If you’re ready to expand your home but unsure where to get the biggest bang for your buck, you’re in the right place! There’s no reason to compromise on your comfort for your real estate investment. Upgrade your home with your investment in mind by choosing projects with a high return on investment. We’re pleased to use our expertise to allow you to prioritize your projects and accomplish your financial goals.
Not every addition impacts your home’s retail value in the same way. Prospective buyers often attach different values to the same amount of space depending on its function. For example, bathroom square footage is generally more valuable per square foot than bedroom square footage. We’re happy to break down the cost vs. value of popular addition projects to help you make an informed choice.
Everyone knows that extra bathrooms make for easier daily living. A bathroom addition increases square footage and attracts buyers who set their search criteria with a minimal number of bathrooms. According to our area's 2021 cost vs. value data, a midrange bathroom addition costs an average of $52,675 and returns about 37.5% of the resale value. Upscale bathrooms cost more but return a larger share of their cost, with an average price of $95,711 and a 53.4% return on investment. If you ever needed a case to go big with your bathroom addition, this might be it.
Owner’s Suite Addition
A showpiece owner’s suite is an attractive upgrade. 2021 Cost vs. value reports that a midrange owner’s suite addition costs an average of $144,445 in our area and returns about 48.1% in the resale value. This project's return on investment is consistent, with an upscale remodel’s ROI averaging 41.4% for its average price tag of $296,402.
Is it cheaper to add on or build up?
Many clients are interested in additions but aren’t sure where to locate their new space. Though cost is only one factor, many wonder about the cost of building up vs. out. It is usually cheaper to build up rather than add on. However, the more complete answer here is that it is easier to work with and extend the home’s existing structure. Building up will be cheaper if a home already has two stories. Adding a second story to a ranch home comes with additional structural changes and costs. Outward additions may be more inexpensive for one-story homes.
All about that bump out
Many of our happy clients tell us their bump-out addition is more than worth it. A bump-out is an excellent option if you are interested in adding one room or expanding an existing room. A bump-out can add as few as two feet up to fifteen feet, depending on the space your lot offers. Additions with multiple rooms may require more changes to your home’s structure and foundation.
Let's build something together
At Peacock & Company, we’ve spent decades partnering with South Bend area clients in realizing their home remodeling dreams. We would be pleased to be considered for your Michina area project. Reach out today to schedule a consultation.