Eleanor Finch
Finishing a basement can transform an underutilized space into a comfortable living area, adding significant value to a property. However, the criteria for what constitutes a finished basement for MLS listings in New Hampshire can be nuanced and vary according to region and local regulations. The following paragraphs will explore the factors that determine whether a basement can be included in a home's square footage and how it can impact the property's value and marketability.
| Characteristics | Values |
|---|---|
| Basement location | Fully or mostly below-ground space |
| Basement features | Small or no windows, limited to no walkout access, used for storage, mechanical systems, or unfinished space |
| Lower Level location | Partially or fully above-ground space |
| Lower Level features | Large windows, a walkout entrance, built on steeper slopes, functional living areas |
| Finished basement | Must be to the same standards and quality as the rest of the house, including walls, flooring, lighting, and other features |
| Basement inclusion in square footage | Depends on local regulations and whether the basement is above or below grade and if it is finished or unfinished |
| GLA (Gross Living Area) | Includes only above-grade square footage, excluding completely underground basements |
| Appraisal considerations | Finished basements may be included in square footage if they meet specific criteria, such as proper finishing, condition, and adequate plumbing and electrical systems |
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What You'll Learn
Finished basement value
Finishing a basement can add value to a home in New Hampshire, but it's important to consider various factors when assessing the potential return on investment. Firstly, the cost of finishing a basement can vary depending on factors such as size, desired features, and the quality of finishes. For example, a mini kitchen, full bathroom, entertainment area, gym, or office/bedroom can be included, but these additions will increase the overall cost.
The return on investment for finishing a basement also depends on regional variations and individual buyer preferences. In the Pacific region, which includes California, Hawaii, Washington, Oregon, and Alaska, homeowners have seen the biggest return on investment for basement remodels, with an average return of 86.4%. In New England, the return is lower at 52.8%. According to the National Association of Realtors (NAR), a finished basement can provide an average return on investment of 70-75%, making it one of the most valuable home improvements.
In terms of functionality, a finished basement can enhance a homeowner's lifestyle by providing additional living space, a home office, a guest suite, or an entertainment hub. In New Hampshire, some properties have lower levels that are partially underground on one side but open to the outdoors on the other, allowing for more natural light and a main-floor living feel. These features can be attractive to buyers and increase the value of the home.
However, it's important to consider potential issues with finished basements, such as moisture or damp problems, which can lead to mold. Proper preparation, including French drains, sump pumps, and vapor barriers, is essential to mitigate these issues. Additionally, some buyers may prefer accessible mechanical systems and exposed pipes for easier maintenance and leak detection.
Overall, while a finished basement can add value to a home in New Hampshire, the specific return on investment will depend on various factors, including regional variations, buyer preferences, the quality of finishes, and the functionality of the space.
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Heating requirements
Firstly, a consistent heating method is necessary. The basement must be heated similarly to the rest of the house. Space heaters are not sufficient and are considered a fire hazard. This requirement relates to livability and safety standards. Therefore, a permanent heating system that is safe and effective is required.
Secondly, the heating system in the basement should adhere to local building codes and regulations. These regulations may vary, so it is important to consult with local authorities or professionals to ensure compliance with heating requirements specific to New Hampshire.
Additionally, the heating system should contribute to maintaining the basement's overall finished appearance. This means that the heating method should not detract from the aesthetics of the space. For example, exposed heating systems or those that are visually obtrusive may not meet the standards of a finished basement.
It is worth noting that the heating system's efficiency and capacity to maintain a comfortable temperature in the basement are also crucial factors. A well-insulated basement with adequate heating can prevent issues like condensation and mould, ensuring the space is healthy and comfortable for occupants.
Lastly, when considering heating requirements, it is essential to remember that a finished basement should have completed walls, ceilings, and floors. This means that the heating system's installation should not compromise the integrity of these structural elements. Any necessary modifications to accommodate the heating system should be done in a way that maintains the finished quality and standards of the basement space.
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Walkout basement criteria
A walkout basement is a basement with at least one exterior entrance at ground level, providing direct access to the outside. This type of basement is most commonly found on sloped lots, where one side of the home is lower and dips down to the basement level, while the other side remains covered by the majority of the foundation. Alternatively, a walkout basement can be created on an excavated lot by lowering the ground level on one side of the basement using retaining walls.
