I am looking at purchasing a multi family house in the Boston Metro North/East area. (Chelsea, Everett, Malden, Revere, East Boston) There are several homes that some of the units within the house have 4/5bd and 1 bath. Would there be a significant value increase if one were to take and make one of the units 3bd and 2 bath? Creating a Master on Suite?
Hey @Corey Besner I don't know the answer to your question, but I do have a suggestion.
Have you set up your keyword alters yet? You could type in your area as a keyword and get notified when someone mentions that area, then proceed to ask them your question in a private message.
Best of luck friend!
Yes, a second bath in a four or five bedroom house will add value. A master suite with a fancy bath may add value, too. The best way to figure out how much is to watch properties on the MLS. Find an agent and go look at 20, 50, or 100 of them in your area. Go to open houses. Watch the sales and see what the selling prices are. This will give you insight into what adds value in the area you're studying. Maybe baths, but could be other things, too.
So you finding multifamilies that have a unit that has 4/5 BRs in those places?
Holy crap how big are these places?
I tend to find around here you rarely see more than 3BR and often times when you do the other unit is a 1BR.
Anyway to your question if you have more than 3BR it is really tough to have only 1BA, even around these parts where it is much more accepted to have only 1BA in a house. I think that the extra full BAs are somewhat overrated. There isn't that many times 2 people must shower at the exact same time but in a family of 4+ someone needing to pee while someone is in the shower seems to come up a lot.
As far as adding a Master type BA I don't think that you will get all that much more in rent, and I don't think it is at all expected in those areas. If it is just as easy to do that then it won't hurt but I would not pay a big premium over just doing a half bath off the kitchen type setup.
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