4 Updates to Avoid Family Room Addition
Cost of family room addition: $54,773
Average resale value: $45,458
Percentage of cost recovered: 83%
Best return: 113.3% in Albany, NY
Worst return: 55% Kansas City, Mo.
Adding a family room sounds like a smart remodeling investment, but it won’t be if you have to add completely new square footage to your home. On average, you’ll spend over $50,000 to build a 16 x 25 foot room and finish it inside with recessed lighting, hardwood floors, windows, patio doors and skylights and outside with vinyl siding.
Spend that same $50,000 to remodel existing unfinished space in your basement or attic and you can add a full size bath and a wet bar for the same money. You’ll also recoup closer to 90% on your remodeling costs at resale.
Whether your new family room is in the basement or on the first floor, make sure it matches the profile of the buyer you have in mind for your home. "Doing a lot of work on a downstairs basement rec room is fine for family buyer profiles," says Pam O'Connor, President/CEO, Leading Real Estate Companies of the World™, Chicago. "But if you hope to sell to empty nesters, it won’t help sell your home."
