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Adding a second bathroom

Posted by ramrodbenchwood on 7/28/2009 at 12:06 PM | 3 answers | 3465 views
When I bought my house in Feb 2008, it had 4 bedrooms and 1 bathroom. The master bedroom is upstairs and the only bathroom is downstairs, which as you can imagine is very annoying.

We just started construction to add a second bathroom, which would bring my house to 4 bedrooms 2 bathrooms. The total job is costing us $17,500 (I know it might sound a little high, but there are some plumbing and heating complications that will make this a difficult and labor intensive job. Also, I live in Long Island, so everything is more expensive here.)

My question is, how much should I expect to get back in added value to my house? I would think it would at least add $17,500 of value, if not more. Any thoughts?

Answers

I grew up in a one bathroom home with five of us.

The second bathroom my parents added definitely reduced the lines in the morning.

To me it was worth it.

From Smartmoney.com
http://www.smartmoney.com/personal-finance/real-estate/which-home-improvements-pay-off/

An Extra Bathroom
Adding an extra bathroom with all the trimmings - marble vanity top, molded sink, bathtub with shower and ceramic tile - almost pays for itself. A midrange full-bath remodeling job in the U.S. has an average price tag of $15,789 and recoups 78% of the costs. A midrange full-bath addition has a national average cost of $37,202 and generally recoups 66% of its cost.

Another article
http://home-equity.interest.com/content/articles/home-equity_story.asp?story_id=1000035167&ID=interest

Our Top 10 home improvement projects, with the national average for cost, resale value and the percentage of the cost that was recouped, are:

1 Upscale siding replacement costs $10,393 and adds $10,771 to your homes value, or 103.6% of the cost.

2 Mid-range bathroom remodeling costs $10,499 and adds $10,727 in value, 102.2% of the cost.

3 Minor kitchen remodeling costs $14,913 and adds $14,690 in value, 98.5% of the cost.

4 Adding an attic bedroom suite with bath costs $39,188 and adds $36,649 in value, 93.5% of the cost.

5 Adding a deck costs $11,294 and adds $10,196 in value, 90.3% of the cost.

6 Remodeling the basement costs $51,051 and adds $46,010 in value, 90.1% of the cost.

7 Replacing the windows costs $9,684 and adds $8,681 in value, 89.6% of the cost.

8 A mid-range bathroom addition costs $22,977 and adds $19,850 in value, 86.4% of the cost.

9 Replacing the roof costs $11,164 and adds $9,456 in value, 84.7% of the cost.

10 Adding a family room costs $54,773 and adds $45,458 in value, 83.0% of the cost.
Appraisers are having a rought time with any comps 1.5 miles from your home within the past 90 days matched to your home.

The tax assessor will pump up the value of your added bathroom far beyond your wildest imagination but I would check out comps 1.5 miles from your home that have the extra bath within the past 90 days. You can try Cyberhomes or Zillow and plug in your improvements but nothing else really matters beyond the comps.

I added a $32,000 carport/storage building and it was expensive due to it's size, foundation, ground pre, pine tree removal etc.
My recent appraisal gave me $12,000 for the value because it really isn't heated space. My daughter whose an agent says they (appraisers) never give over %12000 for a garage/carport.

Appraiser told me he never likes to assign over 3% value for the lot because the underwriters will dog him to death.

So really, if you want to know added value you need to go to open houses, talk to realtors, appraisers etc and keep up with the never ending changes in the new ethics appraisal guidelines fannie and freddie have adopted. Changes monthly.

You can't sell or rent a one bedroom house in my town unless it's near the university and has prime location. The younger generation didn't grow up in a one bath home like I did. They expect more for their money if they buy or rent.
My parents added an ensuite bathroom onto their house, which cost them roughly $15k. It would have added more value than that because houses in their area are expected to have an ensuite.

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