Lower Level Surprise
In a 1 1/2 story South Minneapolis bungalow, you’d expect to find the Master Bedroom on the first floor, or — if the ceiling height allows — on the second.
So, it was a surprise* to head down to the basement with clients today to find . . . what could easily have been a $50k Owner’s Suite, complete with fireplace, recessed lighting, egress windows, and a custom-tiled Bathroom with an oversized Jacuzzi tub!
Return on Investment
Will the Seller get their money back?
I doubt it.
The discount for below-grade finished square feet can exceed 50%; appraisers often simply disregard it (ramblers with finished basements being the possible exception).
However, there are plenty of owners who make improvements for themselves, not resale.
And if they plan to be in the home long enough, resale considerations recede or disappear altogether.
*A lower level Owner’s Suite is sufficiently unusual that I don’t recall ever seeing one marketed on MLS.
This one wasn’t, either.
