I’m on floor today.
Read that sentence again. I did NOT say I was on the floor today, I’m simply on floor. That means I am available for a couple hours to answer any calls that come in from random people wanting to know more info about a house they drive by, or if someone walks into the office with real estate-related questions.
So someone called and asked about a house he saw in his neighborhood. I told him it was offered at $119,500 and had 3 bedrooms and 1 bath and no garage. He asked me how much the same house with another bathroom would be worth. I told him, depending upon condition and size and other factors, it could bring up to $5,000 more. The house itself might be worth up to $10,000 more, if it’s in better condition than the house he originally asked about, or larger, and had the two bathrooms.
The caller exclaimed – “How do people live with just one bathroom? Do they have children? A bathroom’s gotta be worth more than $10,000!”
Note: I actually said a bathroom brings about $5,000 more to the price of a home, but he heard what he wanted to hear – the higher number.
I explained that we add about $500-$1,000 per bathroom fixture when determining the value of a bathroom. A sink and a toilet are givens, and are valued at about $1,000-$2,000 at the beginning. Then it’s between $500 and $1,000 for a shower and the same for a tub. Floor and counter-top treatments, size of the room, extra-special features, all factor in to the final price figure.
The man started to chuckle and hung up still laughing, saying, “It’s ridiculous. A bathroom is worth a hell of a lot more than that.”
Now, if I have to GO, then yes, a bathroom is worth a TON of money. But as far as a house’s value is concerned, it’s a pretty standard number. Hysterical laughter from someone else notwithstanding.