The 4th bedroom has value to an appraider and will limit your "Buyer Pool" when the time comes to sell if you are only offering a 3 bedroom. If it would improve your home for your family, then make the conversion, but it will not "improve" thavlue of your home and may actually decrease it...
Take a family vacation with the money you might spend on it!
The Bandy Team
RE/MAX Professionals - Denver, CO
"From Our Heart to Your Home"
The first question to ask is will it make your home more functional for your family? How long do you plan to reside in this home? Big projects make more sense financially if you plan to stay 5-7 years. If you are going to stay, If it works better for you then enjoy the new look for a number of years and re-evluate then. From an appraisal standpoint, there is value to that 4th bedroom and if all of the comparables have a 4th then you will get "dinged" for having fewer....then put the wall back in...
I hope this info helps!
Keller Williams Realty Ssuccess