How do loft bedrooms appraise?
Hey guys,
I am in the process of purchasing a duplex in Quail Creek in OKC. Both sides have a loft that are very large. I am wondering if these lofts should be considered bedrooms.
Side A has a knee wall (waist high wall), a window, a bathroom attached and walk in closet at the back of the bathroom. The bathroom is large with a dedicated water closet, double sink and tub/shower combo. It is the biggest bathroom in the house. The stairs lead up to the loft and at the top there is a door to a second bedroom that opens into the room. This room also has a brick accent wall from the fireplace downstairs, but no fireplace.
Side B also has a loft accessed by the stairs and has a huge master bath with more space than the other side of the duplex. It too has a walk in closet attached to the bathroom. This side has a knee wall and windows, but there is no other room upstairs. This room has a working fireplace.
I am asking because an appraiser isn't considering them bedrooms even though they both have stairs and a window as egress. Do they need doors to be considered a bedroom, or is it the partial wall that is my problem? I'm also remodeling both bathrooms so I am trying to determine how far to go with the remodel. Regardless of how the appraiser looks at it I think they will be used when rented as bedrooms. I think it makes sense to make these bathrooms function well for 2 or more people, but if I am way off base I want to avoid waisting money on unnecessary amenities. I am considering doing a refinance after the remodel so if there is a way to get these spaces considered as bedrooms I would love to get these updated to bedrooms.
I am planning on calling the appraiser as he is a nice guy who can probably answer some questions, but I was hoping to come to the call with as much insight as possible.
Thank you guys in advance for your advice!
Amanda Gragg
how many beds is it already w/o considering the lofts? is it possible to add a door? (the code does mention egress window and a door + 7' min ceiling height). have you ran comps to see what adding a bedroom would do to your arv?
Victor,
Thanks for your response! I went ahead an talked to the appraiser and he said changing those rooms wouldn't really matter because he basically went off of the square footage. He also told me that he would consider them bedrooms, but for some reason he didn't mark it that way on the appraisal. This makes confident about marketing it that way to renters. It also helps me justify the rehab we are about to start in those upstairs master bathrooms.
Also, I went round and round with adding doors and taking the short wall up the ceiling, but it appears that it just won't be worth the expense.
