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Explore the Benefits of Basement, Attic that favor sellers.As a buyer you do not want to rely on
the seller to provide a form that may require thousands
of dollars in excess costs. For example, will you pay the
transfer taxes? Or will the seller? Or will the cost be
BY BARBARA BALLINGER in your house? Basements and attics are good plumbing, Grant advises. split 50/50? Who pays for a structural inspection? What
Content That Works places to stash holiday ornaments, family In the city of Chicago, a basement makes type of deed will you get?
mementoes and out-of-season clothing, so if sense because of the scarcity and high cost
You want professional help in the jurisdiction where
W
hen house hunting, it’s easy to be your planned purchase doesn’t have one be of land and because many older city houses
attracted to a listing with a new sure the rest of the house offers options. were built with basements partly or fully the property is located.
kitchen, large family room and gor- Three- and four-car garages can be a good above ground.These can become cheerful
geous deck versus one that lacks any or all of storage place, says Chicago architect John living spaces, says saleswoman Jennifer D. Q: What does the number “4506” mean in con-
those amenities. Eifler. Ames of Coldwell Banker Residential nection with real estate and mortgage financing?
But what about a house without a base- Could you convert your basement or attic Brokerage.The lower levels of many older
ment or attic? Should the absence of either into livable square footage? Remodeling Chicago suburban basements, however, were
feature be a deal breaker, particularly in cer- these areas can be more cost effective than built partly or totally below ground, so they
A: Most probably you’re thinking of IRS form 4506,
tain areas of the country? adding on an addition, says Chicago architect lack as much light unless remodeled,Ames “Request for Copy of Tax Return.”This form allows a
There’s no definitive “yes” or “no” answer, Allan J. Grant.“If you dig down 3 1/2’ to 4’ for says. third party such as a lender to check past tax returns,
say architects and real-estate experts inter- crawl space in a new home, it’s not that Attics in Chicago city homes usually don’t something that is appropriate when a loan application
viewed, but do consider the following fac- much more costly to dig deeper for a base- offer the same potential living space that city is being considered.
tors: ment, he says. If you initially can’t afford to Be aware that some lenders ask that you sign the
Do you have adequate storage elsewhere finish the basement, at least rough in the See BENEFITS, Page 2 form but not date it. Since the IRS will only fulfill 4506
requests within 60 days of the date signed by the tax-
Case Closed: Attorney Helps in Real Estate Deal payer, an unsigned form may be used at some distant –
and perhaps inappropriate – point in the future.Also,
be certain that lines 6 and 7 are completed; otherwise
CHARLES SCUTT expertise of a real estate attor- Lauderdale, Fla.“It’s not a good process, whether real estate bro- any year or form can be requested.
Content That Works ney. idea to act as your own lawyer or kers, mortgage brokers, bankers
“Since buying or selling a home use the same lawyer as the other or otherwise, generally have per-
Imagine owning a large compa- is such a complex legal transac- person in the transaction.” sonal benefit to encourage the Q: We have a back-up offer on a property. If a
ny and trying to file the business tion, it’s in your best interest to Consider that the lawyer you completion of the transaction.” seller accepts an offer from another buyer when
tax return yourself. Or taking have someone with knowledge hire “is independent and has no does our back-up expire?
apart the engine in a foreign car of the law working on your motives other than your protec- THE PROS OF A PROFESSIONAL
to diagnose a puzzling problem behalf,” says Rita Polit, real estate tion,” says Richard M. Zelman, Hiring a real estate lawyer for A: There are a lot of possibilities here, so let’s look at
all by your lonesome.That would agent and consultant with The attorney and partner with the the sale or purchase of a home
be similar to what it’s like to pur- Polit Group, part of Keller firm of Sacher, Zelman, Miami,
chase or sell a home without the Williams Partners Realty, Ft. Fla.“Other participants in the
See ATTORNEY, Page 2 See ASK OUR BROKER, Page 2
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BENEFITS Bedrock in certain areas of his
state, and elsewhere, can be
basement should be water-
proofed and possibly include a Ask Our Broker
CONTINUED FROM PAGE 1 expensive to excavate. Good sump pump, back-up battery
insulation can be accomplished generator and interior and exteri- CONTINUED FROM PAGE 1
basements do unless they have in less costly ways such as high- or drain tiles, says Grant. Gutters
peaked roofs,Ames says. performance, fiberglass or rigid and a good roof are critical to
just a few. In general, a back-up offer is written when a
Do you live in an area where a insulation in the floor cavity, or direct water off and away from
basement or attic is a plus for a greater price tag, high per- the house, Litchfield says. If seller has already accepted a purchase offer.The idea is
because of weather conditions? formance injected foam prod- there’s no basement, Grant likes that if the first purchase offer falls through then the
In states prone to tornadoes, a ucts, says Dickinson. the idea of a crawl space that buyer will consider the back-up offer.
