helpmepleaseinmass
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 Posted: Thu Oct 22, 2009 7:10 am Post subject: Adding a basement apartment and need help with value... |
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Hello out there. I have been looking all over for help and thought I would try here. Here is my situation..
My husband and I are turning our used-to-be-disgusting unfinished basement into a full sized apartment, with full beautiful bathroom (2 times bigger than the one on the main floor), full sized kitchen, dining space, living space, huge bedroom, and office. We replaced the one crappy entrance with french doors, and added another entrance with french doors out from the bedroom. We are planning on putting a wrap-around porch on the outside, and hardwood flooring throughout (tile in the bathroom). We had to gut the entire basement and put in all new electrical, plumbing, pretty much an entire remodel.
The basement is the entire footprint of the house (I think around 1200 square feet). The house with 1 acre was appraised at $350000 last December 2008 before we started everything, and home values in my town have actually gone up average $24000 since then.
When we are finished, we want to refinance so we can pay off credit card debt. We are also doing all the work ourselves and getting free (expensive) hardwoood floors in exchange for work at another property. Therefore, we cannot gauge ROI.
Anyone have any guesstimate how much I could expect the value to be at afterwards? Thanks in advance for any help you can offer.
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