Home Value and your Basement: How your basement affects you
Your house has become your sanctuary, a fortress of solitude for you and your family. You have turned something as plain and necessary as a house into a place of warmth and comfortability. You have made repairs, additions, and sometimes caused some damage in the pursuit of gaining as much out of it as you have put into it. But how well do you know your home? Areas such as the living room, kitchen, and bedrooms are main concerns for homeowners and that, more times than not, leaves the spaces of your home that are out of sight neglected and uncared for. Did your basement just cross your mind? Yes, that place where you are most likely storing holiday decorations and old workout equipment.
Many homeowners are in your shoes. Their basement gets thrown on the back of the to-do list and sometimes forgotten altogether. You might be shocked to find out that your basement could be the hidden gem of your home and can potentially add tons of value if you ever decide to sell.
Home value and your basement
When selling your home, your home gets put on a real estate listing for potential buyers to find. The value of your home is contingent on the location, the size, and the condition that it is in. Having a well put together home will ensure that the market value of your property is high and will give you the return on investment you are looking for. The value of your home can be greatly affected if when a buyer is interested, issues begin to pop up in unexpected places. Here is how a wet/unkept basement can affect you and your home’s value:
- Cautious Buyer – A wet basement is a huge deciding factor for an interested buyer. The home could be perfect otherwise, but nothing makes a buyer cut and run faster than seeing moisture or puddles of water in the basement.
- Value Reduction – When a home with a wet basement is on a real estate listing, chances are that listing will up for a long time. The longer your home is on a listing the more the market price must be reduced to compensate for the issue. For example, an identical home to yours may sell for 300k without any issues. Introduce a wet basement and that price immediately reduces to 30k to 50k less.
- Larger Carrying Costs – If a price reduction was not bad enough, when you put your home up for sale you pay a carrying cost. The longer the house is up for sale the longer you will have to pay to live there.
A wet basement has many drawbacks for a homeowner who is hoping to sell especially if that homeowner procrastinates. You may hope to address the repairs or hope to reduce the price of the home to cover the cost of repairs the new owners will have to make. However, it is in your best interest to make the repairs sooner rather than later.
Addressing a wet basement now vs. later
Deciding to procrastinate on making repairs to your wet basement can only hinder you and your return on investment when selling your home. The question becomes: Why wait? The cost of the repair will only increase with the passing of time and the amount will be coming out of your pocket whether it is before the house sells or after when you reduce the price to compensate. Here are the benefits of repairing your basement as soon as a problem arises:
- Increased ROI (Return on Investment) – Acting now means a less costly repair, a less costly repair means more money saved and with the value boost to your home, the asking price can increase. For example, the average repair cost to fixing a wet basement can cost you thousands of dollars depending on the damage. the average being around 4500 dollars. Necessary repairs have the potential of adding anywhere between 5 to 10 thousand dollars in value to your home. Increasing your return on investment and making you money in the long run.
- Less cost in the long run – As previously discussed, having your house sit on a listing for a long time due to a wet basement can cost you a lot of money in carrying costs. Making the repair before your house goes on the market will ensure that nothing is holding it back and therefore be less of a burden on your wallet.
- Overzealous buyers – A wet basement will make any buyer skeptical or even cut and run. Having a recently repaired basement could be a key point for the buyer, enticing them to not only pay the asking price but also pay over the asking price for the possibility that a competing buyer may also show interest.
The key to maximizing your return on your home is to make the repairs before your home goes on the market. Doing this will not only be a unique selling point but will also ensure that the transaction process runs smoothly.
When addressing your wet basement be sure to do your research to find a waterproofing company that will understand your individual needs and takes the time and care to make the repairs that you and your home deserve. Carolina Basement Solutions can be that waterproofing company for you. We have been providing top-of-the-line waterproofing services to both the Carolinas for the past 5 years. Although it has not been long, we have caused a positive impact on all our customers through our knowledge, expertise, and our willingness to show how and why the repair is being done. If you need waterproofing services for your home and want to receive a superior service that educates you every step of the way, give us a call at 833-641-0517 or visit bit.ly/CBSConsult to schedule a FREE consultation today!