Finished basements, and particularly those with walk-out yard access, offer homebuyers a lot more bang for their buck. Sure, you have to lay out more bucks in the first place, but if you calculate the value of the extra space the basement gives you and compare it with the costs of similar buildings for sale, you might find your overall price per square foot goes down, not up.
Building on a “Basement Lot”
These lots are typically located on sloping ground. While they aren’t as popular as level lots for obvious reasons, they have the advantage of being perfect for a walk-out entertainment area, children’s playroom or even a separate-entrance area for your teens. Even if you opt to keep the basement section unfinished, basement lots cost more because of the structural requirements such as the foundation preparation, pre-cast concrete walls, insulation, the flooring system above the basement, and other factors.
Finished Basement Benefits
This brings to life the conundrum that if you’re going to have a basement, why not have a finished one? If you’re buying a new home in Farragut, spend the extra money if you can (you can usually build it into your mortgage, provided you qualify) and you’ll realize the following benefits:
#1: Improved Investment Value
While a finished basement does count as livable square footage by MLS, it nevertheless offers returns of between 70% and 75% of your investment, according to the most recent (2017) Cost vs. Value Report from Remodeling Magazine. That means for every $1,000 your new home specialist suggests you spend on it, you’ll increase your property’s resale value by up to $750. Consider the benefits to your family of having the extra space during your time in the home, and you’ll see the remainder of each $1,000 right there.
#2: Guest Accommodation
Many finished basements make stunning in-law or guest accommodation, so if your exquisite new Mill Creek Manor home will frequently host visiting family members, there are few better options than a glorious private suite with its own exit to the outdoors. Typically, basements have enough space to incorporate a bedroom, small living area, fully equipped bathroom and even a kitchenette, as well as offering a small area of unfinished storage space for the homeowner.
#3: Home Office
Having a home office is becoming increasingly popular as the gig economy grows and employers allow more and more telecommuting to take place. It’s more practical and convenient than having a workspace outside your home, and gives you somewhere to escape to when you need to concentrate.
Locating your office in the basement has the added advantage of separating the area from the rest of the home, which minimizes distractions, and the cost of outfitting the space is typically far lower than renting a separate office. You can also set up your computer, printer and other office equipment without needing to move it constantly.
The Base(ment) Line
Most free house plans don’t include a basement area, but that doesn’t mean you can’t add one in. Even empty-nesters buying into our high-end Vining Mill community could benefit from the extra space offered by a beautiful finished basement. Ask your Saddlebrook new home specialist what the options are for the lot you have your eye on, and you’ll be pleasantly surprised by the suggestions she comes up with.
For more information on buying a new home with a superb finished basement, please contact Saddlebrook Properties at (865) 966-8700 to schedule a free consultation.