our basement. We bought a 60-yr old home last summer with a dark and unattractive block basement. It is always dry, but only because the previous owner installed effective french drains and a sump. There is efflorescence on the walls and the sump is active during rain, so there is water coming through the walls. We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. So I am wondering if--like modest kitchen upgrades--a partial basement upgrade will have a better ROI than a full remodel. My idea is to do modest upgrades to simply make the basement look clean, bright and bone dry. My list so far includes: * Add downspout extensions and re-grade soil to slope away from outside basement foundation, to reduce outside water flow during rain. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. * Replace 5 old Hopper windows and rebuild wells. * Paint basement floor. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets * Add an emergency marine-battery sump pump. * Maybe add simple baseboard heating. I would value other thoughts and suggestions. Thanks. |
#2
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return on investment of partial basement finishing?
wrote in message We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. Your list sounds reasonable and on a track to do it "right". Are you selling your house in six months? Six years? 16 years? Forge the ROI if you plan to be there for a while and consider the enhanced use for your family. There is a value to that aside from money. |
#3
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return on investment of partial basement finishing?
We may sell within 5 years.
We do want to enhance use for family, but ROI is also important to us--at least to the extent we can minimize actual loss. |
#4
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return on investment of partial basement finishing?
Realty magazine did a study on this.
http://www.realtor.org/rmomag.NSF/pa...5?OpenDocument wrote in message oups.com... Folks, I am loooking for advice on modest ways we can improve the function and value of our basement. We bought a 60-yr old home last summer with a dark and unattractive block basement. It is always dry, but only because the previous owner installed effective french drains and a sump. There is efflorescence on the walls and the sump is active during rain, so there is water coming through the walls. We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. So I am wondering if--like modest kitchen upgrades--a partial basement upgrade will have a better ROI than a full remodel. My idea is to do modest upgrades to simply make the basement look clean, bright and bone dry. My list so far includes: * Add downspout extensions and re-grade soil to slope away from outside basement foundation, to reduce outside water flow during rain. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. * Replace 5 old Hopper windows and rebuild wells. * Paint basement floor. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets * Add an emergency marine-battery sump pump. * Maybe add simple baseboard heating. I would value other thoughts and suggestions. Thanks. |
#5
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return on investment of partial basement finishing?
wrote in message oups.com... Folks, I am loooking for advice on modest ways we can improve the function and value of our basement. We bought a 60-yr old home last summer with a dark and unattractive block basement. It is always dry, but only because the previous owner installed effective french drains and a sump. There is efflorescence on the walls and the sump is active during rain, so there is water coming through the walls. We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. So I am wondering if--like modest kitchen upgrades--a partial basement upgrade will have a better ROI than a full remodel. My idea is to do modest upgrades to simply make the basement look clean, bright and bone dry. My list so far includes: * Add downspout extensions and re-grade soil to slope away from outside basement foundation, to reduce outside water flow during rain. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. * Replace 5 old Hopper windows and rebuild wells. * Paint basement floor. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets * Add an emergency marine-battery sump pump. * Maybe add simple baseboard heating. Painting the floor might be a negative if the next folks want ceramic tile. I am under the impression that the paint interferes with thinset adhesion. Maybe someone else can confirm or deny that. Colbyt |
#6
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return on investment of partial basement finishing?
* Add downspout extensions and re-grade soil to slope away from outside
basement foundation, to reduce outside water flow during rain. This is important to have done correctly regardless of what you intend to do with the basement. I would put this at the top of the list. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. This I would say depends on what condition they are in now. If they really look like crap and need it, then it can make it look nicer and make it more marketable for low cost. * Replace 5 old Hopper windows and rebuild wells. This depends on what condition they are in. If they are shot, then replace them. If just a coat of paint works, then consider doing that. * Paint basement floor. I think this is a good idea. It makes it more attractive and keeps dust down. You can do it for minimal cost. Just make sure to do it right, with proper prep work. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets Hard to tell what exactly the mess of wires entails. If it's stuff a home inspector is going to flag and/or a safety issue and you can do then I would probably do it. As far as lighting/outlets, that depends on what you're gonna do with the space. Unless you need this for what you intend to use it for, I would only make sure it has adequate lighting. I wouldn;t go overboard, nor would I worry about outlets. A buyer is unlikely to even notice how many outlets there are. * Add an emergency marine-battery sump pump. Good idea to avoid a disaster. I'd also consider the pumps that run off city water. That way you'd have backup indefinitely, as opposed to only a battery's worth. * Maybe add simple baseboard heating. I'd only do that if it's needed for what you intend to use the space for. |
#7
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return on investment of partial basement finishing?
On Thu, 02 Feb 2006 20:59:57 GMT, "Colbyt"
wrote: wrote in message roups.com... Folks, I am loooking for advice on modest ways we can improve the function and value of our basement. We bought a 60-yr old home last summer with a dark and unattractive block basement. It is always dry, but only because the previous owner installed effective french drains and a sump. There is efflorescence on the walls and the sump is active during rain, so there is water coming through the walls. We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. So I am wondering if--like modest kitchen upgrades--a partial basement upgrade will have a better ROI than a full remodel. My idea is to do modest upgrades to simply make the basement look clean, bright and bone dry. My list so far includes: * Add downspout extensions and re-grade soil to slope away from outside basement foundation, to reduce outside water flow during rain. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. * Replace 5 old Hopper windows and rebuild wells. * Paint basement floor. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets * Add an emergency marine-battery sump pump. * Maybe add simple baseboard heating. Painting the floor might be a negative if the next folks want ceramic tile. I am under the impression that the paint interferes with thinset adhesion. Maybe someone else can confirm or deny that. What difference does it make? Why on Earth should a homeowner worry about what a next owner might want? Houses are to live in. Cars are to drive. People who think of them as "investments" are deluding themselves just like governments that claim they are "investing in the future." If you want to put money in investments buy stocks or bonds. If you insist in owning real estate buy REITs. |
#8
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return on investment of partial basement finishing?
