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Cari-lee Ste…, Real Estate Pro in Gilbert, AZ

Hello, I just purchased a 4 bed, 2 bath home, approx 2200 sq feet in McCormick Ranch. I am going to be fixing and re-selling.

Asked by Cari-lee Stevens, Gilbert, AZ Thu Feb 6, 2014

The master bedroom is on the small side (can fit a king) & has a walk in closet & full bath - it isn't squishy, it just isn't jaw droppingly open. The room configuration makes it possible to knock out the walk-in, expand the master bed and make one of the other bedrooms into a walk in, thus creating a large master. I don't know if this is really a good idea or even necessary as it obviously increases the budget and I don't know if I will get it back. Does anyone know if this would be a good idea? Will it increase the potential for revenue? Are people more interested in a large expansive master rather 3 bed home than having a 4 bed? Thank you.

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Answers

14
Thank you so much to everyone who has answered this is such a great forum. Your answers have been very helpful.
2 votes Thank Flag Link Thu Feb 6, 2014
I believe that putting great finishes in the current master will maximize your return on investment. Make sure the current Master is a wow, and then the additional 4th bedroom will even be a bigger bonus. It looks like you received a lot of good answers. I'd like to apply for the job of Marketing and Selling that pretty home when you finish. A RE/MAX sign in your front yard has a lot of value as well. Please call and let's get together to discuss.
Thanks,
Anna Collins-Christie
RE/MAX Sun Properties
RE/MAX Hall of Fame Member
5 Year "Sales Agent of the Year"
Graduate, Realtor Institute
480-510-5182
anna@azdesertdigs.com
1 vote Thank Flag Link Thu Feb 6, 2014
Cari-lee,

I've been listing & showing homes in the McCormick Ranch area for many years, and my office is in the area.
Some Empty Nester buyers like 3 bedrooms, but buyers with a larger family need at least 4 bedrooms.
Large master bedroom is always in more demands, 3 or 4+beds.
I have clients from these 2 groups at the present.

Good luck with your project.
1 vote Thank Flag Link Thu Feb 6, 2014
As a real estate broker, I can prepare a cost market analysis that will show you two things--competing listings for sale that are similar to your home AND homes that have recently sold that are similar to your home. If you want to know the dollar amount that this would increase or decrease the value of your home, you will want to speak with an appraiser. Only an appraiser can tell you the fair market value of your home.

Have you decided which agent you will using to re-sell the house? I would like to apply for the job of selling your home!
1 vote Thank Flag Link Thu Feb 6, 2014
According to the Cost vs. Value report by Remodeling Magazine, the return on a bathroom remodel investment averaged approximately 62 percent for the years from 2006 to 2012. Not bad! But it gets better. In 2013, the numbers started to increase, inching up to about 72 percent already for 2014. A room addition is showing 60 percent return on investment.

Rule of thumb, remodel for the masses, no purple tile becaue you like it!
Good luck..
1 vote Thank Flag Link Thu Feb 6, 2014
Go with your gut Cari-lee. I would imagine it would sell either way. Best would be to compare with other 3 or 4 bedroom homes in the neighborhood, but I imagine if done well, you could see a return on your money.
1 vote Thank Flag Link Thu Feb 6, 2014
Hello Cari,
Those are the type of decisions investors and home re-modelers face. It is all about how the home feels. As far as value goes, there are 3 and 4 bedroom homes in McCormick Ranch that both sell for the same price range. Click this link to see homes that are active as well as homes that have sold in the last 6 months, maybe this will help with your decision.
http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/ru…
Feel free to contact me with any questions.
1 vote Thank Flag Link Thu Feb 6, 2014
I would have to see it but generally taking a 4 bed and making into a 3 even with the master being made bigger REDUCES the value of the home. Please call me 480 707 1486 if you want me to help you with your decision. I have been flipping homes for 30 years and would be able to help.
1 vote Thank Flag Link Thu Feb 6, 2014
There is another important factor to consider in addition to buyer preferences...and that is how an appraiser would value the property. In my experience a 4th bedroom would add more value than a larger master suite.
1 vote Thank Flag Link Thu Feb 6, 2014
Good morning,

This is a tough question to answer without knowing more or seeing the property in person. If the master isn't too small it may not be worth the extra money to make the change. If you'd like, I can meet you at the property to get a better idea and share my thoughts you can reach me at 480-788-9873 if you'd like to talk about it more. Best of luck with the flip, let me know if there is any way I can be of assistance.

Dan Zupnick
West USA Realty
1 vote Thank Flag Link Thu Feb 6, 2014
Buyer(s) look for larger master bedrooms in McCormick Ranch area. I do think by making this change you will get a better return on your investment with less time on the market.

I'm more than happy to sit down with you, and go over your plans to ensure that you get the most out of your remodel.

Scott Douville
Realty Executives
480-290-8805
sddouville@gmail.com
1 vote Thank Flag Link Thu Feb 6, 2014
Cari-lee,

Price per square foot in 85258 over the past 3 months for 3 bed vs 4 bed single family homes are as follows: 3 bed - $225 per square foot 4 bed - $220 per square foot

For a 2,200 square foot house you're looking on average of getting around $11,000 more for a 3 bed. Not sure how much the extra cost is, but I would say I'd leave it as a 4 bedroom.

Let me know if you have any other questions and good luck.

Brad Bohn
Associate Broker
Realty Executives
1 vote Thank Flag Link Thu Feb 6, 2014
Cari-lee,

If you would like some a personal consultation I would be happy to preview.


4 bedrooms often can be better however with out seeing the home I am not sure.

I work with several investors if you would like more impute feel free to contact me direct.

Lucinda Tkach
phoenixrealtorservice@gmail.com
602-799-6846
1 vote Thank Flag Link Thu Feb 6, 2014
Cari-Lee,

I spent 4 months renovating my home in McCormick ranch.. My fiancé and I just moved in 75 days ago. We opened up the kitchen, changed a large portion of the floor plan, flooring, ceiling, closets, hallway, bathroom, etc. etc. I'm at Via Linda & Hayden; off Del Cadena. If you're interested I could show you the work we did on the house. I of course have some things I'm really proud of and a few tips on things I would have done.

I'm in the mortgage business, my fiancé is a realtor; and I love renovating homes! I also have some great referrals on good price contracting.

I think you'll have great perspective seeing some renovation ideas :)

Give me a call if you'd like.
Best,

Colby Neal
Branch Manager
Affiliated Bank Mortgage
NMLS # 815067 | Member FDIC
(480) 499-4668 x 6104 | Office
(918) 606-1949 | Cell
colby@imortgagelending.com
http://www.imortgagelending.com
http://www.linkedin.com/in/colbyneal
0 votes Thank Flag Link Thu Feb 6, 2014
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