Homeowners often have a long wish list, but limited funds force them to make hard decisions. If you would like to add another bedroom and bathroom, but you can’t afford to do both, here are some things to consider so you can figure out which would be a better choice.
Think about Your Family’s Current and Future Needs
Consider your current living situation and what you want to accomplish through your renovation project. If arguments arise on a regular basis, think about the source of conflict.
If your kids are sharing a room and you’re often forced to mediate arguments between siblings who accuse each other of encroaching on their space, adding another bedroom can eliminate a lot of headaches for everyone. If, however, one of your children will be moving out soon to go off to college, you might want to hang in there a little longer, rather than spend your money on an additional bedroom.
If you’re expecting another child, or if you haven’t started your family yet, but you intend to have several children in the future, it might make sense to add another bedroom. That way, you’ll have the space available when you need it, and you won’t have to deal with the stress of a major renovation project while raising young kids.
Adding another bedroom might be necessary or desirable if you’re planning to have an elderly parent move in with you. That can give your parent privacy and keep the house from feeling overcrowded.
Competing for space in the bathroom often creates tension between relatives. If that’s the root of a lot of the arguments in your family, then adding a bathroom might be a better move than adding another bedroom. An extra bathroom might also be desirable if you frequently host large gatherings or have overnight guests.
Think about How Renovations Could Impact Your Home’s Resale Value
Adding more living space can raise your house’s value, but the amount of the effect will depend on where you live. In an area where houses tend to be smaller, a house with an extra bedroom might stand out and attract the attention of multiple interested buyers. If your house currently only has one bathroom, adding a second one will make it appealing to a wider range of buyers, especially if most homes in the area have multiple bathrooms.
Avoid Common Mistakes
If you decide to convert part of your house to a bedroom or bathroom without adding more square footage, make sure that the end result doesn’t feel cramped. That could make life more uncomfortable for your family and turn off potential buyers.
A home with a large number of bedrooms won’t necessarily sell faster than one with fewer bedrooms. If your house already has enough bedrooms to suit the typical family, adding another one might not do much to boost the property’s resale value. Making a house worth a lot more than others in the same neighborhood can even make it unappealing to buyers.
