I wish you well with whatever decision is made!
Kevin McLaughlin, Broker Owner
Berkshire West Realty
DRE Broker #01405309
Curious if you and your wife have made a decision. I cannot imagine many consumers who would be content with a 1960 closet and an extra small bedroom over the proposed combination. And, I would think you and your wife would enjoy the upgrade over the next five years.
This is a perfect project for FHA renovation financing. The 203K will allow you to finance any number of home improvements and allows financing up to 110% loan to value of the "After Improved" value of the property.
Have questions about renovation financing and energy efficient financing? Call or email me for answers.
All my best,
I actually showed a home this weekend that had that same dynamic and it didn't sit well with the buyers. They'd rather the extra room and do the remodel for more space if they wanted rather than the seller doing it for them. However, what your home sounds like is different from the homes we see now in Murrieta, is it along the outskirts?
I'd say if a buyer is looking in Murrieta they'd appreciate a larger master closet since there's very little closet space as of now. Especially if it fits your lifestyle for the next 5 years, you may as well do it. In this current market, whether it's a 4 or 3 really doesn't make too much of a difference in value but who'd to know what the market will be like in 5 years! You might be one of few homes with 4 bedrooms.
5 years is a long time, I'd do what was best for your lifestyle now and in the future if the right buyer comes along and wants a 4 bedroom, you could always convert it back.
In a market sense, you would deduct around 10K for the loss of a bedroom.
However, it is important that your home be as functional as possible while you are there (Especially if you are 5 years + away from needing to sell).
If you do a nice job with the conversion, I would almost expect a wash in terms of value. Also , when your home is being compared to other homes in the neighborhood, yours will stand out as being more functional and updated.
All the best with your project,