Real Estate / House Design / Market Question

asphaltgambler · 07-22-2006, 12:07 PM

This question basically is can you (affordably) change a split-foyer style home into a colonial looking ??

We live in the Northern Va area (close to DC) and plan to stay and are looking to buy within the next 6 months. Property here is WAY overheated but good price adjustments are now coming to the table.

There is an over-abundance of split-foyer homes here, But no one wants them. Even a realtor said that her potential clients would not even consider looking at one, much less go to an open house for one.

There are several properties where the location is ideal, much more land than other, and priced to sell. All the positives. Problem is the style of the house.

One particular property I've seen, if you could change the front of the house to at least look like a colonial which is the most sought after here the selling price would be at least $100K higher. IE $380K to $480K +

Any Architects or construction guys here to advise?

competentone · 07-22-2006, 12:28 PM

Buy what's out of favor now; leave it as it is; in ten years when you sell, it will probably be the style everyone wants!

Seriously (although the above comment is not really un-serious), there can be a LOT of variables that would affect the answer to your question. We'd really need pictures and drawings of what you've got and what you want to change it to before being able to give answers about its feasibility.

Generally, the rule applies that it's difficult to do renovation work on a house and get your money out of it, so you should normally only do renovation work because YOU want the changes, not because it will affect the house's marketability. (With the real estate boom, this "rule" hasn't applied in many markets for the past few years; if things are settling down, it will likely be the situation again.)

asphaltgambler · 07-22-2006, 12:40 PM

On thing for sure in this market split-foyers have not, will not sell unless you give them (literaly) away. Where price points are now..... peoples expectations are higher. Split-foyers represent the low end and style and function, very 70's.

With so many here I was wondering if anyone did "conversions" so-to-speak.

long board · long board's Garage

Great advice:

Quote:

[i]Generally, the rule applies that it's difficult to do renovation work on a house and get your money out of it, so you should normally only do renovation work because YOU want the changes, not because it will affect the house's marketability. (With the real estate boom, this "rule" hasn't applied in many markets for the past few years; if things are settling down, it will likely be the situation again.) [/B]

Hire a very qualified (designated) real estate appraiser. If he/she is any good they can extract from the market whether one style gets more money and if so how much. Weight the difference to costs and you can see if it's worth it. The price for the appraisers expertice is very cheap compared to the cost of the work, or the lack of return for the investment.

competentone · 07-22-2006, 05:37 PM

Quote:

Originally posted by asphaltgambler
Split-foyers represent the low end and style and function, very 70's.

I was thinking, you may also want to consider: Is it only the style that people are objecting to, or is it style and location. Meaning, if you buy one of these "split-foyer" (is that the same as "split-level"?) in a neighborhood dominated by this "undesirable" style and convert it to the desired "colonial" look, would it gain as much value as you think it might?

More specific to your question, if you can post pictures of the type of "split-foyer" house you're considering and what "colonial" look you want it to become, people might be able to give you some type of opinion about it's feasibility.

Dantilla · 07-22-2006, 06:24 PM

Number one- The finished product cannot look like a cheesy redo of a split-entry into a faux colonial. It must look like a true colonial.

If you have a street of split entries, one colonial in the middle, even if done properly, would look out of place.

You never want the most expensive house on the block. That will be the last one to sell.

So- The best candidate would be to find a lonely split entry in a neighborhood of colonials that has been sitting because it is the ugly duckling of the area. If the purchase price is significantly below the rest of the neighborhood, and other than the entry has an attractive floor plan, you may be able to pull this off.

Also- It may be possible that you come up with an attractive, affordable way to convert these. You may end up finding a great niche where as you learn, the profits climb with every new house you flip.

Big Ed · 07-23-2006, 04:24 AM

I'm in MA, so I don't know what is typical in DC area but...

The typical objection I see from people up here regarding the split level homes versus colonials is the lack of a full basement for storage. Colonial buyers want two full levels of living space over a basement. You can't get this with a split, unless you raise the roof and add a floor.

asphaltgambler · 07-25-2006, 06:04 AM

This particular property just came down in price again. One thing I noticed is the upper floor is cantilevered out (in front) over the bottom floor. I think it is close to 1300sf each level.

