I grabbed this film to watch because of Joe Dante's past directions (which I've enjoyed his "Gremlins," "Explorers," "Innerspace," and "The 'Burbs"). I used to watch most of the horror movies in the 80s and "The Hole" is very cliché and an old-school scare for today's standard.
"The Hole" is a story about a single mother with her two sons moving into a new house, and the older son meets a next-door girl. All three have discovered a closed hole in the basement to which they have naïvely opened. Nothing was seen and a "bottomless" pit is all that they could discover. Then, soon and slowly, things started to happen to each of the trio.
From a psychological perspective, I thought this film is pretty good with an idea of opening a "hole" (or a door), one must face their worst fears and victories would be achieved when their fears are defeated. If not, death would ensure their fate.
Personally, it's a pretty good story yet cliché. I would think that Teri Polo would have a better developed role than a naïve mother.