Hi.
I have dilemma. I live in with my partner`s mum in a house with 4 bedrooms, lunge, rumpus room, study and 1 bathroom . 1 kitchen. I am currently saving money but the houses are still very expensive where I live ( New Zealand)
I am considering renovating the rumpus room and an additional bedroom and turning that into a flat for me and my gf. trying to decide if it is a good idea and if i should just put in another bathroom and kitchen to have everything . Rumpus room is 7 x3 metres and bedroom about 3 x3. I only need a tiny shower and a small kitchen. We want our privacy, that`s the only reason i want do it. I also like the area and if we have a child the mother in law might be handy.Planning to do a lot of work myself especially ripping out old walls and paining. I keep my savings in stocks. I asked a builder and they think I would be overcapitalizing. I initially wanted the bedroom above the rumpus room but that`s always been hers and feel rude asking. That would make it amazing and give us a 40sq metres surface.
Has anyone had any similar projects? Is it a good idea? Haven`t asked the partner`s mum yet so what is important to sort out? I was thinking to try to convince her to give us the invested money back if she sells the house in the next 5 years. For reference a house is about 600k to buy. the 400k ones are of really bad quality. rent would be 500/week if I`d move out. i think i can do this renovation at 40k.
Anyone knows of any project ideas or resources?
Thanks