Home › Forums › Closed Forums › Properties or Areas › How/What to remodel for the best ROI?
- This topic has 3 replies, 3 voices, and was last updated 7 years, 1 month ago by gzz.
April 23, 2016 at 6:46 PM #21951April 23, 2016 at 7:33 PM #796895no_such_realityParticipant
Third option, if the 2/2 remodel has been done well, can you get a better rent and more importantly, better live in tenant with the larger room, semi-private bath. ( I’m assuming the 2nd bath is common area/ 2nd bedroom.
Hard to say without seeing the house, I’ve seen a lot of older ranch style homes that had 4/2 configs in around 1500/1600. Some where really nice and other felt horridly cramped. A lot depends on how open the rest of the plan is and how much space was wasted on hallway and common room tramsitions.
As for the 4/2 with three roomies, might feel a little dorm roomie with that many sharing a bath.
Speaking of which, what is your target market for the tenant/roomies?
Not a fan of your #2 option sounds piecemeal which will detract from resale and good tenants. I’d stick with the as is if down well, or revert to original 4 bedroom config if it can be done well.April 28, 2016 at 1:44 AM #797023gzzParticipant
Are rents really that high that people would pay $700/mo for a very small bedroom and shared bathroom in Mira Mesa? Probably not I’d guess, I know there are still 2/1 places by the beach for $1400, and then the kitchen is only shared between 2 people.
Did you save all that money so you could live in house with a kitchen shared with 3 adults and a bathroom shared with a stranger?
Get one roommate. The quality of your one roommate who has his own bathroom is also going to be higher, with less stress for you, than trying to have three of them there.
The single highest return on investment on home renovations is supposedly replacing an ugly front door with a nice new one. Is your front door already newer and nice?April 28, 2016 at 1:52 AM #797024gzzParticipant
“How much would it cost to build a bathroom (shower+toilet+sink) and a dry wall to separate it from the rest of the house without adding extra sq ft?”
Purchase and installation of a *cheap* shower, toilet and sink is about $1500 and drywall and electrical around it another $1500. Not expensive at all.
The bigger issues are getting the water and sewer pipes there without running them through living spaces, and getting the city permits for everything.
Maybe you should start with some less ambitious projects like repainting the outside of the house, replacing gutters and installing a rain barrel, and making the landscaping beautiful.
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