So now that the house is purchased and backing out is officially not an option... the reality is that I better start moving if I don't want to lose any money. After all, time is money and it's no exception when it comes to renovating and real estate.
When I look for a house, the number one thing (besides area and price) is the layout. I look for a very specific layout and this will vary from neighborhood to neighborhood. In my neighborhood, basements are almost non existent. Most of the houses were built in the 60's and 70's which mean that they are only two stories or ranchers.
The demographics of this neighborhood tell me that the market I need to target are families or retired couples looking for a rancher or a two level with a rental suite. One of the biggest obstacles is finding the right house that can cater to both of those markets.
In order to do so, I need a house that is big enough to have a small 1 bedroom suite that will take up 1/4 of the house. This will generate rental income plus allow the family to still have access to 3/4 of the house. This is especially important if I am trying to cater to young families that will be looking for "room to grow".
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After a lot of hmming and ha-ing. This is the floorplan that I came up with for The Last House on The Left:
Since I have taken possession of the house, my contractor has demo'd the floors, kitchens, and bathrooms. We have stripped the walls of their drywall and left only their frames where we want certain walls removed or moved.
Now we have a clean slate...sort of....
The most expensive part of this reno will be adding a full bath to the downstairs and a half bath to the upstairs. I anticipate the full bath will run me about $12,000 and the half about $5000.
Stay tuned to see how wrong I am on those guestimates =P
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