Remodel & Renovate in 44142>Question Details

Anastasia1483, Both Buyer and Seller in 44142

I have a 3bd 1.5bath ranch, I am considering making it a 2 bed 1.5 bath on the main floor with a master in the basement along with a master

Asked by Anastasia1483, 44142 Sun Apr 25, 2010

bath...will this kill my property value? I am also considering still making it a 2 bed on the main level and adding a second level with master suite. Which would be best (both cost and resale) to go? I also do not have much equity now...

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Your property value will best be maintained and enhanced if that master suite goes on the second floor. Your future buyer may well be a family that will want sleeping spaces on the same floor - or at least darn close. Plus there can be issues with basement/ie below grade, rooms being considered bedrooms - legally and hence for appraisal purposes.

And whatever you do, be sure to get necessary town permits and approvals. You want the town to be on the same page with the tally of bedrooms/baths - if not, it WILL trip you up when you go to sell.

...been there.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Apr 26, 2010
Yes it will. Below grade living space is treated differently from an appraised value perspective. If there is no window, you have a whole other issue. If you are going to add a second level with a master suite, that will definitely increase your property value. It would be less expensive to finish your basement than add a second floor. Do you have money to do either project? If you don't have enough equity to cash out or take a home equity loan, you may want to see if a local bank would give you some kind of construction loan. What would you do with the 3rd bedroom on the main level.
0 votes Thank Flag Link Sun Apr 25, 2010
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