House going on the market soon--finish/create master suite?
We are going to put our house on the market soon. The local market seems to be moving along pretty briskly after a couple of years of doldrums. In our area, we never had much of a bubble, so that probably helped.
We are nowhere near upside-down in our house. We had it appraised for a refi about 3 years ago and it appraised at 219,000, if I recall correctly. Since then, we had a water leak in the downstairs bathroom that led to us replacing the entire living area downstairs with hardwood flooring (previously there was an older laminate), plus completely redoing the bathroom with updated fixtures/features. Insurance paid for almost all of that and it was over $12,000.
The house is a little weird. It started life as a 4 bedroom cape cod with really no master suite back in 1977. When we bought it, we renovated a den/laundry area and put in a central air/heating unit (used to have a window unit) and created an inlaw suite with a full bath for my mother, retaining enough of the laundry facilities that she has her stack w/d there in her full bath. She also has a small kitchen, a bedroom, a few roomy closets and a small sitting area. None of that existed before we bought the house.
As part of that renovation, we took a three-stage approach to creating a master suite. A house designer drew up some really quite brilliant plans for us that included renovating a walk-in attic on the second floor that was unfinished when we bought the house. We also took one of the upstairs bedrooms and turned it into a half-laundry room/half-closet.
We are basically in phase two of the three-stage plan. The attic has been fully renovated and is a large, open, airy space painted in a neutral color with neutral carpeting. It's separated into two rooms. One is a large room that is currently serving as a family room/teen cave sort of thing. The other room is a bedroom, approximately 14x14.
One of our daughters uses the bedroom on breaks from college.
The original plan was to convert that bedroom into a master bath, then use the family room/teen cave space as a master bedroom, and then that leads out into the former bedroom-turned laundry room/walk-in closet. However, we are going to be leaving before we can execute the final stage of the plan, unless we do it in order to sell the house. The future master bath area is already completely plumbed for a bathroom, so it would be a matter of hiring contractors to turn the shell of a room into a master bath. It's a typical attic with sloping eaves.
My inclination is to just go ahead and sell the house as-is since I think it would be around 10,000 to put in a basic subway tile/modest fixture master bath and I highly doubt we would get that back.
I just am wondering how not having a master suite will play. Some houses have one, some do not, in our local area. Our price point is better than average for the area but nowhere near in the luxury range. We could always furnish the plans and explain that we have completed phase 2 of the 3-phase plan but that seems a little cheesy. However, once you realize that the bedroom is plumbed for a master bath and see how it's all laid out, it is obvious that it would be a super-deluxe, awesome master suite. I guess I am worried that it will be a hard sell without a true master suite, even though it didn't stop us, and the house sold very fast (to us) when it hit the market. Technically, the inlaw suite is its own master suite. I'm just sort of torn.
If you got through all that....thoughts?