Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

I would not add much value at all to unfinished sq. footage.

Also, converting the unfinished basement could add a lot of value over time.

Our main carrier policy converts to vacant dwelling policy at completion for duration of term and can be renewed on case by case basis if unfinished or unsold.  

I bought the house with an unfinished ADU that I hope to finish by Fall of 2024.

Quote from @Jimmy Lieu: Quote from @James Wise: Quote from @Jimmy Lieu: Quote from @Alex Clark: Looking to buy a property in OhioHi Alex, I'm very familiar and have worked extensively in both markets.

However to save money when she had the house built, she left the basement unfinished--it is just studs, insulation, and windows/doors, plus plumbing in the foundation.

Just a builders risk policy if you are doing an extensive rehab on the property and then a landlord dwelling policy when the property is rented.

Our strategy is to buy out of shape properties and rehab them back into shape, so a GC with experience in doing extensive renovations at once would be preferred.

I paid just half of the price on it and have now made 50% appreciation on an unfinished home ..or 100% ROE on what I have actually paid.