I have a large 1 bedroom apartment that I will be renovating next month. It is large enough to carve out a 2nd bedroom with some partitioning. But the new 2nd bedroom will be on the small side and will not have any window.
What say you BP.... should I go for it, or leave it as a 1 bedroom?
I could rent the 1 bed for 800-900. 2 bedrooms go for up to 1200. For this one I could probably get 1050-1100.
@Max Tanenbaum I like the idea of turning it into a 2BR, but without a window, I don't think you can legally use it as a bedroom. I'm pretty sure you need a method of egress besides for the door, which a window would be.
First, I believe code requires you to have a window before you can consider it a bedroom.
When considering a renovation, there's very basic math involved:
Renovation cost divided by the increased rent = # months to recover cost
Example: it costs you $2,500 to build a new bedroom. You increase the rent $150 a month.
$2,500 / $150 = 17 months
I can't say for certain without knowing the dimensions, cost, and the demands of your local market but I wouldn't recommend it based on what you've shared. The more bedrooms, the more people squeezing in and the more wear-and-tear on the rental. I'd rather rent a spacious 1-bed to a single person or couple.
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