Hello all. I have a rehab project that I need some input on. I purchased a 4bd 2bath home that I'm flipping in Chicago. There's no formal dinning area and the house is very sectioned off. There are two bedrooms on the main floor and I was thing of getting rid of one to create an open concept and provide a dinning area. Do you think this is a practical decision or would you leave the bedroom?Thoughts anyone?
Are there bathrooms on the main floor? If you are going to eliminate one bedroom on the main floor, is there a way to make the remaining bedroom a little bigger and make it a master suite with a bathroom?
While there are many variations in markets, my experience has been that removing a bedroom drops the value of a property.
If one of the bedrooms is really small you might be able to get away with removing it, but as Jerry said generally removing a bedroom will cause a drop in the valve. I would also check the other home in the area you will not want to be the only home in the neighbor hood that does not have 4 bedrooms.
You pose an interesting question: Which will add more value to a flip... a clunky, dysfunctional, outdated floorplan with an extra bedroom, or an open, updated, more functional plan, with one less bedroom?
Personally, from a designer's perspective, I would always go for the updated plan. From a marketing point-of-view, I would want to know exactly who my target demographic is for that exact neighborhood.
It's very possible that even if most of the homes in your immediate area have four bedrooms but with clunky floorplans, a tastefully updated 3/2 might set you apart very positively, and possibly add more value.
I had a similar experience where, in the subdivision of boring tract homes, my only for-sale-competition was an EXACT same house but with an added family room with a fireplace.
I put my renovated flip on the market for MORE money than the one with the added family room and fireplace. The realtor (who was the experienced "expert" for the area, and the other improved house) came by and told me I was out of my mind.
My house sold in five days at full price, while hers STILL sat on the market.
In my experience and humble opinion, as long as you have a demographic that appreciates it (and the buying public gets more sophisticated every day), good, tasteful, updated design sells every time.
Thank for all the input. Yes Ruth there are two bedrooms on the main floor. And I usually stick to the concept of keeping bedrooms for value. But Jeff I agree with you whole heartedly that buyers are now more sophisticated and are looking for certain things and design aspects in a home, thanks largely to these home flipping and design shows on tv. Thanks again for your input.
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