There are mixed opinions out there, as to whether or not someone is wise to finish a basement area prior to listing a home. Here are recent facts (based on my geograhical area).

Unless you are construction savvy (in which case you will cut costs down by using your own labor), you will need to hire a contractor.  Depending on the extent of work need to finish your basement, you are looking at spending an average of $16,000.

The question you are asking yourself is "will the house sell for more if the basement is finished"?

Well, if you take into consideration the ‘cost' to have the work done, against the extra price that your home may sell for, then the answer to that question may well be 'no'!

Consider this: The average selling price* in Barrie, with a full un-finished basement is $258,814 compared to $259,887 for homes with a full or part finished basement. So, we are looking at an average difference of $1,073 which is much lower than the average amount of money invested to finish it off in the first place!

So what are you gaining if you do finish the basement? Desirability.

Out of 784 homes sold*, 520 of those had full or part finished basements, compared to 264 homes with full un-finished basements, suggesting that there are more ‘buyers' who prefer to purchase a home that has already had this work done.

* Statistics gathered from The Barrie and District Real Estate Board from 01/01/08 to 05/05/08