That to me was a wise renovation. I would think that should return well on your investment. To me additional living space like a media room is a big bonus when selling or buying a house. Great space for a man cave or kids to hang out , separate from everybody else.Where we live, a bedroom has to be a certain square footage, have a closet, egress (window of a certain size and height off the floor counts) and direct access to a bathroom on the same level. Since the downstairs bathroom is inside the main bedroom, even if we had put in an egress window in the "media" room, it would not count as another bedroom.
Basements are fairly rare here. Our basement is only under the bedroom "wing" at the back of the house. The stairs down to the basement used to be outside in the courtyard - at some point I think in the early 90s, prior owners extended the side of the house to enclose the stairs and enlarge the master bedroom a little and make the alcove and a walk-in closet. The entrance to the basement was still all the way down a hall to the far corner of the house where the external door was. Charles reconfigured it by opening the basement wall at the bottom of the steps and making the entrance in the middle and dividing the basement into two rooms. The hall then became a utility closet on the side facing the stairs, and a deep closet on the side that used to be the entrance to the basement at the far end of the media room.
Egress window is code on new construction here as well....and I too need to remodel our kitchen and replace flooring throughout the house before selling, and oh the house was built in 97 so it will need a new rook anytime now as well. I had to do a $750 patch of a leak around a vent pipe flashing last year. ......so unfortunately I have a good $30K to really make the house sparkle (would do a steel roof if we have to replace).Looks wonderful --and easy to sell! I just listed a little house last week that I had bought for my son while in college. Proper staging is worth the effort. It quickly went for more than asking price. Get it on the market before the feds raise the interest rates.
And I HEAR YOU on the "why couldn't we have enjoyed the fix-ups?" My current house needs work on the kitchen to sell in the next year or so and my husband is balking at doing it now so I can enjoy it.
Here, a NEW finished basement has to have egress, which counts as a window large enough to accommodate a fireman with full battle gear. Anything used for sleeping has to have a walk out door. Fortunately my house is grandfathered as the egress law was enacted just after it was built. The teeny windows are glass block. If a fire breaks out at the top of the basement stairs, anyone in the basement is toast.
In some ways it is breaking our hearts to leave. We intended to live there for good - but my part-time income no longer sufficed, and we ran through our savings fixing it up and then maintaining it, especially when all three of our adult kids (plus a granddaughter plus a boyfriend who was over all the time) who were un- or under-employed were sucking us dry. Then I started thinking about what if there was an earthquake, and that we still had 15 years left on the mortgage which we were not going to pay off anyway, and our taxes went up - and we were having SO much fun RVing, that it just became clear we had to go. And our neighborhood is changing and we don't like most of our neighbors now. And a few other factors.
But after kicking our kids out, they are all doing somewhat better - everyone is employed, more or less. Their housing situations are all very tenuous - renting rooms in other people's houses - the housing and rental market in San Jose is ridiculous. But I really DON'T want to have to leave them, especially my daughter who is facing some surgery soon. And my father, who is 85 and his memory is failing, lives nearby and he's terrified that his ladyfriend is going to ask him to leave and then he will have no place to live (all he has is $1200/mo in social security, and he lives in her lovely condo and helps take care of her), and so we are going to have to plan to take him in in the not too distant future. But in the meantime, we want to travel while we still can.
Unless the housing market crashes while we're traveling, we will not be able to buy back into the area - that troubles me a great deal. I don't know where we are going to end up - I'm trying to be untroubled and footloose about this, but it is hard.
We had a huge house with 3 car garage, top end finishes, awe some landscaping and a gorgeous pebble tech pool with waterfall and in floor cleaning system for less than $300k in Chandler (southeast valley subirb)For that, you can get a really nice place in Phoenix ....
Unless the housing market crashes while we're traveling, we will not be able to buy back into the area - that troubles me a great deal. I don't know where we are going to end up - I'm trying to be untroubled and footloose about this, but it is hard.
We moved to TN from CO to be closer to parents. We've discussed moving back to be with the children and grandchildren, but what we could afford there would not even be livable. This was the first house we lived in, pre-flip. At one time we thought it was going to be condemned by the housing board. There is no way in hell I would pay >$300,000 for this.
http://www.zillow.com/homes/2425-ponitac-st-denver-co_rb/