I currently house hack a 3/1 SFH in Canyon Rim with roommates covering the majority of my mortgage. The house has an attached garage that was partially converted to living space and never finished. I'm considering converting it to a master suite and turning the house into a 4/2. However, it's a small (1,600 sf) slab built house with no basement, so converting the garage would leave very little storage space. My main motivation for the conversion is my own enjoyment of the house - I plan to continue renting rooms for at least the next few years and having a separate area with my own bathroom makes the prospect more appealing. I'd also probably add a backyard shed for tool/lawnmower/bike storage. However, there's a real chance I may only be in the area for another 4-5 years and I don't want to adversely affect the value of the house when it comes time to sell. It does have covered parking with a 2 car carport. Any thoughts on whether a master suite offsets no garage for property values in the area? I'm not a real estate investor, just a local homeowner trying to make reasonable decisions on where to put my money.
And in case the numbers are relevant: I currently rent the 2 rooms for $700/month each. I have not gotten bids for finishing the conversion yet (needs HVAC/plumbing so it won't be cheap) but would be willing to move forward if I can keep it under $25k. The house is probably worth about $375k right now.
A 2 car garage in the SLC area is roughly $10,000 as far as added value to your home. A standard bedroom is $5,000. However you should get an idea of price per sq ft in your area. Then multiply that by the sq footage you are finishing and adding to the home as well. A full bath is also adding $5,000 as far as appraisal standpoint. Since it has a 2 car carport that has potential to be converted to a garage I think that helps. Personally if you plan on staying there for 4-5 years I would go for it.