Finding equity opportunity in a SF property.

[Mathew Fuller]

Hello BP,

Currently under contract for my first SFH / attempt at house hacking. My objective was to find a place / location that I would enjoy to live, that had the potential to house hack, and a property that needed some minor work for me to gain experience in renovating / build equity, but also something that was livable starting day 1.

The home has no HOA. It's a 3 bed 2 bath SF home with a fully finished basement.

The first task that I believe can build equity is re-doing the up stairs flooring, replacing the hard wood floors with new laminate flooring. The cracked bathroom tile with new tiling, etc.

The second task is the basement has a large bedroom with a full bath, and then a long space that's adjacent to those rooms is finished but doesn't really conform nicely due to the length of the space. I was thinking about dividing the space in half and adding an extra bedroom in the basement, and leaving the other half as "basement space" (couch, tv, hangout, etc). Have you guys had experience adding additional rooms to increase the value of the property, along with lessons learned along the way?

What other methods should I be looking for to increase the value of the property other than appreciation over the next few years holding?

Thanks