2-bed converted to 3-bed - does it warrant price increase?

retepetsir

To put it into perspective, the square footage is equivilant to that of a 3-bedroom house in the South East, around 800sqft, kitchen, bathroom and lounge are all a good size.

I guess it depends where you live but none of the 3-bedroom houses we've seen have a much bigger 3rd bedroom, the max being 2.5m x 2m, and this is up to and over the £300,000 mark!

Better_Days

Have a look at some EPC's and compare the cost of a similar 3 bed nearby and see what the overall square meterage is. Obviously there will be other factors to take into account too, but this might give you a starting point for comparison.

DRP

i'd say the new bedroom adds some value.

In our area (almost 100% Victorian) we have bona fide 3-bed (villa terrace) that are larger and 'grander' in overall scale than the 2 bed 'cottage' terraces. The 2-beds are easily big enough to split the master bedroom and consequently sell for more than the 2-beds but not as much as the villas.

ie. 220k cf. 230-275k cf. 300k+

If the conversion is done properly and the house is big enough to 'take' the modification then, yes, of course it is worth more...

hazyjo

Yes, it is probably worth more. Same square footage, but one more room. Done lots where possible, especially with smaller properties. If you can turn a studio to a one bed, or a one bed to a two, it's generally worth more.

Offer what you think it's worth. Bear in mind, it makes no difference what the other offer was for. You don't need to match that, or bid against it. They might never get another offer in the same region (if indeed it ever was!).

Jx

lindsaygalaxy

Sounds where like I live! I am actually looking at a house tonight where the main bedroom has been split to make 2 bedrooms. Similar houses have converted the loft which if we decide to go for it is what we would be looking to do (it is a victorian terrace). HOWEVER, it is currently around the sq footaage (around 750 - the kitchen also needs extending) and priced as other 2 bedrooms. Though if yo ugo 3 minutes down the road to the next 'smaller' town you can get a 3 bedroom for the same amount of money.

Slinky

phoebe1989seb wrote: »

Me neither - although we (like the OP) have in the past looked at houses with a very small third bedroom that was original to the (Victorian) house.

Slightly different, I appreciate as it wasn't adding a bedroom, but in our last house we sub-divided a reasonably large bedroom to create a full en-suite bathroom. This gave us a 16' x 10' master bedroom and an 8' square bathroom. Despite still leaving a fairly decent sized master and creating an additional bathroom (as well as the two that already existed), we didn't add any value to the house nor expect to make more money when we later sold.........

Guess some sellers are just more clued-up - or lucky, LOL

I'm waiting with interest to see what the people who bought our old house 8 years ago have sold it for. Stumbled on the details when checking sold prices for houses in our old street, the new pictures are there but the sold price isn't up yet. They've completely remodelled the layout of theground floor, it must have cost a fortune. The only thing they don't appear to have done is update the bathroom which is peach and has no shower. I reckon they must have spent around £30K (including replacing perfectly good windows, and changing the roof on the conservatory we had put on for a glass one). It's an estate house where there will be a ceiling on price. The one thing they haven't done is add a 4th bedroom above the garage which we got PP for which would have made a difference to the price.

retepetsir

For reference it's this one:

http://www.rightmove.co.uk/house-prices/detailMatching.html/nomsite/svr/3119?prop=38152423&sale=28047767&country=england

We saw it again yesterday and I still do like it but it needs work. Only one double glazed window and the original back boiler, plus most rooms need redecorating due to cracks/poor paintwork.

Is it worth going in with a slightly lower offer?!

notanewuser

Not my cup of tea at all, but you could offer close to £200k and see what they say.

That garden doesn't look great for a baby/toddler.

retepetsir

What would you prefer? Difficult to find anything of the same size round here for less. Their previous offer was 245k so I think they'd tell me to go away on 200k!!! Victorian/Edwardian 3-bed are 350k+

My sisters partner is a landscape gardener and has said he can flatten the second tier and put in a new retaining wall, so that's not a problem.

Slinky

But will you get much sun on your garden if the top level is dug down so far. Also those trees next door look like they cast a lot of shadow.