• Basement: 63%
Be warned that these projects can prove costly, with the national average cost for jobs on this scale running in the tens of thousands of dollars. Be sure to carefully consider just how much you are willing to spend and what is in demand in your market to maximize the return on such a large investment.
ADDITIONS
Another consideration when looking to add value to your home, as well as make it more functional for yourself, is to add entirely new rooms. Clearly, this is a large step with an even larger investment involved in nearly every possible case. Room additions are not cost-effective if you are planning to sell within the next few years. That said, if you plan on staying where you are for a while to enjoy your additions, they can result in a reasonable ROI. Some are more financially worthwhile than others, as below:
• Master suite: 52% • Deck: 70% • Bathroom: 62%
As you can see, there is a fairly large range in the ROI involved, though not as large as a less ambitious remodel. A careful reading of the data shows that some of the most expensive projects (a sunroom addition averaged over $72,000 nationwide) provide the lowest returns. Of course, there is wide variance in building costs. According to Remodeling magazine, a 200-square foot sunroom addition with footings and slabs-on-grade foundation can cost up to $70,000, while a survey conducted on HomeAdvisor.com found the
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