If you’re selling your Waterdown home in the next few months, I’d look at recent sales before calling a basement contractor. A finished lower level can give buyers the family room or home office they want. The question is how much more they’d pay for that space, and whether that covers the money and time you’d put into it.
Find out what buyers paid for the extra space
I’d start with recent sales of homes that are similar above ground. A four-bedroom home with a finished basement may have sold for more than yours would today, but it may also have a newer kitchen, a bigger lot or a better garage. Those differences matter when you’re trying to work out how much of the price gap came from the basement.
I’d also look at what the finished space actually added. A rec room in a home that already has two living areas serves a different purpose than one that gives a family its first place to send the kids to play.
Compare the likely price gain with the full cost
Suppose you get a $30,000 quote and the recent sales suggest the finished space could add about $25,000 to the sale price. In that example, you’d be $5,000 behind before accounting for any extra expenses from delaying the listing.
If the numbers are close, price the whole job before deciding. Ask what the quote includes, how long the work is expected to take and what could push the total higher. Include any added carrying costs if the project moves your listing date. Then compare what you’d likely keep from selling now with what you’d keep after renovating.
Give buyers a clear look at the basement you have
If you decide to list with the basement unfinished, clear enough space for buyers to walk the perimeter and see how much room there is. Organize stored items, clear the stairs and make sure the existing lights work. A buyer who wants a workshop, gym or storage may see value in the open space.
If you’ve had moisture or a leak, find out what caused it and keep records of any repairs. That gives you a concrete answer when a buyer asks about the basement’s condition.
I’m Stephen Paige, Broker of Record, and I’ve helped buyers and sellers since 2007. If you’re preparing to sell in Waterdown, I can walk through the property with you, compare relevant sales and help you decide which work makes sense before listing. I’ll also explain my listing fee, any cooperating buyer brokerage commission and applicable HST. Explore my full-service, low commission selling options.
If you’re buying your next home as part of the move, I also offer a buyer rebate of up to 1% of the purchase price, subject to the cooperating commission and program terms. See how my buyer rebate works.