Does finished basement adds square footage to the house and value if i want to refinance later?

Glory
yes

Adam
I don't know if it adds square footage. But, it should add some value. When an appraiser evaluates your house based on comps, they will note whether the comps have a basement or not, and whether it's finished or not. If not, they then assign a dollar value to your house based on how much value a basement and/or finishing it adds to the value of the house.When you refinance, the lending companies go by what the appraisers say the property is worth in determining how much money they will lend you on your property.I would suggest calling a real estate agent or an appraiser and ask how much the value of your house would increase by finishing your basement.

Cecille
Yes in theory, but not as much as one would think. Any below grade living, such as a basement adds very little value. It may add perceived value to a potential buyer if they like it a lot. You may even get them to offer much much more because of it. But do not expect the appraiser to think as highly of it. An appraiser once told me in my area a finished basement will never add more than 4k to a value. It would cost more to finish it.

Angle
Yes, and it will raise your %$&()_@)*& taxes also.

Byron
If they do an inspection and up the value, your taxes might go up too. Finishing a basement only adds sq. footage if you enlarge it.

Antonina
When we bought our house in January 2007, our Realtor told us the finished basement had to be heated in order to be added to our total square footage, which would then add to the value of the home when you get it appraised. It may depend on the state you live in?