Bought a home without basement and wondering if it is good?

Question

Hi All,I won an offer to a home without basement and am wondering if I missed anything here. This is in Kingston and my realtor is very good and trustable and he did not warn me anything about homes that don't have a basement.The semi I bought was under market and has no basement but is less than 20 years old.

Is this fine or do I need to look at anything that is concerning in these type of homes? I am not concerned about resale value as I bought this for rental potential and if that is the only concern I am okay with it.

Thanks,

Ram

Russell Brazil · Answer

My house doesn't have a basement either.

Allen L. · Answer

Crawlspace foundation is cheaper to repair than basement foundation, and although there are some issues with moisture, I consider it the best foundation for rental properties. Easy for plumbers to replace lines as well. However, in Ontario it is somewhat rare to see houses with crawlspace foundation, for whatever reason.

Theresa Harris · Answer

Not everyone does the same thing which is what makes it fun.  As long as you are happy with it and it works for what you want, that is all that matters.

Dwayne Poster · Answer

I’m on the other side of the country, but about half our construction is on crawl space or pad, no basements. As long as it’s not an oddity that reduces its saleability, no problem.

Mike Singh · Answer

Hi Ram ,

Sorry , can you elaborate a bit more on what you're asking ?

From an investment perspective , there is nothing wrong with a house that has no basement as long as it aligns with your investment strategy . Personally , I would have preferred something with a basement that I can convert to a legal unit . This would allow me to increase the rental income and cashflow .

Mike

Mike Singh · Answer

@Sriram Kumar Bikkina , thanks for providing more info . I haven't  heard of any specific  issues with a home without a basement due to crawl space . Maybe someone in this forum with some more reno experience might be able to help lol

Your deal sounds good otherwise !!

Account Closed · Answer

@Sriram Kumar Bikkina I suspect that the reason your friend is questioning your decision is that investors sometimes convert a basement into extra (rentable) space.  My house has no basement; no big deal other than lack of storage. If the numbers work and the property is aligned with your goals, ignore your friend.

Gary L Wallman · Answer

I much prefer rentals with no basement. Below grade flooding and moisture/mold issues can be a nightmare. Failing sump pumps can be a late night maintenance call as well.

As a consequence, I seek out simple slab homes as my preferred choice.

Gary

Greg Soon · Answer

@Sriram Kumar Bikkina

I have looked into several properties with basement in Maryland with intention to buy based on the listing. I found many of them the floors are not even, some with significant slopes. Later my realtor friend told me he does not like properties without basement because it is much harder to run pipes and a lot built underground and hard to fix.

This does not deter me from looking into this kind of property in the future, just need to check conditions and weigh price against potential difficulty in repairs

Sriram Kumar Bikkina · Answer

Thanks for your inputs Paul. Appreciate it.

Bought a home without basement and wondering if it is good?

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