The question of converting an existing bedroom into a master ensuite is a good one – especially in a hot Toronto market. Unfortunately, there is no straight-forward answer to this dilemma. Whether such a decision is a good one or not will depend on several factors and it is best to gauge the sentiments of the buyers in your neighbourhood to truly determined whether a room conversion will add value or decrease the value of your home.
Generally, Ontario homebuyers will look for certain house-types in a given neighbourhood. If your neighbourhood is full of three-bed, two-bath homes, then your four-bedroom home might benefit from a conversion. However, if buyers flock to your area for four-bedroom properties, then you will significantly impact the value of your home.
Another factor to keep in mind is practicality. Usually buyers expect there to be a bathroom on each level of a home. So, if you have a basement bathroom and you relocate it to the main floor, this will certainly add value. Additionally, buyers generally expect a ratio of 2 baths for 4 bedrooms – if you have this, then adding a third bathroom might be excessive. If your home has 4 bedrooms with only one bath, then an extra ensuite will certainly make your home more attractive.
Another very important element to be aware of is the cost of such a conversion. If the homes in your neighbourhood are selling for $200,000 and it will cost you $40,000 to convert a room into an ensuite, then it might not be worth your while to do so as you are not likely to recoup your full investment.
The market in your area is another big consideration. If you are in a family-oriented community, then having more bedrooms will likely attract those with larger families while if your neighbourhood is mainly home to young professionals and retirees, then you will likely have more success with an ensuite and fewer bedrooms.
If you have an attic that you can turn into a loft, then converting an existing bedroom into an ensuite might be worth it as you would simply be diverting the space from one area of your home to another.
The last piece of advice we can give you is to check with a realtor if you have any doubts. Most realtors in the Toronto area will provide this service free of charge if you are interested in knowing whether such a conversion is a good idea or not.
In the end, however, if you want the ensuite for your own convenience and you intend to live in your home long-term, then you might as well make the investment so that you can enjoy the ensuite.