Sdbeauc, Home Owner in Massachusetts

For best value, do we remodel underused lge liv rm to 1st flr mast. w/ spa ba (4th bedrm/ have great rm) or add 400 sf bonus rm w/ 3/4 ba in WO basem?

Asked by Sdbeauc, Massachusetts Sat May 7, 2011

Both cost about the same to remodel. Our present master suite has a avg 3/4 bath and avg walk-in closet. House is in lovely development w/ mostly large well-kept colonials. Either project would give the house 3.5 baths. Where is the best return for our money in resale value?

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5
As mentioned below, renovate your home for your personal enjoyment today, none of us can predict what will bring the best value tomorrow. Good luck.
0 votes Thank Flag Link Sat May 7, 2011
Bill & Anna said it best. Your priority should be to create a space that you are comfortable in. Your home is a "shelter" first, "investment" second.

That said, if resale is a consideration that you want to prioritize, my vote is for the finished basement IF it pushes your gross living area over a major threshold number. Allow me to explain. These days, buyers conduct their home searches by setting up automatic email alerts using websites like http://www.newenglandmoves.com or http://www.realtor.com. They enter basic criteria and receive property alerts via email on homes that match this criteria. For homebuyers who have a living area requirement, you won't be matched to them unless your house is of a certain size. So a buyer may specify that they want 1,000 sq/ft...or 1,500 sq/ft...or 2,000 sq. ft. All of these are threshold numbers. With each threshold you cross, your buyer pool grows...as does the number of prospective buyers receiving your listing through these email alerts.

In short, if finishing the basement pushes you beyond one of these threshold numbers you will have a better chance for success on the resale end because you will be matched to more prospective buyers. BUT, be aware that you will need to disclose in the listing that part of the living area includes a finished lower level.

If finishing the basement doesn't push you across one of these threshold numbers, then I think it's "six of one, half dozen of the other." Go with whichever plan suits your needs.

Jay Allen
Coldwell Banker
Web Reference: http://www.josiahrallen.com
0 votes Thank Flag Link Sat May 7, 2011
Sd,

Why set your personal needs aside?

Our recommendation is to feature you and your family's needs before considering resale value. With a market in flux, calculating resale based on future buyer interest and needs is purely "guess work".......

Future buyer interest will pretty much depend on who walks through the door.

Make it work for you,

Bill
0 votes Thank Flag Link Sat May 7, 2011
Remodel/renovate based on your wants, needs, lifestyle, and accordingly to what will make your living there more enjoyable; don't worry too much about resale, as none of us can predict the future, nor where the market will lead in the days ahead...
0 votes Thank Flag Link Sat May 7, 2011
Adding a Master Bedroom is most likely going to bring you more return. I don't know about the spa part, but a bathroom with a tub is nice, but even a 3/4 bath with shower is fine. Finished basement is somewhat valuable, but you won't see as high of a return on that. Where is the home?
0 votes Thank Flag Link Sat May 7, 2011
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