If you're looking for a solid return on your investment (ROI) for a room addition, start small. According to Remodeling Magazine's 2009-10 Cost vs. Value Report on ROI on mid-range addition projects in 80 U.S. cities, adding an attic bedroom, a family room, or garage addition fared best. You might want to speak with remodeling contractors when you make plans.
That doesn't mean that a bathroom addition, master suite addition, or two-story addition won't add value to your home. Building those room additions still brought back more than 50 percent on homeowners' investments in the project. The midrange bathroom addition project cost $39,046 and returned $23,233 in home resale value. Adding an attic bedroom, however, returned on average more than 83 percent of the initial investment. The average cost of an attic addition was $49,346, but it improved home resale value by $40,992.
In New England, a family room addition cost $86,854, and had an ROI of 62 percent, increasing resale values by $54,121. In Southern Atlantic states, adding a bathroom cost on average $34,876 and increased resale values by $21,692, or 62.2 percent. And on the West Coast, a family room addition cost on average $100,023, but increased resale value by $73,551, for an outstanding ROI of 73.5 percent. Bathroom additions also fared reasonably well out West, costing on average $88,000, increasing resale value by $58,557, for an ROI of 66.5 percent.
On the high-end of the scale, Remodeling Magazine found that a bathroom addition delivered more than a 57 percent ROI. Upscale bathroom additions cost an average of $75,812 and increased resale value on average by $43,888. The magazine report comes out annually and compares regional or state averages against national averages in costs and ROI in what it considers the thirty-three most popular home improvement projects.
Many homeowners won't realize until it's too late that it takes unique skills to tackle building room additions. You should call in remodeling contractors if you're in over your head and leave the worries to them. Whether you do-it-yourself, or leave it to the expert remodeling contractors, see to it you have a plan for you and your family to survive the temporary stress and upheaval. Take your family out for dinner or away for a holiday weekend. No return on investment is worth the loss of your sanity.
About the author: Woodrow Aames has written articles and profiles for Yahoo, Microsoft Network, Microsoft Encarta, and other websites and print magazines around the world. He holds an MFA degree and has taught English abroad.
GREAT DEAL ALERT! The Washington DC, Baltimore, and Virginia area is currently enjoying a surplus of Kitchen Contractors who want to compete for your kitchen project.