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#9
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return on investment of partial basement finishing?
7. Wes Stewart Feb 2, 4:20 pm
"What difference does it make? Why on Earth should a homeowner worry about what a next owner might want? " Maybe because he's thinking of making several types of improvements, all of which he could use and enjoy, but he wants to factor in which have the most impact on resale price. Sounds very reasonable and smart to me, as long as one doesn't let this be the overiding issue. "Houses are to live in. Cars are to drive. People who think of them as "investments" are deluding themselves just like governments that claim they are "investing in the future. If you want to put money in investments buy stocks or bonds. If you insist in owning real estate buy REITs. " Maybe he already has investments in stocks and bonds. And which has performed the best over the last 5 years? Stocks, bonds, reits or single family homes, investment genius? |
#10
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return on investment of partial basement finishing?
I am under no illusion that this is an investment, in the sense that I
would actually make more money than I put in. But some remodels are smarter than others; refacing kitchen cabinets, painting and replacing faucets and hardware can spruce up a kitchen and give higher return than a complete remodel. Im just trying to follow the same philosophy for our basement. |
#11
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return on investment of partial basement finishing?
"Wes Stewart" wrote in message ... On Thu, 02 Feb 2006 20:59:57 GMT, "Colbyt" What difference does it make? Why on Earth should a homeowner worry about what a next owner might want? Houses are to live in. Cars are to drive. People who think of them as "investments" are deluding themselves just like governments that claim they are "investing in the future." If you want to put money in investments buy stocks or bonds. If you insist in owning real estate buy REITs. The overall question was adding value at minimal expense. A large part of that very much depends on what the next owner wants. I have never lost money on any of the houses I have owned nor do I expect to when I sell the ones I own. I do agree that REITS are a better choice for most people. Colbyt |
#12
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return on investment of partial basement finishing?
wrote in message oups.com... We may sell within 5 years. We do want to enhance use for family, but ROI is also important to us--at least to the extent we can minimize actual loss. You said you wanted to improve function, but now you say you don't want to improve it for your use. If that is the case, just clean it up, paint anything that can be painted with a light color and be done with it. There will be little ROI on a half assed job that the next owner is not interested in. Invest that money elsewhere. |
#13
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return on investment of partial basement finishing?
Wes Stewart wrote:
On Thu, 02 Feb 2006 20:59:57 GMT, "Colbyt" wrote: ... What difference does it make? Why on Earth should a homeowner worry about what a next owner might want? Houses are to live in. Cars are to drive. People who think of them as "investments" are deluding themselves just like governments that claim they are "investing in the future." If you want to put money in investments buy stocks or bonds. If you insist in owning real estate buy REITs. I think it is rather clear that the revheck knows that. He seems to have a level head on his shoulders. -- Joseph Meehan Dia duit |
#14
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return on investment of partial basement finishing?
Too much work for negligible return.
Sell the place as is and get a place that suits your needs better than this one does. Phil wrote in message oups.com... Folks, I am loooking for advice on modest ways we can improve the function and value of our basement. We bought a 60-yr old home last summer with a dark and unattractive block basement. It is always dry, but only because the previous owner installed effective french drains and a sump. There is efflorescence on the walls and the sump is active during rain, so there is water coming through the walls. We would like to improve the basement for our own use and for future resale value. My understanding is that a full basement remodel typically returns less than 50% of cost. I don't expect 100% return, but I don't want to spend piles of money that we can't posibly get back at resale. So I am wondering if--like modest kitchen upgrades--a partial basement upgrade will have a better ROI than a full remodel. My idea is to do modest upgrades to simply make the basement look clean, bright and bone dry. My list so far includes: * Add downspout extensions and re-grade soil to slope away from outside basement foundation, to reduce outside water flow during rain. * Clean basement walls, repair cracks, seal and repaint with waterpoof masonry paint. * Replace 5 old Hopper windows and rebuild wells. * Paint basement floor. * Electrical: Untangle electrical mess of wires, install good lighting, multiple electrical sockets * Add an emergency marine-battery sump pump. * Maybe add simple baseboard heating. I would value other thoughts and suggestions. Thanks. |
#16
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return on investment of partial basement finishing?
"Well now lemme see... I bought Simon Property Group (SPG) on 11/14/01
at $28.68 a share. I had a stop loss order in place and sold at $51.10 on 4/12/04. A slightly bad move but I worry about preservation of capital. When it was clear that I had found the bottom, I bought it back on 4/16/04 for $51.32. It closed today at $82.95. " And what does any of that have to do with considering which of several home improvements one is considering would add the most value to a home? BTW, the statement "when it was clear that I had found the bottom...", is a dead give away as to your expertise in investment matters. Anyone but a rank amateur knows that it's never clear that a stock has hit bottom, which is only clear from hindsight. Plenty of investors in Enron and Worldcom thought those stocks had bottomed at dozens of points, all the way to zero. And getting stopped out at one price, only to buy it back later at a higher price doesn't look to smart either, does it? "Now I don't know how my house has appreciated in the same time period, but it doesn't match that but what does it matter? " Then you must be pretty ignorant of what is going on around you. I have a pretty good idea of what homes are selling for in my area. Just because you happen to like to live in blissful ignorance doesn't mean we all should. |
#17
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return on investment of partial basement finishing?
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