Some of our renovation clients have found their forever homes, while others have found a home they love but know they’ll want to sell in 5, 10 or even 20 years. These clients often ask us the same question when planning a major home renovation: from a real estate value perspective, would we be better off with three large bedrooms or a smaller fourth bedroom? Here’s what we tell them.
This isn’t a one-size-fits-all answer to this question, unfortunately. Generally speaking, a fourth bedroom provides more options: a guest room, a home office, a music or craft space, a place for your teens to watch TV or yes – a bedroom, if you have a larger family. That said, some families prefer a home with three spacious bedrooms, as they can create a bonus space on the main floor or even in the basement if needed. Realistically, we approach value on a case-by-case basis. It will depend on factors like demand in your neighbourhood, the school zone and age demographics (is it a family neighbourhood, or comprised of mostly starter homes and retirees?). We also consider the size of the home, the size of the bedrooms, the layout and finishes, and so on.
If you’re thinking about renovating and are concerned about how your plan will impact resale value down the road, we can give you our opinion after assessing some of these factors. However, in the end, it’s often best to renovate your home the way YOUR family wants to live in it. After all, a new homeowner may make changes of their own – so don’t live for them, live for yourself! Thanks for reading, and take care.