basement can be a good place to Attic space can also offer the can prevent cold from transfer- However, you have to see exactly what the back-up
seek safety. In San Francisco, benefit of insulation, especially ring to the home’s floor. agreement says. For example, is the seller required to
those seeking shelter from an in warm climates where it Besides good insulation, a
accept your back-up offer or can someone with a high-
earthquake are more likely to absorbs and vents the effects of well-constructed attic will
run for protection under a door- radiant heat, Dickinson says.You include a drain pan for heating er bid get in front of you? Does the seller have to
way than to a basement, says can insulate and cool a house and air conditioning equipment, accept your back-up offer at all?
David Hehman, president of without an attic by using similar Grant says.Ventilation also is key. Many back-up offers contain a “kick-out” clause. In
escapehomes.com, a resource for principles to insulating the floor “Attics that lack adequate ventila- this situation a buyer with a back-up contract can say
second homes. above a basement, he says.Also tion are excessively hot in the to a seller at any point, if we cannot close our offer
In cold-climate states, a base- provide maximum ventilation summer,” Litchfield explains.“In
within 48 hours (or whatever amount of time is appro-
ment often is popular since foun- underneath roof sheathing. winter in cold climates, unventi-
dation footings need to be dug Do most homes in your area lated attics allow rising water priate) then this offer is withdrawn and you must
below the frost line, so they have a basement or attic? Even if vapor from the living area to col- return our deposit.
won’t heave and crack, Eifler you don’t want to copy neigh- lect as frost on the underside of For specifics regarding your back-up offer, be sure to
says.Again, as long as excavation bors, consider what’s popular in roof sheathing.The frost eventu- have it read by a local real estate attorney.
takes place, it’s not much more your area for when you sell.Turn- ally melts.” It’s desirable for attics
costly to dig out a basement, of-the-century homes in to be accessible via a stair, Grant
Grant says. Vicksburg, Miss., were built with says.
Q: What is the difference between a town-
In warmer climates, home- basements, but newer homes, What do your nose and skin house, condominium and patio home? Which is
owners can make do with a slab especially spec houses, usually suggest? If things don’t smell the best buy?
and no basement, says Michael are built on a slab, says Pam right in a basement, there may
W. Litchfield, author of Beard, with BrokerSouth GMAC be too much moisture and not A: A townhouse is one unit within a row of homes.A
Renovation (The Taunton Press, in Vicksburg.“It’s less expensive. enough ventilation, Dickinson patio home is a single-story home, often with a base-
2005). Houses in areas where the Even most custom homes aren’t says. If it’s exceptionally hot on
ment that can be finished to provide additional space.A
water table is high, like New built with a basement but on a an average winter day in an attic
Orleans, also weren’t built with conventional foundation and or as cold as the outside air, condominium is not a type of home; rather it is a type
basements, says Fernando Pages maybe with crawl space,” she there’s probably not enough of ownership.With a condominium you own your unit,
Ruiz, a Lincoln, Neb.-based archi- says.Attics are more prevalent, insulation, he says. If it’s more finance it as you prefer, have an ownership interest in
tect and author. though not always full height, than 15 degrees hotter in an attic common areas and a vote in the affairs of the condo
Connecticut architect and she says. on a hot day, there’s also inade- association.A condo can be an apartment-style flat, a
author Duo Dickinson cites a dif- If a basement or attic is quate ventilation.
townhouse, a detached home or other type of property
ferent basement benefit: extra included in your potential pur- © Content That Works
insulation. But he adds a caveat: chase, is it well constructed? A with both individual units and common areas.
As to which is the best buy, there is no universal
answer. Different types of property are more or less
popular in different communities. No less important,
the fact that one form of property may be fashionable
does not mean that all units are equally in demand.
By its nature, all real estate is unique. Even properties
that seem the same, such as a row of townhouses, are
actually different in terms of finish, décor, financing,
view, drainage, construction and other factors. In fact, if
you look at similar units for sale in a townhouse com-
munity or a condo you will instantly see that even
properties with the same floor plan are not equally
attractive.This is why prices differ and some homes sell
more quickly than others.
© Content That Works