I almost close on a duplex. 3 bed and 1 bed. Is it a good idea to add 2 more bedrooms to the 1 bed unit? there is plenty of room in the attic.
Is there easy access to the attic with stairs already? Or do you have to cut into the existing floor plan? I would think a 3 BR would get you a few hundred more $$ rent easily (though admittedly I don't know comps around there well).
Are both 1 bath units? I wonder if a 2BR 2 bath (with a master suite upstairs) would entice renters.
@Mike McCarthy Yes there is easy access to the attic. Yes they are both 1 bath units. Should get $200 more with 3 br.
One of our favorite strategies is adding beds and baths in unused attic space! The first thing you need to do is check local zoning and housing codes and make sure the addition is possible/legal. If you are not familiar with the codes, you can either hunt around online, or go make friends with the city official in charge and ask lots of questions.
Assuming everything checks out with the city, there are several other considerations you need to take into account in pricing out the addition. Does the available attic headroom meet the minimum requirements for habitable space? If not, can the rafter ties be raised? Is there appropriate egress? Is the existing furnace (and A/C) capable of heating/cooling the new space, or will it need to be upgraded? Do you have to run new HVAC, and if so, is there space to add the new ductwork (a closet perhaps)? Do you have room for additional circuits in the electric panel? Are the attic floor joists sufficient to support living space, or will you need to reinforce them? Is the existing staircase up to code?
Once you have the cost nailed down, it comes down to the ROI. How much are you willing to spend for the extra $ each month? Make sure you factor in vacancy costs during the remodel, and also make sure you have a good understanding regarding current rental demand in the neighborhood (are more people looking for one bedrooms or three bedrooms? Would a master suite addition be desirable/affordable?)
Hope that helps in your decision-making process!
@Jen R. I will have to leave the detail to the contractor, and check what he says with BP & google and hope not to get fooled :D
Thanks for the input
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