I think you will recoup your investment but it will depends on some factors - what the price point of your home is and when you plan to sell! My advise is to get more than one quote from only a licensed, insured and bonded contractors if you choose to move forward with this plan.
John L. Scott - L. Oswego
Mandy Lewis and Jennifer Peterson
There is always a better resale value in 3/2 vs. a 3/1. It should not cost 30k unless you're going for extreme top end finishes. Plumbing and electrical are your greatest cost. You should be able to add a 2nd bathroom for much less.. I am a local Realtor in Lake Oswego and have all kinds of resources to offer. If you're planning to live in the house for awhile you might as well do this sooner than later so that your family gets to enjoy the space before you sell. Hope this helps!
Premiere Property Group, Lake Oswego Branch
Personally, I would want a second bathroom in a three bedroom house. I would think there is absolutely value there, especially if it is en-suite to the Master Bedroom or if all bedrooms are upstairs and the only bathroom is downstairs.
I would also look at your preference and how long you plan to stay. If a second bathroom provides great value to you and you plan to stay for a couple years or more, then I think it's a good move. You get the use out of it and then if it adds to the asking price down the road - great.
I would definitely get at least 3 quotes for the work and see what you'd have to do permit-wise.
To see the "value" of a second bathroom in your area, I would look at recently sold homes and see what the difference in price was to similar homes where the major difference was 3b/1b vs 3b/2b.
Best of luck!
The best way to figure this is to ask a few questions.
1. Are you doing the work yourself or hiring someone. (If you are hiring someone, please get a couple quotes from professionals that are licensed/insured/bonded). Getting a quote will give you a good cost of the project.
2. Are you doing this for value reasons or to make your life/living situation better/easier. One of these has got to be the primary reason even if both have a big role.
3. Are you planning on staying in the house long term or just 1-3 more years?
4. What is the difference in houses in your neighborhood with 1 bath versus 2. And what is your average inflation in your market?
By answering these questions you will be able to find out if you should recoup the cost. If homes are not appreciating at a great rate and there is only a $5-10K difference in price, AND you are only planning to stay for a short time, then it probably doesnt make financial sense,
However, if having 1 bath is a huge burden and you need that 2nd one to make your life a little easier, then you might be better off doing the project. Just expect that you might not recoup all the money you spent on the project.
Cassandra Bickel, REALTOR