Home Buying in 33020>Question Details

M_Tony_, Home Owner in Hollywood, FL

I have a single house, but now the zoning has changed to multiple homes. Is it worth it to rebuild to a triplex?,

Asked by M_Tony_, Hollywood, FL Tue May 14, 2013

my house right now is paid in full, if I rebuild I will have to get a bank loan. Is it worth taking a gamble to rebuild because of the houseing market I am not sure. What do you think?

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Answers

3
Hello, depending on how your house is built, I would think it would be easier to divide and add to the existing house to make additional units, as tearing down the old house and building a new multi-family property would be very costly and you would loose the value of your current house in the process. I can put you in touch with a great contractor who has built several multi-family properties in Hollywood. Feel free to contact me for more information.

Thank you.

Sincerely,
Hermann Wiehls
Realtor Associate
Carrington Real Estate
(Formerly Atlantic & Pacific Real Estate US LLC)
Ph: 954-300-2BUY
3002buy@gmail.com
2950 W Cypress Creek Rd. Suite 100
Fort Lauderdale, FL 33309
http://www.southfloridarealestateadvisor.com
1 vote Thank Flag Link Wed May 15, 2013
Thank you, but I don't want to extend the house, It is at the back of the property and I have over 100 feet before the house even begins. Most people don't event see my house right away unless they are looking for it. The other homes are so large.
Flag Wed May 15, 2013
Good Morning!
First you would have to look at all the cost involved and then see if it makes sense. Depending on where you live, the rents for mulit-family units in Hollywood are not very high so you may not recoup your investment.

Congratulations on your home being paid in full. You may want to consider staying where you are and purchasing another home as an investment rather than building on your current property.

If you would like to discuss it further, fee free to contact me.

Janice Zaltman-LEED AP
Realtor, GREEN
Beachfront Realty
305 632-2606
0 votes Thank Flag Link Wed May 15, 2013
Thank you for the advise. I asked a realtor to get me some estimates. (One in Vancouver)
Flag Wed May 15, 2013
Several things:

1. It is very unlikely that you will get a construction loan; banks aren't giving them out.

2. You should do an analysis comparing several scenarios....
a) leaving it as-is
b) the breakeven if you factor in the cost of building a triplex
c) the benefit of selling the house and buying a triplex in a like area (ie, you'll save on construction costs minus real estate fees for selling and buying)

Good luck!

Tchaka Owen
Keller Williams Realty Professionals
954.552.6112
0 votes Thank Flag Link Tue May 14, 2013
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