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The Ultimate Home Improvement Money Maker
By Paula Stone
How long has it been since any Americans looking for a house even been willing to look at any house with less than 2 baths?
Forever maybe. Buyers want at least 2 bathrooms, more if possible. A house with less than 2 bathrooms won’t attract many lookers unless it has a stellar location. So houses with this disadvantage may linger on the market forever. But guess what? That negative may be a moneymaking opportunity. It can also be a good way to get a good home for less money.
Suppose you’ve been looking out in the suburbs. With a barrel of oil nudging $90.00, many of us who face long commutes every day may need to rethink that long commute from the “burbs”. It can get very expensive. Those big houses are expensive to heat and cool, too, making smaller homes more practical and attractive.
Those little houses closer to town start looking pretty good. Many of them have 3 or four bedrooms. The big negative is they often have only 1 or 1& 1/2 baths, a real disadvantage for modern households.
It is also a real disadvantage for resale in current real estate markets. Many buyers won’t even consider or look at a house without at least 2 baths. That’s just the way the market has been lately. Even single buyers want 2 baths. Many homebuyers want at least one bath for every bedroom plus a powder room for guests. It just gets to be a ridiculous amount of plumbing. Maybe you don’t want to or can’t afford to pay the cost for it or the McMansion.
But guess what? A bathroom can be put into a space as small as 5 x 8 feet. A sink, toilet and tub/shower can fit in a space that small. A sink, toilet and shower stall can go into an even smaller space, making a second bath one of the smallest and most cost effective housing investments a homeowner can make. It costs far less than a new kitchen even if you have to add on to the structure.
If you have an existing half bath and room to add on to the house, your addition could be just big enough to accommodate a shower or tub, merely 3 x 5 feet or less. Even in expensive builder markets you should be able to do it for less than a few thousand dollars. If you do some of the work yourself you might do even better. Many people are reluctant to tackle plumbing, not because plumbing is so difficult, but because they don’t want to have to refinish wallboard and make it waterproof. My method is to get everything ready to hook up and let a licensed plumber and electrician finish up. That way I know what’s in there and that it’s done right
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and will pass inspection. Come on! It’s not that difficult.
An addition requires permits and inspections. Some communities require them for remodels within the footprint, too. Many communities don’t if you don’t add on to your structure and you are the homeowner. Your local building inspector or improvement store can help you with the details, probably on line.
The best payoff you will get out of that second bathroom will be at the time you need to sell. Your house, no matter how modest, will beat out ANY other property with less than 2 baths. These type properties exist in the tens of thousands around big cities.
These kinds of orphan properties may be the only existing opportunities remaining for people who want to flip houses or want affordable housing. There may not be enough remaining credit worthy buyers left in the market for other types of larger houses, again enhancing the resale hopes of sellers of small ranch houses and two and three level older homes closer in to downtown.
Higher oil prices will have the effect of creating a better market for communities closer to jobs. Look there for opportunities for investment or just good places to live. People with limited incomes from available jobs will be forced your way, regardless of banker and politician dreaming. Big houses will turn into apartment houses again to spread the costs to enough people. The times they are a’ changin, again. Article Source: http://www.ArticleJoe.com Paula Stone is a black belt home remodeler and former Realtor. She works with her husband Ron in his mortgage business. Their website is full of Free information about the mortgage process and real estate. Visit it at www.alabama-mortgage-specialists.com“>Alabama Home Mortgage
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