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I have a 1950's home (bought out of a foreclosure at half market value) that I am currently renovating. I live there, but I will probably sell it when the renovation is done. It's pretty typical of a 50's home: 1 bathroom, 3 tiny 9x10 bedrooms, and small closets, (if any). The full-size basement is unfinished, and walks out to a two car carport. It sits on a .8 acre lot in a neighborhood with a lot of retired folks.
Question: I'm definitely tearing out the carport and building the 3 car garage with a workshop (I'm doing this one for me, whether it adds value or not.) Will a 1000sf, 2 bedroom, 1 bath addition to the house (above the garage) add much value to the house? It will make the house a 5/3, 3000 and one of the largest in the neighborhood.
Neighborhood Stats (if it helps): The average house is 3/2, 1700sf for about 150-160k. (The houses in the neighborhood run from 2/1, 1000sf at 120k to 4/3, 3500sf for 220k. There is one 7/3, 3200sf currently listed for 249k, I'm curious to see what it ‘actually' sells for.)
Thanks for your opinions!!!
P.S. I do my own work (to code, with permits and inspections), so my renovation costs are far low. I have already replaced all plumbing and am starting the electrical. I've gutted the bathroom and rebuilt it with custom marble and new fixtures. The kitchen will be updated with granite countertops, custom cabinets, and stainless steel appliances. The basement will be finished with a good sized master suite, guest bedroom and a home theatre family room. I will be tearing out the carport and building an attached three car garage, possibly with an addition above it.
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Larger addition in a home this age is always better
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