Quote:
Originally Posted by quasi
With new countertops, sink and fridge/stove I'll be below $5000 all in to add the suite should return 20-25 and make the home appease to a bigger group of buyers.
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It's amazing what some hard work can do to change the entire feel of a home. Good call on doing the renos to attract a larger market. Damn near everyone around here could use a tenant to take some of the stress off their wallets. Making it easy for someone to move in and have a suite ready for that first mortgage payment is one of the best investments you could make.
I have a buddy who has been building his basement suite since 2011. I told him at the time that $15k would be enough to finish what he wants to do. He balked at the money and said he could do it for half that by himself. Fast forward to 2018, and the basement is framed, and has been for years.
Consider this... At $700/month, at an average of 10 months per year (super conservative numbers, I know...) he could have made $49,000, on an initial investment of $15k. That's a net profit of $34k. Even if he did it the right way and paid all of his taxes, etc, he would still be up a few thousand per year. The problem now is that the cost of the renos has skyrocketed. Plus all that lost equity.
It's hard watching people you care about when make dumb decisions. It's even harder when they attempt to justify those decisions.