Looking to relocate - should we finish our basement in the meantime?

[Anonymous]

We are actively looking to move out of state and hope to do so within the next year. However, we won't until a job comes through. In the meantime, we are outgrowing our space and would like to shift around some bedrooms (DD is 4 and still in a toddler bed because her room is too small), but would lose our only guest room. The guest room is critical for us because all of our family lives out of the area but visits frequently.

We are having to renovate our powder room right now and so I asked our contractor about finishing our already partially finished basement (which has the necessary window to allow for a bedroom that is up to code). The price we are getting is about $28-$35K for just finishing the completely unfinished part or $50-$60K for also renovating the existing partially (but very poorly) finished basement. I don't have a real estate person to ask whether or not this is worth it for us. We currently have 4 bedrooms and 2 1/2 baths and live in a neighborhood where houses sell very quickly. We have a tremendous amount of equity in our house (bought in the late 90s), so no issues with financing.

Thoughts?

[Anonymous]

Those estimates sound high. I bet you could do it for cheaper.

Don't expect your house to sell for the same as those with finished basements.

[Anonymous]

Where is the entry for your basement? For us it was in the kitchen in a tight spot so it made no sense to renovate since it could not be moved. We are also moving and not planning to finish the basement but we have decent space upstairs (3 sizable brs). You need to look at comps.

[Anonymous]

If you're moving in the next year you will need that $30k more than the extra space. Unless, of course $30k is under 10% of your available cash.

[Anonymous]

Pricing seems high, contact 3-4 construction companies of varying sizes, big and smaller family owned, etc. And get better estimates. If they ask give a lower budget number otherwise they max it out and then some. Some that also buy/fix/sell homes on the side know all the cool places to buy things (supply auctions in Baltimore, etc.)