What makes a bedroom a bedroom?
I'm not looking to buy or sell right now, just refinance. Since the drop in the market, we lost a lot of equity, but things are picking up and we may, again, have 20% equity in our house to qualify for a conventional refinance.
I've noticed in my town that the 4 bedroom houses sell for quite a bit more than the 3 bedroom houses. When we bought the house is was listed as a 4 BR, but it really is three bedrooms and a loft space. The loft space has windows on two sides and a big closet. What it is missing is a wall. One side has spindles and a banister that overlook the staircase and the foyer. We did note how easy it would be to make it a bedroom - they even ran electric to the loft side so you could put outlets in the final wall.
For refinance appraisal purposes, what makes a room a bedroom. Would an appraiser consider our house a 4 BR?
I'm actually considering hiring an appraiser of my own to appraise the house, so I would have more information before sinking any costs into a refinance. Is that a good idea?