Adding Bathroom to Increase Value?

Question

Hi BP!

Looking at a SFH 4/2.5.  Looking to offer max 325k.  I believe this house can probably sell for 400k.

I see other houses with similar SFH but 4/3 that sold for significantly more (100k+).  Wanted to get opinions on weather or not adding another full bath (4/3.5) would increase the value by much?

Also, can anyone give me an estimate on how much converting existing space to a standard full bathroom would be?

Thanks!

Christopher B. · Answer

Outside of you adding a bathroom I have to assume the house doesn't need much work?

Is the house sitting on a concrete slab? Even with the plumbing already in the laundry/bathroom you're looking at some high costs if so. Concrete is a dang mess. Where will the laundry room be now? Is there plumbing where you're moving it to?

Manolo D. · Answer

@Jason Shan You need another agent.

Jason Shan · Answer

@Manolo D. Thanks for your offer.  I've decided to go with the quick profit and keep things the way they are.  My agent told me I probably wouldn't get much for adding a bathroom after considering rehab cost + time.

Manolo D. · Answer

@Jason Shan While you are running your numbers on rehab, someone is already making a cash offer. Take the 75k rehab budget and take the 50k profit. If you can't find a contractor for a 75k to work on a blind scope, I'll take it. There's your hard number without a scope right there. Offer expires tomorrow at 5pm.

Jason Shan · Answer

@Christopher B. Ya not much work needed.  Thanks for the concrete slab tip @Christopher B. and @Mike Hanneman I will need to check on that.

@Manolo D. Thanks for the step by step and guidance.  Will need to figure out hard #s for the rehab first.

Thanks all again!

Mike Hanneman · Answer

The incoming plumbing is the easy part, can be ran through walls. You need to look at the sewer line the needs to be ran. If it is a slab home then you have to demo the concrete to get the sewer line in there. You really need to be exact on your numbers, not these flip it show numbers but real numbers. You need to look at comps in your imediate area to see what homes like that typically good for. If the property is Cali. I guess you can just over finish it, and that seems to work for most, to get their money back.

Jason Shan · Answer

@Manolo D.  The new bath is not going to be near another bath.  No crawlspace. Comps sqft are +/- 500sqft.  Simple mod of floor plan, converting a laundry room into bathroom.

Thanks for the good Qs to consider.  Hope these answers are helpful.

Adding Bathroom to Increase Value?

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