You must also keep in mind that for any room, for instance the one in the basement you mention, to be considered a bedroom for the purposes of sale it must be at least 90 square feet, have heat, a door, a closet and a window.
While these restrictions do not keep you from utilizing these spaces yourself as you need them, those restrictions will most likely affect how the property is valued for sale. Garages are valuable to most buyers and I've seen homes where owners have tried to convert the garages of generally 1940's to 1950's era ranch style homes to additional living space not be very well received by buyers unless the conversion had been professionally done and an additional garage had been built detached from the house itself. Garage space, even a 1 car, is considered valuable to most home buyersâ€¦even first time home buyers.
Something else to keep in mind is that all your neighbors are living with these same zoning restrictions and if the majority of the properties in your area were all built during the same era, they are most likely of similar styles and construction. As a property owner looking for equity, you don't want to have the largest, most extravagant property in an area because you will not be able to gain as much equity with all the comparable properties in the area being smaller and less extravagant, thus pulling your home value down.
In any event, the probability of increasing the value of the property to the point where such changes have the likelihood of the owner recovering much of the expense of these additions in the sale of your home is slim and even the likelihood that there would be enough value added to the property where they would be economically justifiable is even lessâ€¦especially in the current market which is going to be with us for years to come.
The best advice I can give in your situation is to LIVE IN YOUR HOME. Make the changes you need to make for the comfort of your family, but make sure that any structural additions, electrical or plumbing changes that are made are done by licensed professionals who pull building permits. Contrary to some popular TV, most buyers do not like â€œDo It Yourselfâ€ structural, electrical or plumbing changes that donâ€™t look professional and havenâ€™t been inspected by the local building department. Also be prepared for the possibility that when you eventually need to market the home for sale, the changes you have made to customize the home for your use may give you a much smaller pool of buyers who will be interested in purchasing your home which could lead to lower sales values and extended marketing times.
Hope this Helps
Brian L. A. Wess
RealtorÂ®, Broker Owner
CRS, GRI, ABR, ASR, CSR, CNS, SFR, e-PRO
Military Relocation, Residential & Investment Specialist
Infinite Horizons Realty - Metro Brokers
Colorado Springs, CO
COLORADO REAL ESTATE...DONE RIGHT!â„¢