Reply to Value of basement in NWDC

Forum Index » Home Improvement, Design, and Decorating

Reply to "Value of basement in NWDC"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I know the answers are all over the place, but genuinely interested in people's responses on here.

1600 square foot row house in exceptional location off 14th street (quiet one-way street, regularly considered one of the best blocks around). 2 bedrooms, 2.5 bathrooms, plus den. Has been fantastically renovated throughout. Parking and small backyard. Likely worth around $1.3m. This is a neighborhood where space is at a major premium.

Basement is currently unfinished 4.5 foot ceilings cellar. Would need full digout to get to 8 feet ceilings, and other very significant upgrades (moving systems, support beams, egress etc). So obviously a very major renovation expense. We have an excellent contractor who has done a few friends' basement digouts and with whom we trust fully.

We constantly discuss whether we would ever want to do this major project. We further debate whether, if we did it, would we turn the basement into a legal rental versus just turn into more living space for us. In either case, we would get around 600 sf new finished space, add one extra bedroom down there, full bath, and then main living area. Legal rental would require new exterior stairs and a kitchenette; living space would require re-configuring the current interior stairs area. So accommodating both (i.e. design for our own use but add kitchen etc so we could easily rent) would probably add $10-$15k more costs than just picking one or the other. We have a 3 year old and regular overnight guests, so having a big playroom plus third official bedroom down there would be a plus.  But we don't really need the extra space, and obviously it would be great to have rental income.

I have a pretty good idea, but just wondering what kind of value people think either of these projects would add to our house.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics