Remodel & Renovate in 92562>Question Details

larryjones20…, Home Owner in Murrieta, CA

Convert older home from 4 bedrooms to 3?

Asked by larryjones2078, Murrieta, CA Wed Jan 23, 2013

I have an older four bedroom home in a nice area with good schools. I've "discussed" with my wife many times the value of taking the very small bedroom next to the master bedroom to make a larger master with a nice walk-in closet and updated bathroom. My wife argues that the loss of a bedroom (going 4 to 3) would not make the project worthwhile. Our current master is a 1960's version (small, basic, no walk-in closet, etc). We plan to put the house on the market in about 5 years. Thoughts?

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Answers

5
When I asked this of a few of our Buyers, all said they are looking for a master bedroom with a walk-in closet and its own bathroom -

I wish you well with whatever decision is made!

Kevin McLaughlin, Broker Owner
Berkshire West Realty
Murrieta, CA
http://www.BerkshireWestRealty.com
info@BWestRealty.com
DRE Broker #01405309
0 votes Thank Flag Link Wed Mar 6, 2013
How big is the lot? Will you be able to expand out or up? Get the necessary permits, etc. and assess possible rentability versus selling to retain cashflow. Selling is an option but overimprovement might not necessarily provide for the best yield.
0 votes Thank Flag Link Tue Mar 5, 2013
Larry,

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,

Deborah
NMLS #279125
(951) 795-4547
0 votes Thank Flag Link Tue Mar 5, 2013
Hi Larry,
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.

Valli Lopez
01810641
619.916.9595 cell
Valli@thebrikhogroup.com
Web Reference: http://www.vallilopez.com
0 votes Thank Flag Link Wed Jan 23, 2013
Hi Larry, I'm with you!

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,

Jory Blake
951.742.3751
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Wed Jan 23, 2013
Hi Valli and Jory, Not sure how the CA address got in there (I'm in NJ ;) It defaulted to CA somehow. Anyway, I appreciate the responses. You seem to both be leaning in the wash direction (this is what I basically thought). Thing is in our area, there are the larger McMansion type homes with much more SF and more bedrooms. We won't be competing with htose homes anyway. Our house has lots of upgrades (kitchen, bath's, etc). Really built for entertaining. I told my wife we need to be at the top of the older renovated home tier. We certainly aren't going to grabe buyers from the big 800K and up crowd. They won't bother even looking at us. Any others with NJ experience would love to hear from you! Thx
Flag Wed Jan 23, 2013
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