We hear the story time and time again: Rather than trying to sell in this uncertain economy, homeowners are opting to make the most of their current space. After all, if you’re going to stay where you are for awhile, you might as well enjoy it.
And contrary to what you might think, now is a good time to consider an addition to your home. Banks are offering historically low interest rates on home equity lines. Plus, unlike in much of the country, property values in Greater Boston have generally held up pretty well. A smartly planned addition that addresses your house’s shortcomings will only enhance its value.
Weighing Cost vs. Value
Speaking of value, each year Remodeling magazine produces its Remodeling Cost vs. Value Report, which “compares the average cost for 35 popular remodeling projects with the value those projects retain at resale.”
As the 2010-2011 survey results show, some projects — including two-story additions — deliver a solid return on investment.
Interestingly, the figures captured below are quite similar to those from the 2008-2009 survey, so additions are holding their value in our region.
Highlights for midrange additions in New England:
Deck (wood): 72.7%
Deck (composite): 71.9%
Two-story addition: 64.9%
Family room: 62.8%
Master suite: 60.7%
Highlights for upscale additions in New England:
Deck (composite): 58.2%
Master suite: 52.1%
Spotlight on Two-Story Additions
Many of the additions we do at Custom are covered above, but we’d also add these to the list:
• Kitchen bump-out plus family room (our most popular kind of addition)
• Kitchen bump-out plus bathroom
• Porch conversion (e.g. creating a new bedroom or office)
Sometimes our additions involve two floors of the house, such as
these projects from recent years:
1. For a Lexington home, first-fl oor work included bumping out the kitchen and bathroom, and adding a guest room/study and laundry room. On the second fl oor, we expanded the common bathroom and added a bathroom and walk-in closet to the master bedroom.
2. For another Lexington home, we renovated and added space to the first-floor kitchen and family room, and created a master suite on the second floor.
3. For an Arlington home, we added a garage-size room on the first floor and “his-and-her” dens on the second floor.
At Custom, we’ve completed dozens of additions over the past 24 years. Our experience serves us — and our clients — very well.
For instance, many homeowners are concerned about the disruptions that building an addition can cause. We can call on our experience to minimize those disruptions and make the experience more pleasant for your family.
In addition, we understand how much it costs to do various types of additions. We can give you a rough estimate on pricing and other considerations, and then you can decide on whether we should proceed with a formal proposal.
So if you’re even thinking about an addition, don’t hesitate to request a free consultation from Custom. We’d be happy to talk through your goals, budget and all other aspects of the project.
http://www.custom-contracting.com | Phone: 781-648-2835