REALTY TIPS AND TRENDS: BASEMENTS

By Meredith Price

 

Basements can serve as the ultimate man-cave location, but fewer homes in Lexington are being built with basements! Even though the percentage of homes built with basements during the first half of the 20th century is much higher than homes built with basements in 2017, many of those basements will never be used for anything more than storage.

Trend reversal? Homes built with basements have risen six percent in the last decade.

Here's the 411:

PROS

Finished basements add more square footage to your home,  increasing your home's value

You can fit more square footage on a smaller lot, potentially saving you money on land costs

Basements often include amenities that are attractive to buyers (gyms, extra bedrooms, storage, etc.)

Unfinished basements can be seen as potential space for buyers to customize with their individual needs

CONS

Basements increase the risk of flooding, which can cause water damage to your floors, walls, personal property, etc.

Basements increase the building cost, and home owners may not see the return on investment

Underground square footage is not valued as high as above ground square footage

Basements can contribute to health hazards such as mold & radon


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