If a room has a closet it does not necessarily make it a bedroom. If you have to walk through a room to get to another room it's not a bedroom. Enough with the semantics, you are not losing square footage, so it comes down to appeal. As far as adding or losing value when doing a remodel I would consider how long you plan to stay in the house. If it's going to be short period of time you might want to contact a local appraiser and get his opinion of value prior to doing the remodel. If you plan to live in the home for the long term, I would make it the home that fits my needs.