Homes Without Basements?
what are your thoughts regarding theese homes......are they MUCH more difficult to market? Looking at one in my area.
(wisconsin)
Can buy about 20k under value. Needs carpet and paint. Some water damage to ceilings in about 4-5 places.(1400 sq. ft. ranch home) May need some drywalling for that(ceilings in bath 2 bdrms, and kitchen) , but overall nothing bad about the property except outdated things.........and no basement......
anyone have any experience with these types of homes.....what issues did you run into when flipping it, if any?
Thanks in advance 
Geeze in my area we do not know what a basement is. We only see them in the movies.
m_anderson_101,
In CA no house have basement so you have to wait for the guys that live in states that adore those square wholes under your living room
Good Luck!
Having owned and then sold a home built on a slab (effectively flipping it due to the work we put in and the short time frame of ownership) I'll tell you that not having a basement in an area where basements are common is a big disadvantage.
In fact, not having a basement was probably number 2 on the list of negative feedback from people. Number 1 was that it was too small.
It is very common where I live for basements to be finished off for additional living space since it tends to be the cheapest route of expansion.
I agree with rkgsx...
I am from Massachusetts and basements are common out there. And to be caught without one was a big problem. They are good for additional living space or extra storage.
Since I've been living in Florida, they are not so common down here due to the whole sea level thing. So I'm use to it now.
It just depends on where you live (if it's the norm or not)
It is definately not the "norm" where I live. Most do have basements. I just hate to see a 125,000+ valued home go without addressing it........(currently listed at 109,000)
I have spoken with a local realtor and "some" of the other homes in the subdivision are also without basements.
It seems to be a nice little neighborhood. Homes in this neighborhodd WITH basements go for around 140+.
The only updates are the new roof.(complete re-roofing was done, down to the plywood.)
Based on new roof, average median price of 120's(once i recarpet and paint+cleanup).......what should be a safe offer given its "basementless status" if I do........they have already received an acceptance on the offer they made on another house and sellers are somewhat anxious to move on......
I was thinking 80's?
*80's safe?
*not at any price?
concerned about pitfalls.........
Thanks for responses......
I am am in a South Jersey shore area and my neighborhood has homes with and without basements because the water table varies from street to street. It can only be a disadvantage if the buyer is looking for a basement.
Good Luck.
Barbaradawn Kozlowski
Quote:
On 2004-02-19 08:43, m_anderson_101 wrote:
It is definately not the "norm" where I live. Most do have basements. I just hate to see a 125,000+ valued home go without addressing it........(currently listed at 109,000)
I have spoken with a local realtor and "some" of the other homes in the subdivision are also without basements.
It seems to be a nice little neighborhood. Homes in this neighborhodd WITH basements go for around 140+.
The only updates are the new roof.(complete re-roofing was done, down to the plywood.)
Based on new roof, average median price of 120's(once i recarpet and paint+cleanup).......what should be a safe offer given its "basementless status" if I do........they have already received an acceptance on the offer they made on another house and sellers are somewhat anxious to move on......
I was thinking 80's?
*80's safe?
*not at any price?
concerned about pitfalls.........
Thanks for responses......
Have your realtor check the comps and see what has happened with those that do not have basements. As some have stated, if basements are the norm then it may be a problem. My brother rehabbed a home a over a year ago and is still sitting on it because of NO basement. Just do your research and if you have doubts then they are probably justified. Good Luck!
I hesitate to post as basements are an uncommon occurance out here in Los Angeles. However I have just taken possession of a small 650 sq. ft. house on a 25 by 100 foot lot and it has a basement. What genius thought and built this I do not know.
It is a bit of a problem cause the basement looks like a mold factory and I am going to have to use extensive treatment to remove mold and work out some kind of ventilation system so it does not reoccur. The house is untouched since the lst year of its creation. This includes cleaning or painting. Such a mess!!
To me in this area it is a bit of a handicap. I wonder what the builder was thinking way back in 1941 when he built this little number.
In my long harrowing experience in the field of buy fix up hold/sell. I find that in a non conforming structure (for the area) the best approach is to creat such a style that it overcomes the failure to comply with its neighbors. I mean lets face it. What is nicer then being the only blond girl in a town of brunetts. Or vice versa.
This little tiny ($315,000) yes yes I know we are in the midst of a fast climbing market with limited new construction. The prices have gone mad and people are utilizing half their monthly income to achieve housing. How long will this last? I know not. Suffice it to say I am selling prior to completion. I have done the pretty sketch and it is displayed on a sign in the front. Sort of a fore and after. 2 br 1 ba. I am painting and adding a front door that opens in two sections one above the other. Heavy carved door (from junk yard) lots of brass on door knobs and locks. Kick plate and once again the ever present little gas light flickering away at the front door. It has the brass rod imbeded in the cement at the front entrance on which to scrape your muddy boots. The shutters and trim are in wood and the thing is but cute. So I compensate for the non conformance of the builder. I suggest a similar approach. Great little house for a young couple still in love and overlooking each others faults. I hope they can extend this lack of vision to their view of the house.
Whoops disregard prior writing. I just showed, took a check. Sold! no bargaining they bought looking at the rendering even liked the colors. Very Gay young man with rich parents who want to see him settled. 50% down oh my god they are obviously not from California. Want the 2 bedroom reduced to one. I wonder why? Damned if I will ask. Can do they are back to back so zip out the wall and finish a two day job. They love the front door. Reminds them of a British Pub.
I told them I was a Real Estate Broker, they forgave me. I do not even have to do a penance.
Now that was a nice ending to a soggy wet day in LaLa land.
Cheers Lucius