Although there is always a range of buyers, in terms of taste, the trend in Arlington has been for buyers to look for the more standard floor plans and to want to purchase at the midpoint of the neighborhood. Renovations that provide open spaces on the main level are in vogue, ones that simply provide more bedrooms are not so much. Significant changes in appearance for the neighborhood, such as changing the faÃ§ade to look contemporary in a traditional neighborhood, poses problems for the seller. It's not that no one will purchase houses that are unique, it's just that the pool of buyers is smaller.
Trying to visualize adding a full story to a 1.5 story bungalow is difficult, but, it suggests a colonial with a taller than wide aspect. If the front elevation is also changed to present a colonial appearance and the main floor is opened, the neighborhood isn't only bungalows and ramblers, you plan on living in the property for several years, and the costs make sense, this should be a reasonable project.
Finally, we encourage friends and clients who ask this type of question to consider what their house would sell for plus the cost of the renovation, and then to look at prices for a new home with the amenities they'd be adding, before starting on this kind of adventure.
Hope this helps.
Take a look at these Cost vs. Value numbers just published by Remodeling.com: http://www.remodeling.hw.net/cost-vs-value/2014/south-atlant
Again, it is hard to say anything with certainty without seeing your home, as every house is a unique case. If you would like to discuss this further, feel free to contact me anytime.
Susanna Barasch, REALTOR
Christie's International/Long & Foster Real Estate, Inc
Are bungalows in your neighborhood all 1940s-1960s standard 1.5s? Will yours stick out and be very different?
If many in your area have done this and have gained the value, then by all means. The last thing you want it so be the biggest house on the street because then you may find the resale value will be subject to your neighbors.
Even the patio enclosure type additions may not bring the return home owners think they will.
If you're considering adding such a large, costly project to your home, have you considered adding a bit to your existing home, upgraded kitchen, flooring, mechanicals, etc and then selling it to find a new home? Using your second story as a down payment?
Definitely talk with a good Realtor in your area to weigh all of your options and see proof that it will work in your best interest.
Naturally, if you plan to live there forever, do whatever you want to the home as you're doing it for yourself and family. But if you're contemplating a large upgrade based on resale, be careful. It doesn't always work that way...
I'd agree with the other posts, in short these are the variables to think about:
- your location (by zip, by neighborhood, by block)
- your lot size and shape
- how well integrated the addition/bump up will be and the quality of work done
- would this be done for a flip or do you intend to live there awhile?
You are considering a plan that many, many people in Arlington think about. Sometimes they do the renovation, sometimes they move, sometimes they hold off. It all depends on your personal situation. Know that buyers in Arlington will also do their own calculation about how much your renovation cost and whether or not they see the same value that you do. Sometimes they are thankful to get the house all done and are willing to pay for it, sometimes not, and it depends on the variables outlined above.
Hope that helps,
You may consider having a Realtor pull comps and provide a price analysis of your home as it looks now, and also provide an analysis based on what it would sell for after your addition is complete. You can then determine if it makes more sense to add the addition or sell and move up.
I would not expect to create a great deal of value beyond the cost. Though in many parts of Arlington you can come close to breaking even. You also want to make sure any plans create a cohesive product with the rest of the home and that the workmanship is solid, otherwise you can come out with a value that is below the cost.
There are a numerber of things to consider as you move forward as well, such as time you expect to remain in the home and trends in your neighborhood. If many of the homes on the street are being torn down and replaced then a major renovation/addition may not payoff in the long term.
These are just some initial thoughts and by no means represent the scope of the decisions and questions involved.
Some improvements are obviously better than others when factoring in resale recoupment. However, there are very few things you can do to your home that will recoup full value upon resale of the property.
I usually advise my clients to do what "they" want to their homes, and not worry about what it will bring in the future. After all, they are the ones who will be enjoying the amenities.