CHAPTER 12
REMODELING, ADDITIONS, AND ROI When remodeling your home, building an additional room or adding a
new level to your home can be pricier than, say, renovating your deck. There are of course inherent benefits to an extra room that homeowners can enjoy, like the extra space and functionality, but homeowners should certainly be aware of the costs as well. Be aware that in making extensive renovations to your home, the cost may not be recovered at the
time of sale. Those types of improvements have to be solely for your home-ownership enjoyment, as by making your home the jewel of the neighborhood, you may be lifting it into a price range beyond what your neighborhood can support. Arriving at a concrete number (pun intended) is never an easy task, either for the homeowner or the contractor. Typically, remodeling contractors ballpark the cost of an addition in dollars per square foot. The reasons for this include: • This provides a rough baseline of costs typically associated with your home addition (e.g. labor, materials, and fees) • It can help the homeowner determine a realistic budget • The quality of materials can vary depending on the client’s
tastes (e.g., wood flooring vs. tile) • Availability of material may vary • Timeframe and expedience of the project
Home estimates in and of themselves take time and effort, so expect the conception of your home’s addition to cost money before even a single nail is hammered.
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