Does lifting a house and adding a basement add considerable property value?
It is an expensive project, but I read somewhere that adding a basement won't add much value to your house when you sell. I don't know anything about this stuff. Thanks.
- Nuff SedLv 71 month ago
Depends upon numerous other factors, chiefly: location, location and location. If the house is appraised at below local comparables, that may leave more opportunity to profitably upgrade. I bought a 1923 house (originally built on a field-stone foundation) that had recently undergone lifting, new foundation and basement addition, plus new plumbing, wiring, heating and roof systems, which drove up its market value considerably (more than triple its most recent sale price). Because of its spectacular view and private acreage, it had been a "gem in the rough".
- SlickterpLv 71 month ago
Not nearly as much as it will cost to do the project.
- SlumlordLv 71 month ago
Its rare that this would add more value than the cost of doing it, unless housing prices were sky-high in the area. Generally people do this sort of thing because they really want a basement and don't particularly care that it'll cost more than any price increase.
- 1 month ago
I can't imagine it would even pay for itself. Normally basements are added because a house has settling issues, and need a (new or real) foundation.
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- SimplytheFACTSLv 71 month ago
not as much as the expense. you could pay $50K but the value only go up $25K for example
- Anonymous1 month ago
It might add 33-50% of the cost. IF YOU ARE LUCKY
- danxp2Lv 61 month ago
Most home improvements don't raise value of house above costs of project. Different people value things differently.
Make the improvements if you can afford it and want to use it while you are living there. Same goes for kitchen, extra/remodeling bathroom(s), a deck, etc. No house improvement changes the location of the house, the surrounding neighborhood, schools, or commute times.
- JudyLv 71 month ago
won't pay for th addition