Remodel of split level for rental

prismfisher · 01-13-2012, 09:10 AM

We have a 1980 split level home that kind of fell upon us. We know it needs a lot of work and want to rent it out for a while and then sell (when marked picks up)

We have totally gutted the downstairs (which is partial basement) as it had no or little insulation. The master was downstairs with small bathroom and sitting area (not very functional) Our thought is to convert the entire downstairs to a master suite (with french doors opening to the sitting area) with the upstairs being 2 smaller br and another bath.

There are small basement windows and one front facing 3x4 window in what would be the main bedroom area of the downstairs.

The upstairs will get a face lift with a new bathroom and kitchen.

My question is the validity of doing a master suite downstairs in a split level and reprocussions on the resale value. Has anyone done this?
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Here are a couple of photos

jimmyfloyd · 01-13-2012, 09:56 AM

I wouldn't see an issue with it hurting resale with it being downstairs, especially if there is no space for a master suit upstairs. And I feel having a master suit is better than not having one, as a lot of couples like having their own bathroom.

I would however consider just doing a large open master suit instead of a bedroom with sitting room, unless the sitting room could be a family room too. By opening it up, it opens the options up for the room, and would give any perspective renter/purchaser the feeling of a really large space, instead of two smaller rooms. And whoever purchases the house next could close it back off later on. The other thing it does is allows that large space to be used as a family room should a young couple, or two friends rent/purchase the place.

TarheelTerp · 01-13-2012, 11:48 AM

As a rental... there is rarely any % in doing more than cleaning and painting level work.
If you put in carpeting... don't expect it to last.
Fix what needs fixing but don't do more.

I the event the place is to be sold in 5 or 10 years...
deal with what you find needs doing THEN.

prismfisher · 01-13-2012, 10:28 PM

I appreciate the responses. As far as a rental goes, that is our initial plan, however I cannot in good faith just do some cosmetic repairs because as a landlord, I do not want to be going over and repairing ever little thing that needs to be done.

As far as the basement goes, it is concrete walls however they are only about 25% subterranean and will probably have them faced with foam board and then studded out and insulated. We live in Montana so warmth is a big issue and humidity / moisture is not as big a deal as it is very arid here.

I appreciate the feed back on the master suite.... Here are two views from same corner of the br and the sitting area.

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TarheelTerp · 01-14-2012, 09:15 AM

Quote:

Originally Posted by prismfisher

As far as the basement goes, it is concrete walls however they are only about 25% subterranean and will probably have them faced with foam board and then studded out and insulated.

That sounds nice. If I lived there I'd do the same.
The issue is the cost vs the return for the business.

Without doing anything more down there than what is NEEDED to create a safe, open ceiling, 3 season kids ping pong and TV rec room... how much would the rent be? vs.. How much more in rent income do you expect to get by doing the work? Then do the math.