Unfinished basements are so common in homes that most people don’t even realize that an unfinished basement is a thing (hint: it is). So, what is it, you ask? Let’s start with what it’s not. The term “unfinished” doesn’t mean that the basement has dirt floors or walls that need to be completed. The basement has been completely built. What “unfinished” means is that the basement is not fit to be used as living space. This can include, but is not limited to, concrete floors, brick or cinder block walls, and exposed pipes in the ceiling.
Bare-bones basements like this are often used for utilitarian purposes, such as extra storage space or an out-of-the-way place to put the washer and drier. A finished basement, though, will add a great deal of variety to the things the additional space can be used for, such as a guest room, a home office, gym, etc. When someone is interested in buying a home, the square footage is one of the most important factors – especially the “finished” square footage. The more room there is, the more interested a party is likely to be. On your side of the deal, the more room you have to offer, the higher the asking price.