The biggest return
The highest rate of return on a master suite addition is in the west-south-central portion of the U.S., where an average $91, 971 master suite addition recoups about $60,000, about a 65.6% return. The lowest rate of return is in the west-north-central part of the country; in Minneapolis, for instance, a $106,200 master suite addition recoups about $54,000, a 50.8% return.
Keep up (or down) with the Jones
Payback on a master suite addition depends more on how it compares with other houses on the block. If your neighborhood is filled with empty nesters with two-bedroom houses, you probably won’t recoup your investment in a luxury master suite. But if master suites additions are common in your area, you’ll recoup more.
Transform existing space
If you add a master suite onto your first floor, you’ll spend a chunk of the budget on site excavation and foundation pouring. If you can take advantage of existing space—such as building over a garage or converting an unfinished attic or basement—you can save between 20% and 60% on construction, and increase your return.
But turning a profit shouldn’t be your motivation for adding a master suite, or for doing any large home improvement. Do the work because it improves your quality of life, and only if you plan to stay put for at least three to five years.
National average cost, 24 x16 ft. master suite with midrange appointments:
Job cost: $106,196
Resale value: $62,874
Cost recoup: 59.2%
National average cost, 32x20 ft. master suite with upscale appointments:
Job cost: $227,178
Resale value: $114,822
Cost recoup: 50.5%
New England
Middle Atlantic
South Atlantic
East South Central
West South Central
East North Central
West North Central
Mountain
Pacific
7 Extravagant Home Improvements You Wish You Had
7 Storage Solutions You Didn't Know You Had
Home Maintenance Tasks: When to DIY and When to Hire a Pro
How to Care for Your Washer & Dryer
Winter Gardening: Plants that Provide Beauty All Year Round
Property Line Disputes: Peaceful Ways to Settle Boundary Issues
10 Tips for Saving Energy in the Kitchen
7 Ways to Be a Better Recycler
Make A Home Emergency Preparedness Kit
Home Security Cameras: Peace of Mind While You’re Away
Appeal Your Property Tax Bill


Be The First To Comment