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The only time a two bedroom is really “ok” is in areas where three bedroom homes don’t exist, or in areas where kids are banned - like age-restricted communities.
Single people and DINKs will consider two bedrooms too. In an area that's otherwise desirable, like a vibrant city neighborhood, or a place with good beach access (possibly OP's case), those types of buyers exist and don't care about extra bedrooms.
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Originally Posted by Divine_Madcat
I think the point about the bathroom is probably the most valid in this case, as right now, conversation of the bonus room means someone would have to go through the living areas. Can't argue that.
My childhood bedroom was situated like that. It's really not a big deal -- all it means is you'll probably go to the shower in a robe instead of a towel.
I only see it being an issue if it's the guest bedroom, and a minor issue at that.
Regardless, I wouldn't convert your bonus room without a good reason. For your use as a play room or home office or man cave or whatever, floor space might be more valuable than closet space.
Single people and DINKs will consider two bedrooms too. In an area that's otherwise desirable, like a vibrant city neighborhood, or a place with good beach access (possibly OP's case), those types of buyers exist and don't care about extra bedrooms.
My childhood bedroom was situated like that. It's really not a big deal -- all it means is you'll probably go to the shower in a robe instead of a towel.
I only see it being an issue if it's the guest bedroom, and a minor issue at that.
Regardless, I wouldn't convert your bonus room without a good reason. For your use as a play room or home office or man cave or whatever, floor space might be more valuable than closet space.
It really is surprising to see how different people judge the same amount of space, just because of a label given to it. The neighborhood is great, only a couple miles to Clearwater beach, no flood zone, etc. Not to mention, here i am a single father happy with the thought of the overall room, as it would be good for my wants and budget.
For sure, if the purchase goes through, it will be used as an office/play area for my daughter, etc. Even right now, if i had guests, i would have no problem setting them up in there comfortably. If i have to sell down the line, conversion would be straightforward, and would settle the naysaysers anyway...
Yikes.. "functionally obsolete" is a crazy thought. The home is excellent, and a typical three person family would/does have no problem in one.
The poster who said that is not in Florida. A two bedroom will attract retirees as well as singles and one or even two kid families. The fact that you have a den, even without a closet makes it ideal for extra guests when needed with a pullout out couch. Don't worry about it.
A 2 bedroom + office vs a 3 bedroom may or may not make any difference. Some markets want a "real" third bedroom, some don't care. As with all features, it is location and product specific. Same goes for garages, pools, baths, etc. No one who isn't local can really say.
Cherry picking high sales to hand the appraiser only has entertainment value. The appraiser gets a good laugh. A much better approach is to provide sales that are true comparables and provide a good rationale, i.e. this one is about the same size, condition and lot size. It doesn't have a garage and sold for $X. This one is the same in size, condition and garage, but has a pool, etc. Using sales only because of a high sales price pretty much indicates to the appraiser that the person has no clue and then all the sales are disregarded. A reasonable explanation goes much further than just handing sales to target a number.
When you have a two bedroom that is bigger than most 2 bedrooms, an appraiser can use three bedroom comps. However, he/she will be required to use at least one 2 bedroom, to get through underwriting, even if it is significantly smaller.
In Florida, per state statutes, in order to be considered a bedroom, it must be at least 70sf, have interior and exterior egress, not be the only access to another room and have a closet.
If the house appraises at or above contract price, then congratulations. If it comes in less than sales price, you can renegotiate and save some money, or walk away without paying more than the bank will lend on.
A 2 bedroom + office vs a 3 bedroom may or may not make any difference. Some markets want a "real" third bedroom, some don't care. As with all features, it is location and product specific. Same goes for garages, pools, baths, etc. No one who isn't local can really say.
Cherry picking high sales to hand the appraiser only has entertainment value. The appraiser gets a good laugh. A much better approach is to provide sales that are true comparables and provide a good rationale, i.e. this one is about the same size, condition and lot size. It doesn't have a garage and sold for $X. This one is the same in size, condition and garage, but has a pool, etc. Using sales only because of a high sales price pretty much indicates to the appraiser that the person has no clue and then all the sales are disregarded. A reasonable explanation goes much further than just handing sales to target a number.
When you have a two bedroom that is bigger than most 2 bedrooms, an appraiser can use three bedroom comps. However, he/she will be required to use at least one 2 bedroom, to get through underwriting, even if it is significantly smaller.
In Florida, per state statutes, in order to be considered a bedroom, it must be at least 70sf, have interior and exterior egress, not be the only access to another room and have a closet.
If the house appraises at or above contract price, then congratulations. If it comes in less than sales price, you can renegotiate and save some money, or walk away without paying more than the bank will lend on.
Good luck on your home purchase.
I will admit, i came off too brash when i mentioned what comps i would look at. But, i have been finding comps of the same sqft, at least 2car, updated kitchen and interior, etc... and feel good saying the home purchase is worth as much as these others. At least two of the homes on my list had been ones i offered on and did not get, so i can honestly say, they are real comps.. heh.
Now, if it comes in under, i would LOVE to get the house for cheaper.. i mean, only a fool would WANT to pay more when he doesn't have to. But having lost one home already to appraisal, I am very nervous about the whole process.. its a mess. I have no idea if the guy will negotiate down in this case (we know he is selling due to hardship, but had his own appraisal which justified the asking price in his mind); losing this house would be a huge disappointment.
I will admit, i came off too brash when i mentioned what comps i would look at. But, i have been finding comps of the same sqft, at least 2car, updated kitchen and interior, etc... and feel good saying the home purchase is worth as much as these others. At least two of the homes on my list had been ones i offered on and did not get, so i can honestly say, they are real comps.. heh.
Now, if it comes in under, i would LOVE to get the house for cheaper.. i mean, only a fool would WANT to pay more when he doesn't have to. But having lost one home already to appraisal, I am very nervous about the whole process.. its a mess. I have no idea if the guy will negotiate down in this case (we know he is selling due to hardship, but had his own appraisal which justified the asking price in his mind); losing this house would be a huge disappointment.
Don't be afraid to include a lower priced 2 bedroom sale. You could say, I also considered this one but it is about 25% smaller and doesn't have the extra room. Even though the Subject is a 2 bedroom, the extra room gives me the same functional utility as a 3 bedroom. The extra closet does not matter to me. This gives the appraiser a better idea of your thought process and makes it more credible,
Also, sales that are similar that sold a little less are good too, appraisers have to use sales above and below the value. If you only provide sales above your contract price and say they are all similar, then it begs the question "What is wrong with yours that it sold lower?".
As for the other appraisal. Appraisals completed on the same home, by the same appraiser on two different days can have a price variance. An appraisal is only good for one day. Also, two good appraisers doing an appraisal on the same home on the same day will likely have a 3%-5% variance, based on a number of factors. An appraisal is an estimate of value, it is not a hard and fast fact that lasts forever.
I will admit, i came off too brash when i mentioned what comps i would look at. But, i have been finding comps of the same sqft, at least 2car, updated kitchen and interior, etc... and feel good saying the home purchase is worth as much as these others. At least two of the homes on my list had been ones i offered on and did not get, so i can honestly say, they are real comps.. heh.
Now, if it comes in under, i would LOVE to get the house for cheaper.. i mean, only a fool would WANT to pay more when he doesn't have to. But having lost one home already to appraisal, I am very nervous about the whole process.. its a mess. I have no idea if the guy will negotiate down in this case (we know he is selling due to hardship, but had his own appraisal which justified the asking price in his mind); losing this house would be a huge disappointment.
What happened with this house? I see you have a recent post about another place…..
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