Walkout basements offer several benefits, including improved ventilation, easier access to the backyard, and the potential to add living space and rental income. The presence of exterior doors and larger windows allows for more natural light and fresh air compared to traditional basements. They are also more accessible, as entering and exiting do not require the use of stairs.
However, there are some drawbacks to consider. Constructing a walkout basement can be significantly more expensive than finishing an existing basement or renovating from scratch due to the need for excavation and strong walls to support the weight of the house above. Additionally, there is a higher risk of leaking and water damage if proper drainage is not in place. Walkout basements are also more costly to heat and cool as they have less soil acting as natural insulation.
In terms of classification and appraisal, there may be differences of opinion. While a walkout basement with one wall "above grade" can nearly double the square footage of a home, it is important to note that if any portion of the basement wall is below grade, it cannot be included in the GLA (Gross Living Area) of the home. Instead, it is accounted for in the basement section of the appraisal report.
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Basement finishing costs
Finishing a basement can be a costly endeavour, but it can add significant value to your property and enhance your lifestyle. The cost of finishing a basement varies depending on several factors, including the size of the basement, the extent of structural modifications, the choice of materials and appliances, labour costs, and the number of permits required.
The average cost to finish a basement is around $32,000, but prices can range from $2,800 to over $100,000. Costs per square foot typically fall between $7 and $23. For a 1,000-square-foot basement, you can expect to pay between $7,000 and $23,000. The larger the basement, the more it will cost to finish. If your basement is already partially finished, the cost may be lower as some of the structural work has already been completed.
Labour usually constitutes about 20% to 40% of the total cost of finishing a basement. The more extensive the renovations and the higher the quality of materials, the higher the labour costs will be.
Permits are another significant expense, ranging from 1% to 10% of the total project cost. The number of permits you need depends on the scope of your project and how many of your home's systems (plumbing, electrical, HVAC) you extend into the basement. Building permits can cost between $1,200 and $2,000 and include inspection fees to ensure your basement meets local building codes.
The choice of materials and appliances for your basement can be the most expensive aspect of the project, constituting 70% or more of your total costs. For example, adding a kitchen to your basement can significantly increase costs and the number of permits required. On the other hand, a simple wet bar or a small bathroom may be less costly additions.
Finishing a basement is a significant investment, but it can provide a good return on investment (ROI) of around 70%. It can also add valuable living space to your home, increase its overall value, lower your energy bills, and provide a comfortable shelter during severe weather.
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Local regulations
Basement remodelling can significantly impact a property's value and marketability, and local regulations can vary. In some localities, a finished basement that meets specific criteria, such as proper finishing, adequate plumbing, electrical systems, and egress windows/doors, may be included in the total square footage. Finishing a basement can increase living space and attract potential buyers.
The definition of a "finished" basement varies across localities. Generally, a finished basement must be of the same standards and quality as the rest of the house. There should be no noticeable differences in the floors, walls, lighting, and other features. For example, a basement with bare concrete walls or floors is unlikely to be considered finished by an appraiser. Additionally, the basement should be heated like the rest of the house, and space heaters do not meet this requirement.
The inclusion of basement square footage in a home's total square footage can vary by region and local regulations. In some areas, an MLS listing might separate the space into "above-ground finished square footage" and "below-ground finished square footage." It is important to consult local regulations or a real estate agent to understand the specific rules for your locality.
In New Hampshire, basement remodelling is becoming increasingly popular, and it can enhance a homeowner's lifestyle and add significant value to their property. Homeowners are transforming underutilized spaces into comfortable living areas, home offices, guest suites, or entertainment hubs. Whether a finished basement is included in the square footage calculation can impact the value and marketability of the home.
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Frequently asked questions
A finished basement is a basement that is fully or mostly below ground level, with small or no windows, and may have limited to no walkout access. It must be finished to the same quality and standards as the rest of the house, with no noticeable differences in the walls, flooring, lighting, and other features.
The square footage of a home, also known as Gross Living Area (GLA), typically includes only the above-grade areas of the home. This means that a completely underground basement, whether finished or unfinished, is usually excluded from the square footage.
The inclusion of a basement in the square footage of a home can vary depending on local and regional regulations. In some cases, only the above-grade square footage of a walkout basement is taken into account. It is important to consult local regulations or a real estate agent to determine the specific requirements in your area.
Finishing a basement can have a positive impact on the value of a home by increasing living space and attracting potential buyers. The National Association of Realtors (NAR) reports that a finished basement can provide an average return on investment (ROI) of 70-75%, making it a valuable home improvement.
