- Real Estate Attorney
- Dallas, TX
- Votes |
I'm looking at a house that would need to add a master bath if it was to sell properly. So, I would need to move plumbing about 10 feet from existing plumbing for the washer/dryer (closest plumbing). It is a slab foundation, so I would assume it would need trenching (perhaps the water lines could run through the ceiling, but sewer would need to be in the floor).
I like everything else about the house, but had originally written it off because of the bathroom issue. However, the place has been on the market for about a year and I'm thinking there might be room for negotiation on price...
If you want the full story:
House is a 4/2 2,400 sf.
List price is $79,900
ARV is around $125,000 (conservative - could go for $150,000)
Roof and foundation are good. Needs an outside A/C unit and needs an electric meter (its an REO and it looks like the bank removed these, they do not look stolen - remaining lines seem too neat). Also, all carpet was removed inside (tile in kitchen still looks good).
Garage was converted and the conversion looks to have been well done.
I estimate that it would need all new flooring. The A/C and electric need work and probably a new water heater. Furnace looks old but could probably be repaired (I'd budget for replacement though). The kitchen needs new counters, fixtures and appliances and paint on the cabinets. Also, new lighting and doors throughout. Upstairs bathroom needs to be spruced up (not a total gut). Needs paint throughout as well.
The major concern is that the master bedroom is downstairs and the bath is the only bath downstairs so is shared with the house. I would want to use the existing bath (its small) as the guest bath and create a new bath in a portion of the converted garage (this shares a wall with the master) to create a master "suite".
I don't have my spreadsheet with me, but rough estimate I had $30,000 just for the necessary stuff (flooring, paint, A/C, etc.) and with the existing numbers, that will not work (much less leave room for the master bath) but if I can get a price reduction, the number might start to look better -- just need to know what costs would look like for the master bath.