How much value does a basement apartment to add to your home? You may be surprised.
In many communities, a basement apartment is treated as an extra room in a home that is already paying for its own utility costs and for the upkeep of the lawn outside the house. There is typically a homeowner’s association that determines how much value you can get for the space.
Because the area is highly discounted in the economic picture, the homeowners association often has limited criteria for what they want you to consider when selling your property. If you choose to go with an apartment on the property, it usually means that the price will be a bit higher than what you paid for your property. However, if you are looking to get a lower price, you have a better option.
Look at the net price before you begin to bargain. It is likely that you will find that the broker or agent is only going to give you the seller’s asking price. You will probably be offered a lower price, even with your relocation fee.
Instead, consider what the additional rooms or extra utility costs will cost you. Also, keep in mind that some units come equipped with higher levels of insulation and better heating and cooling. You may end up saving money on your utilities.
When you are willing to do some remodeling and make some upgrades to your home, you can get a property that offers the value you need and not the one that offers higher utility costs. In addition, by adding new flooring and adding a kitchen, you can ensure that you are getting a property that offers more value. It is also important to consider the extra value you get from adding new windows, doors, insulation, and fixtures. On the other hand, you may be able to sell your property faster and on a better price by avoiding any type of remodeling or new basement. Once you decide on a date to relocate, check your market and make sure you are not under priced or overpriced. You may be able to get a lower price if you can move into a better area.
However, remember that there are some houses that do not have a market price. They may be listed for a very low price, but the market is not going to allow you to get the same price you can get in an area with a lower interest rate. Some areas may be undervalued, but the best way to find out is to take a survey of your local real estate agents.
They can tell you about occupancy rates in the area, as well as about the demographics. You may be able to get a better price on your next property if you look at those factors.
One of the questions you will be asked is what kind of lifestyle is desired, including the size of the unit, how many bedrooms and baths, how many bathrooms and extra rooms, and so on. A location and neighborhood that have many opportunities to enjoy all of the amenities of your home, whether you will be spending time in the units or on the lawn, will always be considered a good value. These aspects are not the same everywhere in the country.
The average retail prices of homes are going to be less than the net price of the property. Keep in mind that many properties that are vacant are just waiting for someone to come in and make an offer. Check your local real estate market and learn what kind of value you can get for your property before you make an offer.
Now that you know how much value a basement apartment adds to your home, you can start preparing your family for their new living situation. Think about what your existing furnishings might look like. and what you are ready to move to.