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.

MA has a lot of flooding. Forget about the basement. Those were old school ideas built in eras where nuclear war was a threat. The threat today are high flood insurance rates. You said it yourself that the place has plenty of storage, garages, etc. It's perfect, just market it the way I just stated.

As for the place not selling, I don't think the lack of a basement is the penultimate factor. Again, you said it yourself that the place is "quirky" and needs updating. Does quirky mean haunted? Not sure if every state recognizes haunted as a material defect. You should ask the townspeople why it hasn't sold and why they may think the house is a good or bad investment. Post a photo link with house specs so I can see for myself.

In my humble opinion, a quirky property is not the place to begin your flipping resume. You should go with boring, standard cookie cutter, created for the masses type property to begin with. Only purchase an eccentric property as your first if you want to raise a family there.

I'd like to add to my answer now that I saw you added details. I agree with the OR Realtor who said the two bedroom is the bigger problem than the basement. However, I disagree with anyone who says a basement is as valuable as they think. A basement adds value? So does an extra room, stainless steel appliances or living in a good school district. Arguably, the number one value adder is curb appeal. I know plenty of people who own houses without basements and did quite well.

the majority of homes up north do have basements and it is not a wise choice to buy one without one. basements are very important up there because they are primarily used for storage in the winter months.I would not buy one without one. One key issue was told to me from a relative many years ago and that was when you buy a house think of it as your going to sell it someday and would someone else buy it with no basement. Also holds true to not buying one with anything less than three bedrooms.
You might end up selling that house and would the next person want it without a basement. It's not like you can add one on. The choice is yours, But I would not. If you lived in the south as I do there are none so people don't expect it, but when I lived up north I always had a basement and when the buyers went thru the homes I sold they all looked at the basement.

YES

The issue is probably more of the 2 bedroom rather than the basement. 2 bedrooms are typically harder to sell as they are not as desirable.

What do you mean by quirky? Quirky things you can fix or a bad floor plan? If it quirky you can fix, you may be OK. You can't fix a bad floor plan without ALOT of work.

Ask if a home inspection has be done. That might shed some light on why it has been sitting for so many days on market.

I am a New England Realtor and I can tell you that not having a basement will be a downfall when it is time to sell. Most people her like to have a basement to finish off extra living area for a media room, billiard room or child's playroom. If you are OK with it great, just remember it significantly decreases value, and will be a much tougher sell. One of the reasons its been for sale for two years. I would strongly suggest you find a home with a basement to make your life easier in the future. Lord knows there are thousands for sale in mass right now.

Hello White Wolf -- People do built & live in such and sell OK. Their features & price may b cheaper than average. Basemint can b added after house is built. Its not unusual. If there are other buildings that may not be necessary. Is the market down?