People usually add on to stay put, points out Kerry Butler, owner of Butler Construction Services, a full-service remodeling company in Kelso, Wash. "They like the neighborhood, the school district. They've looked at newer, larger homes and decided to invest in the home they have and stay in the neighborhood."
Still, if they decide to sell, the extra space -- a six-bedroom house where most homes have four -- appeals to buyers with large families or those planning to convert that extra room to something else, say a home office. "It's the bedrooms and bathroom addition where people get the most bang for their buck," says Todd Perry, Leading Edge Homes, Wellington, Fla., whose company specializes in additions.
Real estate agents agree, rating this project a 94% recoup overall, with the recoup on additions in areas such as Washington, D.C. (177%), and San Francisco (126%) returning even more.
Add a 24-by-16-foot two-story wing over a crawl space with a first-floor family room and a second-floor bedroom with full bath. Include 11 3-by-5-foot double-hung insulated windows; carpeted floors; painted drywall on walls and ceiling; and painted trim. In the family room, include a prefabricated gas fireplace and an atrium-style exterior door. In the 5-by-8-foot bathroom, include a one-piece fiberglass tub/shower unit; standard white toilet; wood vanity with ceramic tile countertop; resilient vinyl flooring; and mirrored medicine cabinet with built-in light strip; papered walls; and painted trim. Add new heating and cooling system to handle addition.
|Market||Job Cost||Resale Value||Cost Recouped|
|Los Angeles metro||77,160||100,301||130|
|Orange Cty, Calif.||76,125||80,480||106|
|New York metro||76,084||89,298||117|
|Fairfield-New Haven, Conn.||70,694||113,885||161|
|Salt Lake City||61,562||51,000||83|
|San Francisco metro||84,310||106,427||126|