Episode 068 – What is a Bedroom?
Bedrooms – what a huge source of argument between agents, buyers, sellers, and appraisers. What is a bedroom and does it really matter. Short answer, NO! Let’s get into that pesky definition and why that label really doesn’t matter.
SHOW NOTES
- 01:10 – What qualifies as a bedroom? No rule.
- 02:10 – Local code might have a “rule” on what qualifies as a bedroom for new construction, remodeling, or permitting.
- 02:59 – Local MLS policy might direct agents how to advertise/disclose what a bedroom includes.
- 03:34 – Unknown ”sources” have an opinion.
- 03:49 – In the appraisal world, how does a room affect value? No rules except one with FHA.
- 04:45 – What matters is what the market thinks the room will function as.
- 04:57 – “General” definition of a bedroom: entry door that is closable, closet, second means of egress (door or window), and do I have to walk through one room to get to the second room.
- 07:40 – What would a typical buyer/the market do in this market? Would they use it as a bedroom?
- 07:57 – Newer homes might need to comply the “general” rules.
- 08:36 – Older/historic homes likely don’t have a closet and comps are similar.
- 10:12 – What does the market think?
- 10:35 – Basement bedrooms are a thing too. Egress windows, closets and the difference between above and below grade bedrooms.
- 11:40 – So what if it’s not a “bedroom”? Room didn’t magically disappear. The label might not be a bedroom, but the room exists so it still has value. Functionality is what matters.
- 13:18 – Room has value regardless of its label. Is its value significantly diminished? Probably not.
- 14:25 – Don’t get wrapped up in the room’s label. Be transparent and disclose what the room includes.
SHOW LINKS
BETWEEN THE LINES LINKS
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