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Home
Renovation Manhattan, NJ & Westchester: Do Ground Level In-Law
Suites Up Resale Value? |
As US homeowners become more and more anxious to sell their homes
in today’s sluggish market, many NY, NJ and CT homeowners
are turning from traditional pre-sale remodeling like basic repainting
and landscaping to more dramatic renovations like tearing down
walls or structuring bathroom floor-plans. In fact, Harvard's Joint
Center for Housing Studies claims that homeowners spent $168.7
billion in renovations and fix-up jobs last year, up 1.5%.
But does all this frantic renovation make sense and will it up
your home’s resale value?
The truth is that while it’s important to fix major problems
like leaky roofs and poor siding as well as update appliances and
renovate major rooms like NYC
kitchens and NJ baths, it’s
not really necessary to do more than what’s standard in the
neighborhood. The real estate agent’s old mantra about location
and school district being primary attractions is still holding
true despite the mortgage crisis and subsequent languishing home
sales. Making your home the best it can be is a great idea, but
you won’t always recoup the costs of unnecessary renovations
or additions on resale. And chances are the new buyers aren’t
going to be as excited as you are about that new wet-bar anyway.
Stick to standards in renovation but eschew stylized affectations
that are too hinged on your own personal needs and tastes. Anticipating
the needs of homebuyers can also be unpredictable, so leaving things
as-is from a functional perspective might save you money in the
long run.
owever, what if you’re looking to build a separate, self-contained
suite for your in-laws? Does this have the potential to reduce
resale chances and profits? Or, if you’ve already got an
addition like a mother-in-law suite with a kitchenette or two master
bedrooms, would it make sense to remodel the suite into a simple
first floor bedroom?
If you’ve already got a ground level mother-in-law or “grandfather” suite
you’re probably better off leaving it in—after repainting
and updating any appliances in the kitchenette, that is. (A mother-in-law
with a circa 1980s fridge will definitely prove to be a drawback
for any home.)
It may, however, actually make sense to build a suite for in-laws
or family members with recent health concerns or for your own future
use should you decide to remain and wait out the housing crisis.
As the American population ages, more and more baby boomers are
finding themselves caring for their parents and may soon discover
that they themselves need first-floor (read wheelchair accessible)
master bedrooms. A first floor suite can also house a live-in housekeeper
for an upscale Westchester home, or even serve as a perfect place
for adult children to stay post-college and before they can afford
their own homes. (And how many families in NY’s expensive
rental market find themselves in that predicament?)
Even removing a second master bedroom in the suite may not be necessary:
the National Association of Home Builders says surveys confirm
that 59% of buyers prefer a first-floor master bedroom and that
by 2050 62% of luxury homes may have two master bedrooms.
If you do decide to add a mother-in-law suite, you’ll need
to consult with an architect to make sure any additions fit with
the home’s current design and blend in well with the neighborhood
for maximum resale value. The good news is that adding more space
can potentially add this value without the need to remodel again
once your selling. An attractive ground level suite can also add
both flexibility and space to your home without the added financial
and time- exhausting risk of remodeling for your buyers as you’re
trying to close on your property.
The bottom line is that in today’s booming home renovation
market, homeowners need to build smart if they’re looking
to turn a tidy profit on their homes. A first floor suite is a
potentially viable way to do this without damaging resale value,
creating interesting investment opportunities both from a financial
and personal perspective.
Call MyHome today at 800.730.0148 and find out about how we can
create a perfectly self-sufficient ground level suite that fits
into the tone and taste of your neighborhood. Our seasoned construction
team will build the perfect addition that will improve the investment
potential of your home while minimizing the need for future renovations.
Whether you want an addition or to transform the space you already
have, our full service concept makes sure that style, cooking,
and bath needs are all synched perfectly whether you want to resell
in a year or rebuild for the years to come. |
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