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Answers (4)
- Mark Gipple, "Kansas City Realtor!"
- Contributions:46
Value can be expressed a couple different ways- A sheer increase in property value as reflected on an appraisal OR increased value in terms of the marketability of your home should you sell it.
Of course, an appraisal is very statistic-driven, looking at such features of a home as neighborhood sales data, number of bedrooms and bathrooms, finished square footage, etc. As a realtor, I will speak to the value which comes from marketability, or in other words will a 4th bedroom make your home more valuable/desirable to potential home buyers? In my experience, buyers often favor a home that has 4 or more bedrooms. Not only do you appeal to buyers that need the extra bedroom to accommodate their family, but oftentimes buyers seek an extra bedroom that can be used as a guest room, home office, playroom or exercise room.
With the set-up you described in your lower level (full bath, full kitchen, separate entry), I think a 4th bedroom might be a particular asset, as it could be marketed as a suite- for perhaps a teenager or in-laws.
Just be cautious that you do not finish all your extra storage space- buyers love that too!
Of course, an appraisal is very statistic-driven, looking at such features of a home as neighborhood sales data, number of bedrooms and bathrooms, finished square footage, etc. As a realtor, I will speak to the value which comes from marketability, or in other words will a 4th bedroom make your home more valuable/desirable to potential home buyers? In my experience, buyers often favor a home that has 4 or more bedrooms. Not only do you appeal to buyers that need the extra bedroom to accommodate their family, but oftentimes buyers seek an extra bedroom that can be used as a guest room, home office, playroom or exercise room.
With the set-up you described in your lower level (full bath, full kitchen, separate entry), I think a 4th bedroom might be a particular asset, as it could be marketed as a suite- for perhaps a teenager or in-laws.
Just be cautious that you do not finish all your extra storage space- buyers love that too!
- James Callas, "ABBAUSA"
- Contributions:956
Selected 2010 Cost vs. Value Report Statistics - Nationwide Return on Investment:
Deck addition -- 72.8%
Major kitchen remodel -- 68.7%
Bathroom remodel -- 64.1%
New roof -- 59.5%
Family room addition -- 62.5%
Master suite addition -- 63.0%
Two-Story addition -- 65.0%
Basement remodel -- 70.0%
Source: 2010 Cost vs. Value Report, (REALTOR® Magazine, Jan. 2011).
Values have actually dropped for 2011, but this is a more realistic picture.
I stick by my first post and add this information for further clarification.
Good Luck!
James Callas - Realtor®
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Yes, generally additions of bedrooms will give you the biggest bang for your buck....
- James Callas, "ABBAUSA"
- Contributions:956
That will add value, but how will your house compare with the rest of the ones near it. On 10 acres skews this some, it is never a good idea to over-build in your area. Do you want to rent this space or just use it for you and your family. Rental income adds value.
Good Luck!
James Callas - Realtor®
Good Luck!
James Callas - Realtor®
Adding a fourth bedroom?
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