Increasing property value from an apprasier

[Tishon Greene]

Is it a good idea to pay an appraiser to come to your property to help give ideas to increase your property value, other than appreciation and some renovations on your own? I’m converting a garage to an additional bedroom and bathroom which will add value, but I want to try to get max value.

[Will Barnard]

The renting by the room is the X factor here and if that is the business plan for this unit and future ones, then obviously more rooms equates to more rent so it may pencil out or it may not. You will need to calculate the costs of the conversion and the additional gross rent to see how long it will take to have that additional rent return your investment on the conversion. If that timeline delivers a satisfactory return on your capital or better, then it works, and if not, then pass.