Is it worth it to add livable space?

Asked by Dan, Indian Land, SC Wed Oct 15, 2008

I paid "all the money" for the house appraised only as a 1500 square foot home. Estimates for finishing the upstairs runs between $35,000 and $47,000 ( I might be able to do it much cheaper). How much of that might I expect to recoup after I sell the house. This is a pretty easy space to convert to livable sq.ft. so I hope to recoup all of my cost when I sell the house.
Does anyone know the average value of added square feet. How bad is it to be "priced out of the neighborhood"

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sara rich, Agent, Charlotte, NC
Wed Oct 15, 2008
Dear Dan,

The answer to your question depends alot on the location. I know that the "Location, Location, Location" as being the 3 most important things in real estate is used as a joke, but it really is true. What type of neighborhood are you in and where is it located. What are other houses of the same size as your current house selling for in you neighborhood? How much are houses with the square footage that your house will be after the addition selling for? These are 2 major questions.

Before this market slow down, how was your neighborhood appreciating?

Do you plan to sell the house immediately or do you plan on enjoying the space for a while first? All of these questions need to be researched before an informed answer can be given. If you will let me know what subdivision or area the house is in, I'll see what I can find out.

Let me know how I can be of service to you.

Sara Rich
Rich Properties
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