Hi Matt,

I am making the assumption your garage is attached to the house. Any kind of finished square footage you can add to your home above ground level will usually bring the highest return. If you do plan to rent out the space, make sure to check your local ordinances to see if it is allowed and what safety items are required for a rental.

Do you have an unfinished "bonus" room over the garage already that you plan to finish or do you plan to do major construction to add the space? If you are adding the space over the garage, it will be more expensive than finishing a basement due to the additional construction materials needed like siding, windows and roofing material plus labor needed to prepare the garage to add the space.

Real estate is very localized. What works here in Kalamazoo may not work in Grand Rapids or Battle Creek and vice versa. Depending on where you live, you may actually be better off selling your current home and moving up into a new home. As a local REALTOR, I have witnessed home values dropping over the last 3 years but keep in mind, whatever value you sacrifice on your home, you should be able to make up, and possibly more, if you plan to stay in the area. If the appraised value of your home has gone down over the last few years, chances are it has also gone down on the next home you would buy.

My advice would be to contact a local experienced REALTOR for a no obligation market analysis and recommendations for your home. The REALTOR should also be able to guide you in selecting a lender that can make recommendations for the best financing for any of your projects or purchases.

Good Luck,

Stacey

Hi Matt,

Which renovations will add the most value will vary according to location. In some areas, the finsihed basement may be more highly prized...in others, not so at all. I don't know if there are any Kalamazoo agents on Voices, but I do know Maureen Francis from crossing paths at several real estate meetings, and do recommend that you reach to her for adivce or referrals. She's very well respected by many peers and you would be in good hands.

Best of luck..
Deborah

Matt,

I went to Kalamazoo College and lived in Kalamazoo for many years after that. I would recommend you call the Realtor who sold you the house and seek their advice. You need someone who knows your local market to answer this question for you.

If you need someone to talk to, please let me know. I know some great Kalamazoo Realtors.

Good luck!

Maureen

Hi Matt, Not sure if I understand about the apartment, is this what you want to do or just get more room for your family. If you want the apartment you may want to check and see if its allowable in 49008. If you want more room I would sell and buy, its hard to sell now but its also time to buy. Personally if you want stay I'd redue the basement. That's alot cheaper option. You should also know that if you spend for example 30K on improvements that doesn't mean your value will go up the same. Thats my two cents anyway and by the way I'm in Portage. Herb

Matt,
You do have options, but in our opinion the option of finishing the basement should be the last one considered because after you are finished...what you have is still a basement.

We believe your best considerations are the addition above the garage or selling and purchasing a larger home. To be able to get an accurate feel for the best of these two options, it will be extremely important to get a feel for what types of homes would be available in your price range.

Our advice is to not make a decision until you have a better feel for your target market, have seen a number of homes to consider, and have an estimate for the cost of your addition for consideration.

Matt, the clarity you are seeking will come after you have collected all of the important information.

Good luck

If you sale a home move into a large home you have realtors fees and closing costs. Confer with CPA determine what would be tax advantage for you. However many families cant withstand the process for home remodeling.

Build above garage nice however cutting thru a roof can be expensive tie into the remainder of home apartment would be great feature for a home.

Basement finish out could reduce your cost not involved with roof construction. However would it have windows? Families could see that nice room with no light.

Search for homes in your area inspect tour open houses and etc. determine how your reno' would work with other homes in area. Many families make HUGE mistakes costly they did not work within home sales for area. I seen some families updated add $75K AND could not sale the home till years.

Appraiser is a professional who can also assist in decisions worth money spent for opinions rendered.