I am currently remodeling a flip in Denver which has a mother in law potential with a walkout basement. I am wondering if having a mother in law addition is a good feature for sales or better to change to a big open house. the price range of the house is 800K in Denver.
What part of town is it in? Is there an existing kitchen down there, and is it zoned for it?
This post has been removed.
Although you mentioned that it's a $800k house, I think it makes a big difference what kind of house that is for the area. If it's a high-end house, then it might not be a valuable selling point. If it's the kind of house that would attract a market who would appreciate a mortgage-helper, then it's a great idea. On the other hand, I think the future will place a great deal of value on a ground floor, wheelchair accessible suite as the proportion of seniors continues to grow. And a lot of twenty somethings end up moving back in with their parents in markets that are too expensive to break into. For those and a few other reasons, I'd lean towards adding the suite but a local realtor would be your best source of info.
@Ric Weidner the first step is to see if you can get a building permit for it. That will answer the zoning question. If zoning doesn't allow it, then you can't get a building permit. If you are adding a 2nd kitchen without a permit, I would not advise that, especially in an $800k house.
Thank you for all your advice.
University Hills, No existing kitchen, not sure the zone
We totally agree. Thank you
Good point..Thank you for your advice.
personally I would ask real estate agents you trust if there are more people looking for inlaw set ups in the 1 mil range than there are available houses
I highly doubt UHills zoning would support this kind of addition. Was this home built in the past 10 years?
Hi Matt No, this brick house was built in 50'.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing