Former clients wish to renovate their home. A great idea, and it will greatly improve their quality of life for them whilst they stay in that home. The contacted me to ask that if they made some changes like raising a now enclosed porch floor (which slopes), extend the home a little, would they be able to get $450 a square foot the home when they go to sell…. Wow! Loaded statement.
I had to first explain that the homes currently selling in their area are being sold at around $320 per square foot, and this is based on not only the property condition but also current market stats. For me to inform them now what their home would sell for when I am not cognizant of the future market stats nor of the level of quality renovaton they would undertake, – would only open me up to all kinds of liability, and we are not fortune tellers…
In this particular case, I suggested a feasibility study. I suggested they contact a local architect and gave them several names,. The architect would be able to let them know (for a cost of around $750 or so) what the zoning rules are, where and how they could expand, and give them an idea of what it would cost per square foot to expand…. I then suggested that they factor in all of the costs he would provide, and compare them to the price per square foot in today’s market, and sent them a mini CMA so they could what the homes are selling for in today’s market with X amount of square footage, noting that there would be a cap as they live on a busy street. and should factor that in also….At the end of the day, if they are so unhappy with the sloping floor then renovate if it pleases them, but others might not appreciate that renovation as much as they. I also suggested that they use different padding in the carpeting in that area to offset the slope.
Larchmont is GREAT!
