When you’re looking for a new home to buy, you might be interested in the idea of owning a home with a basement. You imagine late-night poker games with your buddies, drinking beer and smoking cigars. You might imagine a workshop where you can carve model ducks to sell on eBay. You might even just think it would be nice to have some place to store your stuff when you’re not using it. Before you sign the papers on a home loan for a house with a basement, however, there are some things you should consider:

• Basements get wet. Depending on where you live, your basement may present some risks. It could be something as simple as living in an area that’s prone to flooding, and running the risk that the stuff you keep in the basement will get ruined. Even with a quality sump system, there’s no guarantee that you won’t have to deal with moisture.
• Keeping a basement warm costs money. As long as your house and your basement are well insulated, you’re not talking about doubling your heating bill. However, using a basement and keeping it warm will add significantly to your heating costs.
• Basements don’t add as much value to the home as other amenities. There is a reason that you can’t include basement rooms in your home’s square footage when you advertise it. Basement amenities, while they may be attractive to some buyers, don’t add as much resale value as a remodeled kitchen, for example.
• Basements are prone to mold. This goes along with basements getting wet. If you or anyone in your family have mold allergies, you might think long and hard about choosing a house with a basement.
• There are regulations you need to follow regarding basement design. For example, if you have a bedroom in your basement, you typically are going to need to have an egress. That may mean installing a door in a basement wall, and then installing stairs up to the outside. It may mean simply having an egress window. Check with your local building codes before you buy a home with a basement and are planning on putting a bedroom down there.

All that said, as long as you recognize the potential problems ahead of time, a basement can be a nice component of your home and a place you can relax or pursue a hobby.

Photo via KairosPhotography