How often do you have guests staying with you?
That was something I pondered as well...if we had a guest stay every few months, I'd be more inclined to have a near-perfect guest room. Knowing that I will be lucky to have visitors maybe 2-3 times a year, I am focusing more on my livability/cost than a dream guest room.
I don't know the sizes of your bedrooms, but you could have a sleeper sofa or a Murphy bed type of bed in the guest room. This could then accomodate desk/computer/office type items and can still be used for the occasional guest.

If you haven't used your exercise equipment in that long, my thought is you can always join a gym/ymca close by...or just walk and do rubber-bands for weights.

If you really can use only 1/2 off a 2-car garage, you can use the other 1/2 for exercise equipment if you don't want to join a gym. Not sure where you are building, but heated floors in one area could make it year-round comfortable.

Finallyhome, this designer has some really nice 4 bedroom homes around the size you need. Just Google this below. Good luck!

Houseplans.com plan # 84-177

My thoughts are similar to wallycat's. You could use the guest room for two purposes by stocking it with a hide-a-bed or something similar. Better Homes and Gardens often has articles on how to furnish a guest/office room. Since you're building new, you could look at some built in's to work as a desk area, perhaps saving space. (Wouldn't it be fun to a bed that folds out of the wall?) Anyway... another thought is whether you would have room for your exercise equipment in your bedroom. Good luck!

I built a 2 bedroom house because I didn't want a full-time guest room. I am using the 2nd bedroom as an office/craft room and plan to put a day bed or sleeper sofa in there so if we DO have guests, there will be room for them. But when there are not guests, the sofa will be a nice spot to hang out. Or look into a Murphy Bed....they fold down out of a wall. Unless you have guests a LOT, I just can't see the logic in dedicating a whole space for them.

You don't mention a basement, so I assume you won't have one. How about building the exercise room above the garage?

Thanks for your comments.
1) I'm in Texas so no basement.
2) Now that I think about it, I have overnight guest maybe 1 per year.
3) I think another reason i'm having a problem making a decision is that I have a beautiful wrought iron bed that I like to show off. (I know, dumb reason for spending additional $$$.)

I think I will take your suggestion and go for 3 bedrooms. I'm also trying to declutter my life and home and getting rid of unused furniture is a good way to start.

Thanks for your comments.

finally home, where are you in Texas?

If you are handy, why don't you make a frame that holds a day bed mattress and use the wrought iron bed's headboard and the back of the daybed? Depending on the width of the headboard, it might be perfect. If you don't mind cutting it, you can have the foot board cut in half and attached to the sides of the head board to make the sides of the day bed. I have a gorgeous oak queen sized bed I am going to do that with. It's too pretty to get rid of, but I don't want a queen sized bed in the guess room. it will make a gorgeous day bed though.

Trudymom - I'm in east Texas - Tyler.

ccombs1 - No i'm not handy, but I believe in hiring handy people. I bought a pair of twin size wrought iron beds (this was during the year I was out of my everloving mind and was going to move to the country and live off the land!) I like these and can set up the exercise equipment and one twin bed nicely.

"1) I'm in Texas so no basement. "

I'm in Texas, too, and I am building a full basement.