Why are basements left unfinished?
Unfinished basements are often ignored by their occupants.
They are mostly used as a storage area where all sorts of items including flammables are kept in sometimes disorderly manner.
An exposed basement ceiling is the part of that fire hazard.
Can you live in an unfinished basement?
For numerous reasons, including for the collection of taxes, it is considered illegal to allow someone to receive RENT for allowing someone to stay in an unfinished basement apartment. You are generally required to obtain a permit from the local city/town to rent out the area.
Should I buy a house with an unfinished basement?
As long as the basement isn’t severely damaged or unkempt, you should be able to finish it in a relatively short period of time. Adding a few basic amenities will quickly turn an unfinished room into an acceptable living space, and that could increase the resale value of the house by a substantial amount.
Does an unfinished basement add value?
Is an unfinished basement considered part of a home’s square footage when appraising value? … Basements will generally not appraise as a part of the home’s square footage, or Gross Living Area (GLA), even when finished. A finished basement can be a value adding feature and can increase sale price in some transactions.
Does finishing a basement increase property taxes?
Property tax laws vary, but in many cases, renovating an unfinished basement into a livable area is considered new construction, which increases your home’s assessed value. Consequently, you could see your property taxes go up, points out Realtor.com.
What is the best flooring for a basement cement floor?
Ceramic tile is the designer’s choice, with tons of colors and styles. It’s unaffected by moisture and goes directly onto concrete that’s smooth and free of cracks. Vinyl tile and sheet flooring also goes directly over prepared concrete and will withstand even minor flooding with no ill effect.