Hi Anne -

I am a relocated Brooklynite ( Bensonhurst) and in my opionion the third bedroom will add value to your place, 3 bedrooms in Brooklyn are a commodity.

There is no fast answer to the question, but hte first step is to check the local market ad see what is selling to make sense for your investment. You should be able to determine if the cost of construciton will be recouped and add value.

You may do just as well with the larger 2 bedroom. in any case get the necessary comps.. Email me for information and I'll see what I can do to help you make the correct descision. I am licensed in NY and NJ.
If you are thinking of moving to NJ.. Middlesex and Monmouth counties I can help you find a great deal!

John Sacktig
Broker / Manager
Orange Key Realty
732-213-1409

JSacktig@orangekeyrealty.com

look at your market and 2 vs 3 bed room configurations with equal sq footage. (speak with local agents) As some have indicated sq footage is all some buyers will look at, others, # bed rooms. Your best spent money may be updating appliances, rearranging or removing furniture, painting etc.

FORGET IT ANNE! Your condo may be worth less if you do this modification. You would still have 1100 Sq ft Square Footage will set the value. But you will have a wierd floorplan thereby reducing your value of the 1100 sq ft.

Hello Anne,

As you have heard here many times before, your best source of information regarding specific value and comparative valuation is with your local agent. That being said, allow me to propose a slightly different way to look at your renovation. Rather than invest MORE money into your condo for changes that may or may not increase the value, why don't you consider adjusting your expectations regarding the sale price. Take this opportunity to position your property to sell quickly. Since you are less likely to get a full return on your renovation expenses, lowering your listing price by a commensurate amount will net you the same amount when all is said and done.

Good Luck with your sale

A lot depends on the other properties in your neighborhood and the configuration of your unit. In some areas, a condo with 3 bedrooms is very hard to come by, but I've also seen really poor repurposing reconfigurations -- usually floor-through (railroad) apartments. Most people don't like "captive" bedrooms where you have to walk through one room to get to another.

Your best source of guidance will come from your REALTOR. He or she will be able to tell you what sells in your neighborhood. When you sell, the house becomes a commodity, and most owners still see it as an expression of their personal tastes. I learned 30 years ago to always run my ideas about renovations by the REALTOR who was going to get the listing when I sold. His insight was priceless. (This was 10 years before I got into the business myself.)

If you don't have a great REALTOR already, please contact me and I'll find you one. I have great connections.

Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
306 Grove Street
Jersey City, NJ 07302
201-946-2700 x310
800-671-0596 x1 (direct)
Joan@JoanProut.com

Hi Anne, generally speaking an additional bedroom does add value, needs to have the closet and here in NJ and likely everywhere, an egress, ie, means to get out in case of emergency. As long as your change does not make the layout of your unit odd, it may very well add value. Ask a local agent what is selling best in your area, 2 bedrooms or 3 bedrooms - that is a very important consideration before you spend any money. And then, to be on the safe side, assume you will get a portion of your investment back - and perhaps not all of it. If 3 bedrooms are selling well, then making your change may be a reason that yours sells and others do not, but you may not recover all you put in.

I lived in Brooklyn - Carroll Gardens - Park Slope prior to that - for many years before moving out to NJ. If your plans bring you this way, please reach out to me for guidance.

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