This property is ideal ...............except for the STYLE of house. It has 2 acres, park like, lawn, mature trees, paved drive, detached over size two car garage, excellant area where more expensive homes are, great commuter, etc, etc

I'll see if I can get pics tonight

Harlan Chinn · Harlan Chinn's Garage

It's never advisable to make something into something that it isn't. Like someone slapping the "Turbo" script on a modified 911. Practicing in the architectural profession for some 20 years now, the only projects that really repay themselves are the most costly to do initially. Those are the bathroom(s) and the kitchen. The key in those rooms are not to go "overboard" with materials, finishes and appliances. Unless you plan on enjoying them for a period of time before moving on. Be sure that everything is done to code and done neatly.

Mike Bonkalski · 07-25-2006, 11:15 AM

HGTV has a show called 'Before and After'. They have documented a few split-level conversions and updates. A couple nice things are that they list the architects/builders contact information and show floorplans. Most of the pictures are small but you can get a general idea of the finished look - http://www.hgtv.com/hgtv/episode_archive/0,1783,HGTV_3818_26,00.html

asphaltgambler · 07-25-2006, 12:26 PM

Interesting.............they don't seem to reveal the budget /cost though

GDSOB · GDSOB's Garage

If you are getting a deal on the split level because of the design, you will likely not see as much appreciation as the true colonials. Buyers buy what they like. Builders are not building new split levels for a reason. However, if it has location going for it, that may trump the unpopular design when it comes time to sell.

I would only buy if it was cheap compared to similar houses in the neighborhood.

Watch your budget for improvements and don't try to make it something that it is not. Expect it to sell for what a nice split level in your neighborhood will sell for, nothing much more.

If you like the house & area, it meets your other criteria, buy it for what it is. Hope you get a good deal.

turbo6bar · 07-25-2006, 01:04 PM

The wheels are falling off the bus right NOW. Median existing home prices are flat to falling. If you are compelled to buy now, grab the best quality in the best area. You might not lose your shirt in a falling market. Or, grab the split-level you desire, renovate to your idea of perfection and stay there for 10+ years (making you immune to housing cycles).

I will admit the property you describe does have potential. It is just a matter of getting it at the right price. Bid low and bid often.
I wish you the best luck,
jurgen

einreb · 07-26-2006, 06:23 AM

We looked at this rehabed split level, but ended up passing as it was a bit out of our $ comfort range. It was purchased and rehabed by an architect and his family several years ago. I thought he did a nice job on it. The little room on the upper level right was pretty cool... sort of perched up there.

Split levels in our area are generally looked at for land value. I sorta like them, but then again I'm not a huge fan of gigantic houses.

RallyJon · 07-26-2006, 06:42 AM

In No VA "close to DC" on two acres!!!

why not just tear it down and build the usual $1.5mm+ 5000+ sq foot McMansion? That's what everyone else in that area seems to do.

asphaltgambler · 07-26-2006, 06:47 AM

That's funny!! ...................I think it (the basic property) has potential over a ten year term but the $$ on a major remodel vs ROI- I dunno

Didn't get to post pics last night will try to find time this eve

asphaltgambler · 07-26-2006, 08:14 AM

Here are two pics......... house and rear yard

kaisen · 07-26-2006, 08:30 AM

Since it is a simple rectangle with plenty of room around it, why not just do a more modern modified-split where the front 'face' of the house is at ground level. Maybe build a living room with foyer off the front and have a perpendicular vaulted roof line. The ceiling would be 1 1/2 stories.

Along the same lines, you could extend the 'face' of the house out, say, 15 feet and give it a 1 1/2 story colonial facia. The 15 ft could be a 'great room' with open ceiling and maybe even a large fireplace at one end. The entire roof would probably have to be redone to maintain proper pitch.

I would go with option one. You could make the front of the home look very nice and give it more interest.

E

asphaltgambler · 07-26-2006, 09:32 AM

A few more front side view, rear garage screened in porch, view from one side rear deck

turbo6bar · 07-26-2006, 10:21 AM

Hmmm, that's alotta house. What did this go for back in say 1999 or 2000? If it does not trade at a real premium today, it might be a good candidate. If the agent does not have past sales info, check with your local tax assessor or zillow.com, perhaps.