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All Forum Posts by: Kristen G.

Kristen G. has started 3 posts and replied 10 times.

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@John Teachout

This is a good point. Yes, we have room for a bathroom in the attic/third floor. We plan to add later on.

For now, we are planning to use this project to quickly increase the home value for the cash out refinance.

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Todd Wheatley

Great, this makes sense. Thank you again for your insight. We really appreciate the guidance!

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Todd Wheatley 

Thanks again for your advice! Can you tell me if we’re understanding this right..

Based on the comp averages listed, if we were to finish the attic space to increase our square footage to from 1800 to 2260 sqft, (+460sqft) the estimated home value would increase from approx. $640k to $804k? (Using $356.56 $/ft for 4 BR).

Also, do you happen to know how the square footage of our lot would affect our cost per square foot? Our lot is 3550 sqft and a lot of the comps we’re seeing seem to have bigger lots.

We understand these are just estimates, but looking to get a better idea if this project will increase our property value enough to get more cash out during the refinance. We expect the project to cost about $5k as the attic is framed and the electrical is in place.

Thank you!!

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Todd Wheatley Thank you so much for the detailed reply. This is a big help. Also didn't think about storage.. we do not have a basement and the attic is our only real place for storage. Thanks again!

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Aaron K. Thank you for the reply, this is helpful - I appreciate the info! 

Post: Does adding a bedroom guarantee significant home value increase?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

We are planning to do a cash out refinance soon on our SFH at 80% LTV to get as much cash out as possible to invest in our first rental investment property. We have a 4BR 2B, 1800 sqft home in Waltham, MA, and considering finishing our expansion attic to add a 5th bedroom and approx. 460 sqft living space.

Before we move forward with finish the attic, we are looking to find out how much value this would add to our home. We have looked at comps in the area, but it has been challenging to find clear differentiation between 4BR and 5BR homes with similar square footage. 

Does anyone know if there is a better way to evaluate this potential project? Is it possible for an appraiser to provide an estimated appraisal based on the proposed work?   

Thank you! 

Post: Bedroom requirements for home appraisal

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Kenneth Garrett

Thank you so much! This is very helpful.

Post: Bedroom requirements for home appraisal

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

Hello, we are considering finishing our attic before doing a cash out refinance in order to increase the value of the home. We would like to finish it to add an additional bedroom to the home. We’ve read the requirement in MA is 7ft minimum ceiling height to be considered a bedroom. Our attic ceiling height will be just about an inch short of 7ft.

Does anyone know if home appraiser would measure to the inch? Any chance this would still qualify as a bedroom?

Thank you!

Post: Can I rent out my single family home?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

@Mason Hickman

Thank you! I appreciate the guidance.

Post: Can I rent out my single family home?

Kristen G.Posted
  • New to Real Estate
  • Boston, MA
  • Posts 10
  • Votes 2

Hello, I am wondering if there are any restrictions with renting out my single family home in MA. I do not see anything listed in local zoning laws regarding this. Do I need to file anything with the town or can I just go ahead and list it for rent? Thank you!