Which is more economical... full basement or unfinished upper level?

Question

We've been looking at modular home floor plans. We love the Cape Cod style homes, which would allow us to live in the main level immediately and finish the upper level at a later time. See this link for an example: http://www.ritz-craft.com/sec_results.cfm?model=11361

Up until this point, we have been considering a one-level, ranch style home on top of a full basement (also to be finished later). We cannot afford both the basement *AND* the second floor -- and I would rather have the 2nd floor but am concerned with cost.

So, which is more economical (cheaper!)... pouring a 1,200 sq. ft cement basement beaneath a one-level home, or adding a second floor with about 750 unfinshed sq. feet and a crawlspace foundation?

Thanks for any help you can offer... I'm clueless!

P.S. In case it matters, these Cape Cods have the second floor built right into the roof, sort of like a big attic with sloping walls on either side. So it's not a typical second-story home.

Answer 1

The issue isn't costs, it's lifestyle. Either way you get added living space to be used later, the cost difference won't be much if you keep the finishes simple. If you're in a warm climate, the basement will be a cool spot to retreat to. If you're in the north, a second floor will be a little warmer and gives you a nicer view ,and basements almost always have some water problems eventually.

Personally, I'd have the basement AND have the builder frame the attic for future use, but without sub-flooring, walls, wiring, rough pluming, etc. I'd cut costs by using less expensive items for the kitchen, bath, flooring, landscaping, etc. As a former Realtor and former contractor, I always preached buy the most house you can possibly afford, since your mortgage will stay the same, but your income will go up. In a few years, you'll easily be able to remodel first one area, then the other. I'd remodel upstairs first, let the basement be the workshop.

Answer 2

I would go with the basement, if you were to make it have an outside entrance.

Figure the cost of insulating the attic space versus just throwing up some walls and you're done.

Answer 3

A full basement will always be the cheapest square footage in a house, unless there is some special site condition that makes digging or waterproofing uncommonly difficult.