4 Updates to Avoid Upscale Master Suite
Cost of upscale master suite: $137,891
Average resale value: $110,512
Percentage of cost recovered: 80.1%
Best return: 124.4% in Seattle
Worst return: 48.4% in Detroit
Creating a dream master suite with a sitting area, a large master bath with custom stone vanities, custom bookcases, a gas fireplace and a large walk-in closet will leave you with a fabulously high remodeling tab that won’t be repaid when you resell your home – unless you live in a luxury home in a high-cost area where the real estate market is hot.
A luxury master suite that makes you the envy of the neighborhood won’t make you money. "Don’t over improve for the neighborhood, you’ll never see return on your investment" warns Pam O'Connor, President/CEO, Leading Real Estate Companies of the World™, Chicago. "Consider other homes in the area before making such a significant improvement."
