Profile picture for CeeAnton

Question 2: Is a large addition worthwhile?

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.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 13 2010 - Gra-Mar Acres
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Best Answer
You don't want to "over-improve" for the neighborhood. Generally the larger homes get less dollars per square feet in a neighborhood, so you may not get your money back out of it if you put in too many "bells and whistles", especially in that price range. 

Right now, first time homebuyers are driving sales in the real estate market and they are very price conscious. Pricing a home to stay in their budget is important.  Looking at what has sold, not what is currently on the market will give you an idea of what homeowners in that neighborhood are getting for their homes.  It will also give you an idea of what buyers want in the area.  Have they been buying the houses with 3 small bedrooms on the main floor, or the houses with 2 larger bedrooms on the main floor with a bedroom in the basement? The house at $249k may be beautiful but the homeowners may never get back what they have put into it. 

Getting a Realtor to pull the sold comps. which are specific for your area and discussing them with you, is your best bet before you make a decision.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 14 2010
Profile picture for CeeAnton
Thank you all for your advice!  It really helps to get some professional input on which directions I should head.  I think I will talk to a couple of agents who know this area to get their advice, also. 

At this point, though, I think I'm going to finish like this: Combine the two small bedrooms to make one large one with a walk-in closet on the main floor.  Combine the other bedroom with the living room to make a nice great room.  Build the master suite (with large double stand-up shower), a guest bedroom, and family room in the basement, and do the 3-car attached garage, without the addition above it.  It will give me a normal-for-the-neighborhood 3/2, at around 2000sq ft.  Larger than average, but not the largest...and focus on livability and features.  I always do high-quality work.

Thank you all again!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 17 2010
Well from a builders standpoint, one thing you mentioned is that you do your own work which I am assuming you want to recover ($$$) when you sell the house.
I would make sure I didn't spend to much time putting in to much of your own labor and then have a house that cant sell in that neighborhood.

I would talk to the agent you either used to buy the property, or the agent you used to buy the property from and get a complete breakdown of what sells in that neighborhood and what does not, before I got in to the remodel to far.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 15 2010
Profile picture for droopyd
I will say that the small bedrooms will make the house a harder sell.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 14 2010

Larger addition in a home this age is always better

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 13 2010
 
Related Questions
(Question 1: What's better: Larger rooms or more rooms?
Profile picture for Linda Strasberg
Latest answer by Linda Strasberg
February 18 2010 | 5 answers
Question 2: Is a large addition worthwhile?
Profile picture for CeeAnton
Latest answer by CeeAnton
February 17 2010 | 5 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 816 Lemont Dr, Nashville, TN Home For Sale
    816 Lemont Dr, Nashville, TN 37216

     For Sale: $248,900

    • Beds: 3
    • Sqft: 2241
    • Baths: 2.0
    • Lot: 37897
  2. 921 Malquin Dr, Nashville, TN Home For Sale
    921 Malquin Dr, Nashville, TN 37216

     For Sale: $359,000

    • Beds: 3
    • Sqft: 2268
    • Baths: 3.0
    • Lot: 7405
  3. 4504 Broomfield Dr, Nashville, TN Home For Sale
    4504 Broomfield Dr, Nashville, TN 37216

     For Sale: $169,900

    • Beds: 3
    • Sqft: 1620
    • Baths: 1.5
    • Lot: 23958