Steps to take in checking for damage downstairs
Is it better to buy a home with a finished or unfinished basement?
Basements have evolved from being areas for storage and a house’s mechanical equipment into extra living space that many people today can’t do without.
Buying a home with a finished or unfinished basement is a personal preference that ultimately comes down to your financial situation, and whether you know your way around a tool belt. Regardless of which you choose, if your idea of a dream home has a livable lower level, you’ll either end up paying to finish the basement to suit your needs, or paying more to the seller for the convenience of the work already done.
Either way, renovating a basement can be a significant investment. As with any investment, you should be mindful of the risks. A recent example is the July 8 storm that dumped 126 millimetres of rain on the GTA and left thousands of homeowners with wet basements, costly repair bills and questions about their insurance coverage. While nobody can predict the next big super storm, almost every basement has the potential to flood or leak. When buying a home, it’s in your best interest to spend some time looking for tell-tale signs of water damage that could indicate future trouble. Some warning signs: a musty smell of mould and mildew rust on the fuse box or appliances peeling or discoloured paint white, chalky mineral deposits particularly on concrete floors and walls. If the basement is already finished, keep in mind those “finishes” may be hiding issues with the foundation or basement floor. Have your real estate agent ask questions about known defects. A good place to start is asking whether there has been a history of water problems in the basement. If it’s a finished basement, how long ago was it finished? Keep in mind if it was very recent, the traditional signs of water seepage may not be present. Also ask whether the appropriate permits and inspections were obtained when the basement was finished (for example, electrical and plumbing) and if the seller still has the permits and final inspection reports. The best thing you can do is hire a qualified, experienced home inspector or contractor to examine the major systems in the home, including the foundation. An inspector is better able to assess the overall condition of the house and identify any concerns about structural damage or water penetration in the basement. Speak with your real estate profes- sional about making your offer conditional on a satisfactory home inspection so you won’t be stuck if the inspection identifies issues that either you or the seller aren’t willing to address. Joseph Richer is Registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to askjoe@reco.on.ca. Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at http://www.youtube.com/RECOhelps.