Contrary to what most people think, you can’t count your finished basement square footage like you would a room addition upstairs when you sell your house. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that for about every $1,000 you put into a basement refinish, you can expect to get about $700 back. In other words, a midrange basement refinish will fetch you about 70% ROI. That assumes your basement refinish includes exterior wall insulation, painted drywall for the walls and ceilings, painted trim, tile flooring (the works, but nothing overly luxury) as well as a bar, bathroom, and main area. A home with a finished basement will be appraised for more than a home without, but based on the style of your basement, the value add will vary. Check out below to see what sold in Greenwood Oaks in January 2020:
24299 Lynwood Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,592 sq. feet, 2.5 car garage, Sold Price: $434,000
Greenwood Oaks Home Sold
January 2020
However, no matter the condition or level below ground, the finished basement space will never equate to the same value as above-ground living space in the eyes of an appraiser. For more information on Greenwood Oaks, or similar Northville or Novi neighborhoods such as Deerbrook, Yorkshire Place and Mystic Forest, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.