Regardless of economic circumstances, room additions can deliver a tremendous boost to the value of your home. They can fulfill an immediate or long-term family need and can make your home easier to sell to a future buyer.
As you consider a room addition, it is important to keep in mind the value it will bring to your family’s everyday life. But it’s also relevant to be mindful of how the new space will be received and valued by potential buyers when (or if) you ever move.
Each year, Remodeling Magazine evaluates the resale value of several remodeling projects, including eight additions, ranging from a new deck or garage to a family room, master suite, and two-story project. You can review their evaluations at www.costvsvalue.com
Professional remodelers often debate the magazine’s methodology for its annual Cost vs. Value report. The reason… the resale values are based on a one-year turnaround following a remodeling project. Most of our customers who remodel, especially with an addition, stay in their homes far longer than a year following the project. In fact, if during our early discussions with a homeowner, they indicate that they will be moving in 3+/- years, we work very hard to assist the homeowner in balancing the investment with the expected return for the short term.
But the report does have some value. It provides us and our clients a baseline to compare the costs of some common home improvement projects toward figuring out the best solution for their unique circumstances.
According to this ‘room additions’ survey, the project with the most “market value” is one where both levels of an existing two-story house are extended; for example, a ground-level family room and a new second-story bedroom suite. The scope of this kind of project is both the most expensive in the report and delivers the highest resale value.
Perhaps a garage or additional square footage is exactly what you (and your house) need to make it complete and special; maybe another bathroom or home office, solves a big need for your family. That benefit should be balanced against the estimated “payback” or return on your financial investment.
Showroom & Design Center
2930 Preston Road, Suite 980
Frisco, Texas, 75252
(972) 334-9800 – phone
(972) 334-9890 – fax
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