Author Topic: Finishing 500sq foot "bonus room" - more money at resale by making it a bedroom?  (Read 9075 times)

Marvel2017

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Bought our house with an unfinished bonus room. Sq footage was not counted into what we paid. We're selling our house. So I figure I should refinish the room (basically it just needs three walls/ceiling of insulation and sheetrock (and carpet). It's already wired and HVAC'd. So should I list it as an additional bedroom (meaning I guess I'll need to add a "closet" or keep the bedroom listing count the same, but with increase sq footage and list as a  "bonus/home theater" room. Thanks!

more info: The room is on the second floor has it's own door and is next to two other bedrooms on the same hallway (interior access) and they would share a full bath. The house finished sq ft now is 2,150. The room is 500sqft. There are houses in our neighborhood twice the size, and ours is probably on the bottom end of the range. So we dont risk going outside the "normal" size for the 'hood. Thanks!
« Last Edit: October 20, 2014, 08:02:54 AM by utgrad »

Bob W

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Personally, I would finish it in  a manner that makes it usable for either a bedroom or entertainment room.

People don't pay extra for "bonus" rooms as they are bonuses.    People will pay extra for bedrooms/offices/entertainment rooms.

Your cost should be very low if you do the work yourself.  If you have to hire it out, get at least 3 bids from competent folks.   Buy the materials yourself and pay for the labor as the work progresses. 

Might add a large chunk to the sales price.   

It is also large enough to add a bathroom.  Which I would probably do as well if I were doing the work myself. 

A lot depends on comparable in your neighborhood of course.

Marvel2017

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Adding a bath might be a little more than we would want to do/invest at this point. There is a full bath about 20 feet from the room. The minimum sq footage the larger homes have sold for in my neighborhood is $90/sqft and the smaller homes go for about $130. So I guess 500sqft would add from $45-65,000 to the house based on this logic, correct? I should be able to finish the room for about $7K at the most hiring it out.

retired?

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Is it a 3BR now?  If so, definitely.  Going from 4 to 5 is less clear, but like other response, try to keep its use flexible.

Marvel2017

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Yes, currently it's a 3Bedroom, with Master downstairs and two BR upstairs. 2.5 bath (master full down, half down, full up) I've added a quick Paint diagram of the 2nd floor.

Bob W

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The math is pretty straight forward.  I'm leaning heavy towards this upgrade.  Be sure to ask a competent realtor.   You don't want the house price to go beyond what is typical in your area. 

GizmoTX

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i would not structure this as just another bedroom; it could be a great playroom, home theater, or office. A buyer could add a Murphy bed to give it guest room capability.

I'd insulate, drywall, & neutral paint it. Don't automatically carpet it; many buyers now prefer hard flooring which can have a carpet added to it. This could be cork or vinyl planking. Or choose tight napped carpet, not high pile.

Eric

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i would not structure this as just another bedroom; it could be a great playroom, home theater, or office. A buyer could add a Murphy bed to give it guest room capability.


Why stop there?  It's as big as my apartment....

retired?

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Yah, now that I look at the diagram, this space is huge.  Turning into a single bedroom might not be optimal.  Upstairs, 10x10 or slightly larger is probably enough for a BR. 

I agree to with the suggestion to not do too much......as a buyer, I never like to pay for someone else's upgrades.....or their style  An extra BR is worth it, but a buyer would rather choose their own "style".  i.e. make it a BR, but don't personalize it in any way.