Rehab renovation ideas

1 Reply

Hello,

I am currently rehabbing a house. The house has ocean views from the backside.

I intend to make this my retirement home in another 20-25 years. Until then I want to rent out various rooms as a university is close by and possibly keep one room for myself for weekend getaways.

Currently the house has a kitchen and dining area over the garage. This is the only kitchen in the house and the second floor only has kitchen & dining area (no other rooms).

I am thinking of converting the current kitchen into an independent (studio unit) by adding a bathroom and giving an exterior access, this could potentially be the room (studio) I keep for myself for now.

I am also thinking of moving current kitchen downstairs to a room that is really small, however it has an unpermitted bathroom. If I demolish the bathroom, kitchen would be of decent size.

Remodel would look like this,

First floor:

1. Losing 1 BA out of 3 BA

2. Losing 1 BR out of 4 BR (although originally house has only 2 permitted bedrooms)

3. Gaining 1 Kitchen

Second floor:

1. Gaining an independent studio

2. Gaining 1BA

3. Losing kitchen(May add a small kitchenette later on for the weekend getaways)

End result:

First floor: 3 BR, 2BA & a kitchen.

Second floor: Studio with 1BA (plus a small kitchenette in a few years)

Does this remodel financially make sense especially because I am moving a kitchen and a bathroom? What other things I should consider?

This is a random question here but will ask anyways, where should I look for appliances as the house needs all the new appliances for kitchen and laundry, considering very likely they would be used by college students. I saw some kitchen appliance combos on Costco.com between 4K & 5K but are there any other better/cheaper places with decent quality appliances that would take some abuse?

Thank you in advance for your response.

Wow... we will not be able to help you at all with the question 'does this remodel financially make sense'. You are going to need to get in contact with a few contractors in your area and get bids on the renovation. Then you can figure out what the total income will be before and after renovation and find out if the ROI is worth it.

You should also look into your local city building and zoning codes because it sounds like you are making a single family home into a multifamily home which may go against the properties current zoning.

Best of luck!