Is there anywhere else you could steal a bath on the main level besides knocking out a bedroom? Sometimes there are additional options you may not have thought of initially.
Basement level bedrooms aren't very valuable and the ADU is nice, but won't add a ton to the value. Finishing out that space downstairs will definitely add to it - especially by adding a bath down there. I would leave the main level at 3 bedrooms and add the bath and extra living space downstairs.
Queen Anne has been moving well lately - I would think about the first half of this year vs. summer - all of our open houses have been packed lately! Good luck!
Here's a snapshot of activity near you:
You said you are thinking of selling in the summer in that case you want to keep the largest pool of buyers possible. Our market has many homes to choose from and you do not want to create a floor plan that eliminates buyers.
If you think of your home as a funnel, with the widest part of the funnel being the largest selection of buyers the more you customize your home, the smaller that selection is. The worst thing you can do to a home is over customize it to small pool of specific buyers.
The key is to make certain you use high quality materials and do not chop up the floor plan. Focus on kitchens and baths.
RE/MAX Metro Realty Inc
I am a Broker in seattle. I have been in real estate for 18 years and I also rehab homes and develop land. I focus mainly on multi-family now. The best advice I would give you is to pinpoint what market you want to go after and deliver the best product for that market group. The advice that if you go one way you will eliminate this group of people and if you go another you eliminate another market may be true but you can't be all things to all people. The positives as I see it is the ADU. Many people today will welcome the income that the extra unit brings to cut into the mortgage (great selling point in this market). Those wanting a big master will want the 3/1 but that market will be probably be those with no or grown children. The 2/2 option could be great for the younger couple with children. Whatever the case the ADU has to be marketed as a plus, it may be difficult though because it has access through the media room so the perspective tenant would most likely not be a stranger or typical tenant so your income may not be market rent but still a positive. Whichever way you go. Also it's very important that the floor plan flow well. Don't chop it up just to get another room. I assume, being on Queen Anne , its an older home. The details on those homes are very distict so make sure you stay with the theme. I hope This has helped you. good luck with the project. As far as price. I have seem 2/2 sell more then 3/1 and vise-versa. Just depends on the quality of the project.
Robert may have moved on with his plans, but for anyone facing a similar dilemma, my advice is to decide whether you're creating a family home or a couples home, and make the design optimal for them.
Otherwise, you've created a compromise, which will suit neither segment of the market well.
I think you would limit the number of potential buyers for this property if you went with 2 beds 2 baths (Master Suite). The question I would ask my self would be. What are 3 bed room homes with no garage selling for vs. 2 Bed 2 bath no garage and what is the market time for each property type?
1) We had 1 kid and another on the way when we bought. I would never ever have looked at a 2br, master suite or no. Not only was it what we were trying to to trade up from, but even the standard 3 bedroom places looked a bit tight to us. At this stage of life for me, master suite is what I aspire to when kids are in H.S. or gone, not what I expect.
2) Our house in LA sold to a young couple with no kids. In my opinion by eliminating an existing bedroom, you are limiting your market to very young new buyers or older buyers without kids - you probably don't want to specialize that much.
3) You've probably noticed but Q.A. is exploding with kids right now. My daughter goes to Coe and the school has grown over capacity while she's been there and is projected to have bigger and bigger waitlists for the next several years; John Hay is in a similar position. Our district is one of the few in the city that is growing. Families are the ones moving to Q.A. and they need bedrooms. (See #2).
I liked the suggestion about trying to squeeze in a 1/2 or 3/4 bath somewhere - sharing one bathroom is definitely a headache, but for us at least the bedroom(s) were the real the key. Hope this at least gives you something to think about. Good luck!
Good luck! I would love to see pictures!
Is the office downstairs a separate room that could also be used as a bedroom? If not, perhaps you can consider that. By doing this, it gives you a 4-bedroom home, and should alleviate concerns about enough space for kids. Generally, people look for 3 bedrooms on the 2nd level, but it sounds like your home is a one-story, with a soon-to-be finished basement. Therefore, the finished basement is a big plus over comparable homes around you. As the others have mentioned, finish work is key on Queen Anne. People want "old world charm", yet beautifully updated to today's lifestyles. Don't skimp on things such as molding, lighting, etc. especially for a basement remodel. The less the basement feels like a basement, the more your investment will return for you.
Best of luck! I'd love to see the finished product.
I live and work on Queen Anne and my husband is a general contractor. I think the master bath is going to be more desirable. It gives privacy from the more "public" bath/powder-room for guests' and childrens' use. It can also be made to feel like a spa getaway for the homeowner. Basically you are going to list the house as 4 bedroom 3 bath. Not many people need a fifth bedroom when you have a media room and office also.
Any way you can add a garage is desirable on QA also.
I think adding a master suite is a very good idea IF you can do it well and in a manner that enhances the floor plan. You have to consider who the buyer is that can afford and will want to buy a Queen Anne house with no view for $700K. They are going to insist on first-class finishes and an updated floor plan.
Buyers with no kids will love the master suite - and there is still plenty of room for guests. Buyers with kids will love the master suite and will still have the third bedroom option on the lower level if the lower level is truly useable and up to the same standard as the rest of the house.
Make it all nice, make it all match and you will have made a good investment. A botched remodel, though, will devalue property more than if you had done nothing at all.