We're about to start a large rehab project in the inner Minneapolis suburb of Golden Valley. We've completely gutted the house which was close to 5500 sq/ft when we purchased it. Thanks to the new fire suppression law in Minnesota, we plan to finish as close to 4500 sq/ft as possible but not more. $10k for fire suppression isn't in the budget.
Question is, this house was configured with an inlaw suite in the walkout basement. We're not sure if we want to keep this one, possibly two, bedroom suite or lose the second kitchen and add walkin closets to the lower bedrooms.
Any insight on the value of inlaw suites
I don't think inlaw suits add value any more. But I wouldn't swap it for a walk closet. Turn it into a wet bar. With 5500 sq/ft in GV you will get more bang for your buck if the house can entertain well. Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.
With a home of this size you want to sell life style and comfort more than anything else.
Apologies for the typos.
Mother in law suites shrink your buyers pool - a great asset for someone that is looking for that specific feature - a deterrent to the other 95% of folk that would prefer not to have it. In either case it will cost more to finish that space than it will bring in an appraisal.
I am a licensed Realtor in the Twin Cities and I agree with both mentions above. Well said gents. It is like having a pool in the back, your buyers pool shrinks quite a bit.
Thanks for the input @Dan Coleman @Travis Sperr and @Omar Sprandel . This house was a bit of a challenge given it's size and configuration but we have finalized a design and we have excluded the suite. It's going to be a 5 bed, 4 bath home with two fireplaces and three entertainment areas. A large great room on the main floor which will include the kitchen, a fireplace and two siting areas. A man cave in the basement which will have it's own exterior entrance, a bathroom, a wet bar, AV system and access to a lower level single stall garage. Right outside this will be a good sized game room with a fireplace, sitting area and sufficient space for pool table or other games. Off to get my permits.
That sounds outstanding Chris!! I think you made some great decisions.