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March 12, 2008
Which configuration raises value of house more?
We have a four-story brownstone in Prospect Heights that needs some major renovation. We're torn about whether to turn it into an upper triplex with a garden rental, or a double duplex and we'd live in the top. Does anyone know which configuration works better for re-sale value? The limitation of the lower duplex rental is that it could only be a one-bedroom, unless we did major, far-too-expensive and destructive renovations. The house is otherwise pretty much in its original form, with lots of original details. Any advice re re-sale value? Thanks.
Comments
I keep reading over and over again here and elsewhere that the upper triplex / garden rental is the most sought-after configuration. I have no idea whether it's true but I do know that it's the arrangement of my house and I wouldn't want it any other way. In any other configuration you're losing a significant proportion of the overall square footage to a common vertical circulation space which is of no real value to anyone in the building.
Posted by: johnife at March 12, 2008 4:20 PM
The thing I don't like about the upper triplex configuration is if you use the garden a lot I'd feel weird about the tenant seeing you there.
Posted by: Brooklynnative at March 12, 2008 4:36 PM
I agree with johnife. Plus, a duplex isn't big enough for most families.
Also, if someone wants a single family, incorporating the rental apt into the rest of the house is fairly straightforward.
I have a triplex and my lower tenant is no bother whatsoever--he's not much interested in
staring out his bedroom window when I'm in the garden. And we spend more time on parlor-level deck than we do in the garden anyway.
Posted by: tinarina at March 12, 2008 4:46 PM
Easiest answer to your question is, unless you are trying to flip soon, do the configuration that works for you living there - do you want to live in 2 floors or 3?
Also, if you are going to do double duplexes, most owners would rather live on the lower one, to take exclusive advantage of the garden. So don't skimp on the quality of the renovation of the lower duplex if you duplex it and choose to live in the upper one.
Posted by: guest at March 12, 2008 5:06 PM
The biggest factors are whether you need/want the extra floor and your financials.
If you want 3 floors, of course, you want the upper triplex and rent the garden floor. You can still build a deck and access the garden.
If you can live with two floors, you maximize your rental income by making 2 floor thrus on the garden and parlor floor.
Double duplex is OK, but not as lucrative.
Having lived in a double duplex, if that's how you go, I definitely think you should take the UPPER two floors.
Much more space (no vestibules), much better light and most of all you have tenants walking past your space.
You don't get the garden, but that's life.
Posted by: guest at March 12, 2008 5:24 PM
Thanks, everyone. Our problem is, we'd be just fine with the space of an upper duplex for now (don't know about a few years from now, harder to predict) but my one must is outdoor space, so we'd invest in a roof deck. Given the ladder access to the roof and the expense of the deck, though, I'm wondering if it's worth the cost, since I don't think we'd use it nearly as much as we would a parlor-floor deck. (Anyone out there w/a ladder access to roof deck who could give some input on how convenient it is to use?) As for renovating the lower duplex into a great 2-bedroom, it's possible, but we can't possibly afford to do all four floors right now. But I do appreciate the input!
Posted by: prospect heights renovator at March 13, 2008 7:08 AM
best resale = 1 family
Posted by: guest at March 13, 2008 1:08 PM
Why could a lower duplex rental only be a 1 br? If the living/dining/kitchen is on the parlor, why can't you fit 2 br on the garden floor?
Posted by: guest at March 13, 2008 2:11 PM
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