Is there any possibility of extending the back wall--adding on maybe 5 feet to that area of the house--to expand the bath? I've seen this done a lot, especially with Cape Cods. Or extending the bath into unused attic space? Or maybe expanding the bathroom slightly, taking some space away from one of the bedrooms. Or--if the upstairs bath only opens at the moment onto a hallway--creating a second opening into a bedroom, making that bedroom the "master bedroom." Then possibly installing an area on the facing wall, perhaps with a double sink, or some other bathroom-like amenities--so that the master bedroom not only has direct access to the bath, but there's some additional items (like a vanity) on the side of the bedroom, thus making the bath more functional.
So: Check with a Realtor on what buyers expect in Wilmington. Your Realtor may be able to give you some suggestions like the ones I mentioned above. Or you might want to get a contractor in there (after getting feedback from a Realtor) to price out a few different options.
Hope that helps.
How much of the bedroom will you take? Will it still be a functional bedroom?
How much will the renovation cost?
What is a 3 bedroom with 2 baths worth vs a 4 bedroom with 2 baths worth?
I would consult a local Realtor and have them run some numbers.
The next questions to ask yourself, is what do you want? and how long will you be in the house? Long term it wont make a difference to you. My guess is the cost of the renovation and the loss of the bedroom will not justify the cost of doing the renovation.
"Small" is very subjective. Have a Realtor go through and see if there are any ways to enhance other areas to make the room look bigger. I dont know your intentions but if you can get the value without spending any money, than that would be my route.
Best of luck
If you plan on staying in your home for a long time then it would not be bad to take a bedroom away to make your baths for spacious. In this situation you will have the opportunity to enjoy the new space, and in time the market will appreciate to the point where you should recoup your money. If your looking at a shorter turn around then I might be more cautious, but overall people are having smaller families and the need for 4 beds is less. Best
In my opinion, you are better off to leave the house as a four bedroom. Many buyers screen their home search by number of bedrooms. You will have a larger buyer pool if you have four bedrooms as well as keeping your home's value.
If you have any other questions, let me know.
Wilson Wolfe Real Estate
RE/MAX Signature Properties
Your 1st step is to contact a qualified marketing agent that serves you area. This agent will advise you if the subject neighborhood is selling with 3 or 4 bedrooms. Typically you want to be on par with homes in your neighborhood.
Feel free to contact me, to discuss your situation. I can research the MLS and discuss the pro's and con's of your potential project.
I also have a FREE website that allows homeowners to track their value. (it also shows the number of bedrooms of homes in your neighborhood) Just click on the link to sign up.