I’m just curious as to how much perceived value I could create (through feedback by forum peoples experience) if I were to transmute a formerly dull room or large living area in a median-priced house/duplex, into something that would potentially generate mass appeal across all socioeconomic spheres (particularly the upper) and a feel of exclusivity when it is listed for sale.
For instance; Turning a large former Obsessive Compulsive hoarder’s wonder room, into a bar/billiard room which is cosy enough to facilitate two cheap sofas, a cheap pool table and a glass bottomed bench, bar fridge and cable TV, and some nice tacky framed sports memorabillia. Surely the costs on this sort of idea would be generously rewarded and be met with high demand in any market by offering a relatively lower asking price than perceived value (albeit still slightly above market rates) than is commonly associated with this type of amenity in this class of property.
any people who have undertaken these sorts of room transformations which are typically found in upper-class properties on ordinary properties?
love to hear from you!
shalom [grad]
I think your idea is a goer, however (don’t take this the wrong way) I screwed my nose up at your description of a bar with tacky posters. I know it is only personal choice, but if I bought a house with a bar it is the first thing I would pull out.
Why not go down the “possible home theatre / rumpus room” path. If you make that rats trap into a comfortable room that buyers can see can be made over into either a 4th bedroom, family room, home theatre (or a bar) they can use their imagination.
I know from experience some buyers don’t have as much imagination as others, so you have to sort of point them in the right direction. But rather than turn the room into a “bar” I’d transform it into a comfortable “living” room and let them decide.
It is a great idea, and anything that makes your buyers remember your house over the other ten they looked at that day has to be a worthwhile.
My thoughts, Wylie.
Thanks for your input Wylie……my reference to the bar ws also speculative. If I was to undertake something like this, I would probe market trends and see what is selling. I found your advice regarding *pointing unimaginative buyers in the right direction, very helpful* thanks again
Yidn
Thanks for the thanks. I might just add that a relative who used to sell real estate also said that many, many buyers cannot seem to imagine something being used other than how it is presented. For example, people who have a four bedroom home may use the fourth bedroom as a study. She says to always, always put a bed into the bedroom to sell because people think they are looking at a three bedroom house, especially when they are looking at several houses.
It is also why, when we have sold any house, we dress it with nice furniture, bedding, lamps etc. A house with (nice) furniture always looks more enticing than an empty house. I personally also find that putting furniture into a room makes it appear bigger because you can actually see what does fit in, rather than trying to imagine it.
Thanks, Wylie.
Hi Shalom
You have to be a bit careful when doing things to a room. What you may think is fantastic other people may think it stinks.
It depends on what you are doing with the place renting it out or going to sell it?
If renting it may be better to ask the tenant what they would like before you fork out money.
If selling stick to things that will give the place a light and airy feel, nothing that is to trendy.
I just sold a nice place that I thought looked really good and so did 90% of the people who came to the open house. I put in floating timber floor in the lounge, gold 3 bulb lights, nice very light green paint on the walls, it looked a million dollars.
I drove past a day after I sold the house to see the people repainting the walls a boring biege colour, my nice floating floor in the front yard, and the lights all removed. I could have saved myself heaps of work and just put in boring paint and carpet.
Some people just do not have any taste.
KerwynI would always inc. a lounge that can be made into a bed and have it made up as a bedroom if selling (4 bedrooms usually sell for more than 3Bdr houses). For a up market/student(perhaps) rental you can always set up a home theatre, which could increase yields.
hellman
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