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engage the expertise of your Realtor to tell you what is going on in your market 2 years ago and today. If your house is really MCM, then that submarket is probably different than other 50's ranches.
Are most homes that are selling that are your size (square footage) 3 bedrooms or 4? Which type sell faster, and for a higher price? What's the value difference between original small baths and modern larger baths?
Lastly,if you're not selling, then don't do anything you don't want right now. Styles change, so even today's modern bath might be outdated in 5-10 years when you do sell.
I recently sold a Cape Cod with 4 bedrooms -- 2 up and 2 down and two full baths -- one up, one on 1st floor. The upstairs rooms were big: 12' x 17'. Since then, two 3-bedroom ranches have sold for $10-$15K more than my house did. I think having oil heat hurt me, figure that's $10K. But I think a 2 up/2 down configuration is seen as less desirable, even if it is 4 bedrooms.
# of bedrooms. Lots of people want a home office- this is often the smallest bedroom. Even if it's small and not great for having some sleep in full time, it's a good feature to have.
This question's answer is definitely related to your market. Every market is different! In mine, the 4 bed would trump the 3 bed ... but as for an appraisal, it really wouldn't make much difference. Square footage is square footage. If you were asking me my opinion as a real estate agent, I'd say leave it as is. The really cool thing is that you already have what most buyers want regardless of how many bedrooms there are ... and that's TWO BATHS !! There's your selling point. There will be a buyer for your home, whether it's a 4 bed or it's a 3 bed. Is it worth more $$ as a 4 bed? No. Not necessarily. Like I said, an appraiser sees square footage. A buyer will see the bedroom count. It's the buyer you want to attract first. Could you sell it for more with the remodel? Perhaps. Would it be worth it? Not in my opinion.
Location: Stuck on the East Coast, hoping to head West
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I would definitely keep the house as a 4/2. For one thing, kids don't seem to share bedrooms nearly as much as times past. There are going to be some families only looking for 4 bedrooms. I have 3 kids and I currently own a 3 bedroom. I cannot wait to move to a 4 bedroom.
Also, buyers are more likely to envision knocking down a wall as opposed to putting one up.
Finally, as a buyer, I start getting a little nervous when people start knocking down walls and doing major remodels. A house with the original footprint makes me feel better--especially if it's an older home. I worry that it wasn't done by qualified workers, etc. As it turns out, my fears have been somewhat well-founded.
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