Insight on current value of inlaw suites

[Chris Christianson]

We're about to start a large rehab project in the inner Minneapolis suburb of Golden Valley.  We've completely gutted the house which was close to 5500 sq/ft when we purchased it.  Thanks to the new fire suppression law in Minnesota, we plan to finish as close to 4500 sq/ft as possible but not more.  $10k for fire suppression isn't in the budget.  

Question is, this house was configured with an inlaw suite in the walkout basement.  We're not sure if we want to keep this one, possibly two, bedroom suite or lose the second kitchen and add walkin closets to the lower bedrooms.

Any insight on the value of inlaw suites  

[Dan Coleman]

I don't think inlaw suits add value any more. But I wouldn't swap it for a walk closet. Turn it into a wet bar. With 5500 sq/ft in GV you will get more bang  for your buck if the house can entertain well. Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.

With a home of this size you want to sell life style and comfort more than anything else.