I live in Windsor Park. I think it really depends on what the answer to parking becomes? I have seen many people convert to more living space and still provide a covered parking option... Many homes in WP don't have either carports or even garages to start. If you want comps for your area...let me know! I can pick apart which ones have parking solutions and which ones don't.
My wife and I converted a garage into extra living space and, while the result was eventually good, it was a nightmare of permitting hell. Are you in the flood plain? I lot of WP is in the 25 and 100-year plains and adding living space opens up a lot of questions with the City of Austin. It's not fun! Let me know if you have additional questions.
I'm very familiar with Windsor Park and if you have the somewhat typical carport adjacent to the home to the far left or right, you can do a nice conversion. Other opinions about losing parking are valid though - so if you can replace the covered parking spot by extending toward the curb then you'll soothe any future buyers concern about parking. And yes, pulling a permit in such a popular neighborhood is a must. Here's a link to the City of Austin Development Center - be ready to be patient!! (Sometimes it's as cost-effective, and a very definite value-builder to do a simple addition on the back of the home rather than enclose parking...
The space might sound great, but you will lose a fair amount of buyers by not having any sort of covered parking. I understand the need/want for more space, but from a value standpoint you would likely be better off by turning the carport in to a proper garage.
What Perry said below is typically true. However, there are exceptions. Can you convert existing carport to living AND had another carport? Aesthetically? Are other homes in the neighborhood doing the same thing? How long are you planning to stay in the home? (longer is better). These factors can sway you one way or the other.