Seema, evidently we've gotten past the concerns of the water in the basement, and now have concern on pipe size.
If the incoming main line to the house is only 1/2", this is very undersized for the house. You'll get water, but every time something like your outdoor hose bib or clothes washer is running, you'll notice a dramatically slowed flow elsewhere.
Hopefully the home would have at least 3/4" entering the home, but not all do. If the home plumbing is all 1/2", expect to learn to live with the idea nobody flushes a toilet while someone else is in the shower, etc. until the day you have the main from the meter or well and the primary lines in the home redone in 3/4" or 1".