Home Buying in Chapel Hill>Question Details

Jj, Home Buyer in Chapel Hill, NC

If a house is identified as having 3 bedrooms but has only 2 but is still in a very desirable neighborhood,

Asked by Jj, Chapel Hill, NC Mon Oct 22, 2007

what does that mean for the value of the home?

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If it truly can function as three without walking through another room to get there I think you're okay. Doe sit have a window and a closet? That helps. If you love the house and the neighborhood and it works well for you, I'd say buy it. If you're on septic check the permit first to verify number of bedrooms so you'll know how to sell it.
0 votes Thank Flag Link Sat Oct 27, 2007
Hi Jj, is the seller basing this information on what is written with ethe Assessors office? Maybe a room was converted to an open space like a living room, bonus room, etc...
0 votes Thank Flag Link Tue Oct 23, 2007
Compare with others based on the price per square foot and discount for it being a 2 bed instead of a 3 bedroom
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Mon Oct 22, 2007
Check with your Realtor to determine if the price is on point. It's possible the home has a loft or other flexible space that the listing agent felt was best used as a bedroom. A bedroom must have a closet by definition. But-the true value of a home is how you feel in it. Do you still like the home? Does it still serve your needs? You state you like the neighborhood and that is huge. Get the very best price for the home by listening to your agent and good luck!
0 votes Thank Flag Link Mon Oct 22, 2007
I would also be concerned about the square footage if there is a discrepancy with the bedrooms.

Please also have this double checked.

Good luck!
0 votes Thank Flag Link Mon Oct 22, 2007
From a lender stand point, I can tell you that if the square is still the same, there would like be a $500 to $750 difference in value. A Realtor can to a CMA also to show you the difference that it might make in Market Value.
0 votes Thank Flag Link Mon Oct 22, 2007
This was an interesting question that may help you:

What it probably means to the value of the home is that the home is overpriced. Have your agent pull comps for two bedroom homes and compare them to comps of three bedroom homes.
Good luck,
0 votes Thank Flag Link Mon Oct 22, 2007
Ruthless, Other/Just Looking in 60558
Well a three bedroom home will always sell for more since it has more options. Occasionally, a den with a door but without a closet is mislabled as a bedroom but if there's just a bedroom missing, then you've got a two bedroom home. The standard by which I use to determine a bedroom is 1. does it have a closet, 2. does it have a door, 3. do you have to go through another bedroom to get to it?
0 votes Thank Flag Link Mon Oct 22, 2007
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