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Any appraisal guidelines on how much value a finished basement can add?

Are there any good guidelines on how much a same quality as the rest of a house finished basement would add?  The house is a 2 story 4 bedroom 2.5 bath with 2400 sqft above the grade.  The finished basement is not a walkout, approximately 900 sqft, it has a large common room with 2 egress legal bedrooms and a full bathroom in the finished basement.

What would be a good rule of thumb for % value increase?  Appraisers opinions with regard to lender guidelines are very welcome.
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October 26 2011 - Naperville
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Answers (3)

Basements are typically given no value - at least in California where we dont have basements - BUT I just did an appraisal of the 10K sq foot new home with a massive 'basement' which was entirely below grade.

Its tought to say BUT I would check with some appraisers in YOUR area. Here is a website to find one.

https://www.asc.gov/National-Registry/FindAnAppraiser.aspx

Usually if the square footage in NOT on public records, no value is given, for lending purposes, simply because your insurance only covers what is on public records. But again, check locally.


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October 27 2011

There is no rule of thumb in regrards to a percent that I am aware of? I can tell you the tax accessors office will assess and tax it according to the stated and approved costs that the contarctor states it will cost to finish it. With that said appraisers give adjustment on many crieteria, to many to list. On a million dollar property with 700sf finished lower level I recently was told by appraiser he would give only a $50,000 adjustment maximum. 

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October 27 2011
I am not an appraiser, and I do not know what type of time you have, but I find this book to be very helpful. Perhaps it may help. Good luck! M~


Bluebook of Reconstruction, Cleaning and Repair
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October 27 2011
 
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