Is it a bad investment to buy a home with no basement.?
We are looking to buy our first home, in the Western Massachusetts area. There is a home we found in a typically “upscale” neighborhood that has been sitting on the market for nearly two years, with the asking price slowly creeping downwards. The home is very interesting to me because I want horses and it is on four acres. However, it does need some updating and it is a little… quirky.
We don’t know much about doing updating, but we want to learn, so this house might be a good starting place for us.
However, the home has no basement, which is unusual for a New England house. I am wondering how much of an impact this has had on potential buyers. It doesn’t really put us off because there are several garages and outbuildings for storage and a nice clean crawlspace.
But I’m worried why no one has bought this house. I am concerned that if we buy it and put a bunch of money and work into it, that we won’t we be able to recoup our investment when we want to sell. Thoughts?
re: flooding – most homes in MA have basements. The ones that don’t are typically mobile homes or modular homes. This house is unusual because I believe it was originally a hunter’s cabin that was added onto and expanded over the years. The parcel itself appears to be well situated for good drainage.
Should mention: We’re not looking to “flip”, for sure. We’re way too inexperienced for that. It’s just that the house is a bit far away from the main cities and only has 2 bedrooms. Which is great for us because we want privacy and don’t have kids and don’t plan on them anytime soon. We would probably stay put for at least 5 years, but may want to move, either because of kids or wanting more horses! 🙂 Just worried that we won’t get back the money we put into it because of the lack of basement.