It’s possible that an extra bedroom could help boost the resale value of your home, but it’s also entirely possible that it will only push away potential buyers.
You may think that, if your house is larger, that means it’s going to give you more return. This isn’t always the case, and often times, value is influenced by multiple external factors. It’s possible that an extra bedroom could help boost the resale value of your home, but it’s also entirely possible that it will only push away potential buyers. You need to consider this when you think about adding an addition to your home, or when you’re ready to list. To decide if an extra bedroom will help boost your resale value, read on.
Outside Factors That Affect Value
First of all, an extra bedroom adding value depends a lot on where and how the home is situated. If your home is in a neighborhood made almost entirely of three bedroom houses, a fourth or fifth room sold at a higher price probably won’t sell well. There’s a high demand for three bedroom houses, especially when located in middle class neighborhoods. You also need to consider the people who rent or buy in your neighborhood. If you plan to rent to, say, college students, a four bedroom home with a slight rent increase is going to be a major draw. But, in general, families don’t go for four bedrooms unless necessary.
How You Can Add a Bedroom
The most obvious answer is building a home addition, but that may not always be possible for you. Not only because of cost, but also aesthetics. It’s also possible to add an extra bedroom with some simple home renovations. As long as you have another place to eat, it’s popular to transform the formal dining room into another bedroom. Not a lot of families actually use it, and it turns into an extra and unneeded space. With a little home renovation, you can add value. You can look for any room with a double open doorway, and close it off–and this can happen anywhere in the house and be labeled as something entirely different. A den is a good example. By closing off this area, and turning it into a bedroom, you’re opening up the possibilities for larger families or student renters.
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