Cost of converting a den to a bedroom in a finished basement

Cost of converting a den to a bedroom in a finished basement

Anchorage, AK · Member since 2015 · 11 posts · 7 votes

Hi everybody! We recently purchased a duplex (we are house hacking, it's our first one) and one of the units has a finished basement that is currently being used as a den. A quick Google search didn't come up with anything, so I figured I'd throw my question out here--anybody have a rough estimate on how much this might cost? The basement is below grade and we would for sure have to put in a window. 

Also, we are in a super high demand neighborhood. We are considering making the unit into a five bedroom, as there is the space for it downstairs, and renting it out to college students. I've read other BP posts that say adding bedrooms is only a good way to add value if it brings your unit up to the neighborhood standard (AKA, your property should be approximately the same number of bedrooms as the houses surrounding it). As one of the only multifamily's in the neighborhood, our property is already pretty nonstandard. Making it even more nonstandard is the fact that we currently live in a unit above a detached garage. Should we still try to stick as close to the neighborhood norms as possible, or is our property already so atypical that it's not worth even trying?

Thanks for reading, and I look forward to hearing your thoughts!

Emma

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  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    9y

    @Emma Brooks

    You would need to install an egress window and accompanying window well - if the window is at, or below, grade.  Around here it can cost $800 - $1200 to have the egress window and well installed - I have no idea what the costs would be in Alaska.

    As for adding more bedrooms to your existing unit, you might first check your local by-laws and zoning to see if there is a limit on the number of unrelated adults permitted to co-habitate in a single dwelling unit.

  • Anchorage, AK · Member since 2015 · 11 posts · 7 votes
    9y

    Thanks for the speedy response, Roy. Your cost estimate for the window with egress is much more reasonable (and narrowed down) than the top hit on Google--$2,500-$5000! Quite the range. I looked into it, and my area has no laws regarding the maximum number of unrelated adults permitted to co-habitate in a single unit. 

    Looking at this from the exit point, when we sell the house, is it generally a strike against you if you are selling a property with more rooms than the average house in the neighborhood has? Our place is already considerably more expensive than the surrounding homes because it is a duplex, but its assessed value has already gone up quite a lot since we closed six months ago. Houses in this neighborhood sell before they hit the market. 

    Thanks again--I am totally brand new to this and excited to see where it can take me.  

  • NY · Member since 2018 · 38 posts · 5 votes
    7y

    @Emma Brooks Curious as to whether you ended up converting the basement, and if you did how much you were able to do it for. Thank you and happy (almost) new years!

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