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Real Estate What type of room addition to build?

Discussion in 'Real Estate Investing' started by biophase, Jul 26, 2007.

  1. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I've got a dilemma.... I have a 2500sf home in Scottsdale,AZ. It's currently 3br, 2ba. I have enough space to cram in probably another 1000sf on my lot and still have a huge backyard.

    Homes in the area are selling for around $220/sf. So my house is worth $550,000 right now. The area does support home prices up to $850k.

    Some here is my dilemma on what to build. Give the assumption that every option costs the same to build what do you think would give you the best return?
    1. Separate detached guest house (1bd/1ba/sm. kitchen) w/carport - 400sf
    2. Standard addition, 2 bedroom, jack/jill bath, hometheater room - 650sf
    3. Standard addition, 2 smaller br, jack/jill bath, ht room, 2 car garage - 550sf
    4. Go big, add 1000sf :)

      BTW, I'm estimating about $100/sf to build the additions, no fancy upgrades.
     
  2. Jason_MI
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    Jason_MI New Contributor

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    Well, quite frankly, lets start with the purpose of this addition; is it because you intend to live there for two years and increase the value? Because your family needs more room? Because you want something specific (e.g., media room, etc.).

    Also, what do you currently have and what sells in your area? I ask this, because in my area, if you wanted to increase resale and didn't have one, it'd be a no-brainer to go for the garage. Absolutely. But in a warm climate like yours, that might not be as important.

    Also, where are you getting the sq ft figures from?
     
  3. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I live here and intend to live here for a few years. I don't need the addition for living purposes. I just have an empty side lot and would like to add value.

    The sf numbers are just based on what I'd build. My main goal in sf is to get it to above 3,000sf total.

    I really think I need to add an additional garage. The 800k+ homes in the neighborhood all have 3 car garages. Plus I'd like the extra storage space.

    I've attached an aerial shot of the house.
     
  4. emorgan
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    emorgan Contributor

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    both

    Hey remember we were talking about how homes were trending towards having two master bedrooms? Can you add a master and a third car garage?
     
  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Bio I didn't know you lived out here!

    As for the Q, hard to say without seeing your layout ... but I second Erin: Id go w/another master suite and add a garage. Not sure if "casitas" add value ... maybe an experience realtor in Scottsdale would know since they are popular out there.

    Keep us updated!
     
  6. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    MJ,

    I moved out here 3 years ago. Just moved to Scottsdale from the westside in April. Been hanging out with SteveO at the golf course. :bgh: lol

    Erin, MJ:

    I've been thinking of an additional masterbr but that would mean another fancy bathroom and large walkin closet. I didnt want to go too fancy on the bathroom due to budget reasons. Also, this mbr wouldn't have any decent window views, so that's why i was thinking of just regular bedrooms.
     
  7. emorgan
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    emorgan Contributor

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    What!?

    The view of rocks and bushes is fabulous. What are you talking about Kdog.

    Maybe Casita is something to look into- is that sort of like a mother in law quarters? (failed Spanish, only learned "Donde esta los banos por favor)

    Lost my mind, I'll be heading to bed now...

    :leaving:
     
  8. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    one now, one later?

    If you are planning to stay there for long time then why not just add the garage for now and, when really thinking about moving, get heads on on the MBr addition? Yes, I know, maybe dealing with two separate projects at once is not a great idea, but that way you don't have to front the expense now.

    By the way Erin, Casita means "little house"
     
  9. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    my 2 cents

    I would call 2 appraisers (because I am skeptical) and get their opinion on your options and ask them what would increase value according to comps in the area.
     
  10. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I would love to build just a garage now. However, once that is built, it would block construction access to the back of it. I'd probably have to demolish the new garage to build the addition. So... I'm gonna build it all at the same time.

    I attached a new picture below.

    Red is the new garage
    Blue is room addition
    Brown is a patio
     
    Last edited: Jul 29, 2007
  11. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Ok, I couldn't attach it to the post above so here it is.
     
    5 people like this.
  12. Jason_MI
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    Great pic. Being that your area is so entirely, completely different than mine, I'd have a tendency to take the advice I quoted above. What is going to really bring you the best return in the timeline you've quoted? I can't say (well, not from being in bottom of the barrel Michigan), so that's why I'd go that route.
     

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