A couple years back I remember walking around a house with an experienced real estate investor in my area. He mentioned that in that part of town, three bedrooms rented for a lot more than two bedrooms, so he added a wall and door to separate one bedroom into two small ones.
I'm guessing this is fairly expensive undertaking; can anyone give me a ballpark idea what the costs would be for doing this in their area?
Permitted, windows need to be egress sized, you need to split heat and put in a closet. It depends on the setup. Not so expensive if you don't have to revamp hotwater baseboard and replace windows. Sheet rock walls are pretty straightforward and a door and smoke detectors plus permits and labor. Also you need to be on city sewer otherwise septic size kicks in and maybe you can't do it. They will re-assess your taxes too.
To frame out, drywall, and paint a separation wall and a closet for the "new" bedroom, and to add a new entry door should be relatively cheap ($700-$1000, including all materials). Of course that's assuming each bedroom still has a window and it's own HVAC duct. If those have to be added for the new bedroom then you're going to see your costs increase.
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