What You Should Know About Basements

When it comes to buying a home, it's easy to neglect certain spaces. Updated kitchens, bathrooms, and living spaces often draw the most focus, making it more likely the potential buyer won't take a close enough look at other areas like basements. No matter the size, the basement is one part of a home a buyer should not overlook. From water damage to DIY mishaps, basements can become quite costly after the home is purchased. Looking for the lowdown on the lowest floor of a house? Here's what you need to know before purchasing a home with a basement.

The history of the basement may be written on the walls.

Take a walk into the basement of a listed home and the walls will likely say more than the listing. Stains or traces of mold on the walls may be signs of current or prior leaking or flooding. While some may repaint the basement walls as part of the staging process, a few of these homeowners could use fresh coats of paint to cover up visible damage. A professional inspector should inspect the entire basement to ensure the buyer knows everything about the integrity of the home.

Some elements may not be up to code.

Imagine walking into a fully-finished basement that looks amazing, only to discover that the DIY repairs, renovations, and additions were not up to code. For instance, a drywall ceiling DIY installation may not be up to code for a number of reasons. Any electrical wiring not completed by a licensed professional can also be a costly problem.

Basements may not be included in the square footage of the home.

Is this space included in the total square footage on the listing? That depends on a variety of factors. Typically, many agents will not include the basement in the square footage. In some states, appraisers will include it, but because these areas are considered "living space," they must have methods of ingress and egress.

You may not be able to turn that basement into the room of your dreams.

One of the main reasons buyers are attracted to homes with a basement, finished or unfinished, is that they could use the additional space as a guest room. However, local codes differ from place to place and may prevent the homeowner from transitioning it into a habitable apartment. In some cases, the homeowner won't be able to consider the basement as a legitimate bedroom without a closet or means of egress. Before buying the home, make sure you see official documentation detailing whether or not this space can be renovated to your intentions.

Basements can be a very desirable addition to a home, but they can also cause headaches for buyers. When inspecting a home prior to purchase, buyers should pay close attention to any repairs, damages, or renovations completed by the current owner.

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