OfflineHere is a tip I have been able to take advantage of on a few fix and flips that made me an extra $15-20K, especially if you have a good contractor. Anytime you have a covered patio with a concrete floor you may want to take a look at the expense of adding three walls and finishing it off to add more square footage. Typically the cost/ft^2 will be 1/3 of an addition because the foundation, roof and one wall are complete, and if you are in an area where homes sell fore more than $100/ft^2 an average 20X20ft^ patio could easily add $40K to the ARV and cost less than $15K to complete. This works especially well on smaller <1000ft^2 homes that you can get cheap due to their smaller size.
Hope this helps!
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Great idea, Coach! I will make a mental note of this...Thanks for the tip! ;D
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There may be a lot of potential where I live. Thanks!
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Make sure you get a permit. Also make sure you don't price the house out of the neighborhood. If it is a smaller house in a neighborhood, it's ok, because that will bring it up to par with the rest of the neighborhood. But if it is a bigger house in the neighborhood and you make it the biggest house in the neighborhood, it may be tough to recoup the cost of the additional square footage. That's what happened to my parents. They had a house in a $70-75k neighborhood and did some additions. At price per sq/ft with the comps it was worth $88k, ended up selling for $78k. Buyers kept saying it was a nice house but if they were going to spend $90k, they would be looking in a different neighborhood.
Are the flooring and foundation, and the roof are up to code; previous owners may have built patio to code, but when converting to enclosed room, the codes will be different than for open spaces...
Valerie
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Chances are, there are no footings under the patio slab. If you build an addition with no permit and its not to code you will be tearing off your new room next month to be able to sell the house. Careful.
That's a great idea! I didn't think about that, If there's enough room in there or an attached covered car port, you could enclose a section of it, equal to the size of a bedroom, yet still have a decent garage. Just another way to squeeze out extra sqft. where you can.