Difficult to determine if home improvements will increase value

Q: We own a four-bedroom home with one bath upstairs and a full bath downstairs.

Now that the kids have either moved out or are in college, my wife and I are considering converting one of the smaller bedrooms into a master bath.

My question is: What is more desirable for resale: a four-bedroom home or a three-bedroom home with a master bath?

-- B.H.

A: I suspect there's no one clearly right answer.

Call several real estate brokerages that are active near you.

Ask to speak to the managing broker and explain that you'd like some free advice.

Agents who know your street and deal with buyer expectations in your neighborhood can judge better than I can.

Or -- as with that tub-or-shower question -- we could ask readers about which they'd prefer if they were buyers.

The tub thing turned out 50/50. I'll bet this one also turns up differing preferences.

Assuming a mortgage

Q: I question the answer you gave a divorced man who wanted to be released from liability on a mortgage.

I'm sure that each case is different, but my bank told me a quitclaim deed, proof of sole past financial responsibility of property, and future responsibility all don't matter in removing one's name from the mortgage.

The key is if there is an assumability clause in the original loan documents.

Only one spouse has to qualify for it individually, and bingo: the ex is off the mortgage.

That would also apply to a completely new buyer, and it wouldn't cost as much as your reader said.

-- P.V.

A: You are certainly right about the procedure for Veterans Affairs and Federal Housing Administration mortgages, which are all assumable.

But with other mortgages that don't include an assumption clause, sometimes a lender will agree to release one co-borrower anyhow. In those cases, the process is a bit more complicated and a bit more expensive.

Off The Market

Q: Our home has currently been on the market for two months.

We've changed our minds and want to stay in our home possibly two more years.

My wife and I haven't retired yet and our plans are not quite set. How do we approach this?

-- I.D.F.

A: You always have the right to take your property off the market.

Your agent will know what paperwork is necessary to withdraw the listing.

If there's any question, talk with the managing broker in that office.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope). Or readers may contact her at askedith.com or edithlank@aol.com.