Remodel & Renovate in 02536>Question Details

Lmcniff730, Home Owner in 02536

On Cape Cod, does an addition of an expanded master bedroom with master bath and walk-in closet make good investment sense?

Asked by Lmcniff730, 02536 Fri Dec 17, 2010

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Heath Coker’s answer
Hi Ms. Mcniff. I live in East Falmouth and I am a broker. On Cape Cod, and in particular in Falmouth, there are a few things to research: the size of your lot and the % lot coverage your addition would create; the location of the septic and if the addition would be encroaching on that area; if the new addition would encroach on the allowable setbacks from side, back and front; are you in an area where you could be encroaching on wetlands... Talking with an engineer can help you find answers to compliance/setback issues.

As to the math of the addition, is the master on the first or second floor? What size will it be when finished? How will the bath be finished? Tub or walk-in shower? Or both? Liner or tile/rock? Will the walk-in closet be finished with built-ins or rods? Are you doing the work yourself, or is it being done by a company other than a family member? Are you taking part of the existing house for the additiion, or are you adding more structure to the footprint?

The values in your neighborhood will also help answer your question. Will this addition make your property the best in the neighborhood, or bring it up to a comparative standard for this type and style of house? Is this an addition for you, or are you trying to predict what others want? What is the condition of the rest of your property? Is it all current? Is it dated? Will this addition blend with the existing parts of the house or stand out? A large, comfortable, master with a new bath will be valuable.

The price point of the existing property, the quality of the work in the added spaces, the condition of the rest of the home, and the level that the master is on will all affect what that value is.

I'd be glad to give you a more specific idea of value if you have a specifi property in mind. Best wishes, Heath Coker, Robert Paul Properties. 508-540-9800
1 vote Thank Flag Link Fri Dec 17, 2010
Yes it does. Tough to say how much it will add to the value, as more info is needed, but most buyers are interested in masters with walk ins and bathroom. There are so many small capes with smaller bedrooms and closets.
we converted our space over the garage to a walk in closet. It is great for living, plus will help on re-sale some day. Contemplated the bathroom, but couldn't do the expense at the time.
1 vote Thank Flag Link Fri Dec 17, 2010
Hello,
Yes, I would think that expanding your master bedroom and bath would increase the value of your home and make it more attractive if you choose to resell your home in the future. Buyers look for updated kitchens, baths, and master bedrooms. Not only will you increase the value but you also would make your home more enjoyable to live in currently.
I hope this is helpful.
Good Luck!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Fri Dec 17, 2010
One of the things I am asked most by customers looking to buy a home is ;" Is there a first floor Master with a full bath, and a walk in closet on the first floor?"
It is not only important to have a master bedroom suite, but also it should be on the first floor on Cape Cod as we are a retirement area.
The best investments you can make to improve your property is a first floor master with its own bath, or upgrade the Kitchen and Baths that are currently there.
0 votes Thank Flag Link Mon Apr 20, 2015
For more information or to see property call me anytime at Keller Williams Realty John Barrett Real Estate Team at 508 548 2000
Flag Mon Apr 20, 2015
Good Morning!!
You are one of 3 new clients that have asked this question in the past couple of months, so you are in good company.
After much thought, I have connected with a design builder who will take a look at the property, come up with a basic design that meets the homeowners needs and then I can determine the value of the exact proposed home. It is a very inexpensive way of deciding if your current property is a candidate for a remodel that matches your needs or a new home is in the cards.
To make this an informed and painless decision, please give me a ring for a free evaluation.
Thanks and Happy Holidays!

Best Wishes,

Laurie Ammann
Katzenbach and Company
508-6364529
0 votes Thank Flag Link Wed Dec 22, 2010
Hi Lmcniff730,

Generally, Yes. However it depends on what other improvements would benefit the property, and their cost/value improvement ratio. Kitchen and bathroom improvements generally deliver the best Return On Investment (ROI), but the lack of a Master Bedroom, or a small Master with no private Bathroom, etc., can greatly affect the marketability of the property.

We have helped many Buyers and Sellers in East Falmouth, and we would be happy to help you. Call any time, every day: 508-375-1000.

All the best,

Chuck Tuttle
Tuttle Team Real Estate
Chuck@TuttleTeam.com
President's Club, Diamond Award, Top Producer
Web Reference: http://www.TuttleTeam.com
0 votes Thank Flag Link Fri Dec 17, 2010
I agree with Vicky. In general, updated kitchens and bathrooms make the most investment sense, but it depends on what you current home looks like, how it compares in the neighborhood, and many other factors.

Someone else brought up a good point by what you mean by 'investment'. Are you looking to make an addition to then sell? Or are you planning on enjoying the home for 5+ years and then sell?

If you are planning to sell, have a local realtor come out and take a look at the home and tell you what it is currently worth and then what it would be worth with the addition. Then, you can make an informed decision.

Good luck!

Sarah Goulart Nathe
(508) 591-5089
sarah.nathe@nemoves.com
Buying or selling on Cape Cod or in Plymouth County? Call me for representation.
0 votes Thank Flag Link Fri Dec 17, 2010
Tricky question in this current market. There are several questions that would need to be answered before that determination could be made. Such as; when you would want to sell the property, what the home values are in your area and what your current value is as it relates to the homes in our neighborhood. With the economic times that we have been experiencing very careful evaluation should be considered.

If you get to a point and would like to discuss these issues in more detail just let me know!

Kind Regards,

Vicky Whittier
Today Real Estate
774-238-2746
0 votes Thank Flag Link Fri Dec 17, 2010
Most likely yes..... The best thing to do is contact a Realtor and run comparables as your house is now and then with the addition and see on average how much more you can get for your house versus the cost of the addition.

If you are planning to live in the house for a long time to come don't look at it as an investment, look at it as comfort and enjoyment.
0 votes Thank Flag Link Fri Dec 17, 2010
you use the word investment for your addition. The question is, will you be living in this house, say, for the next 5 years or so?, if you answer yes then do not think of it as an investement as you would make your home, as laura mentioned, more enjoyable and comfortable to live in. Now, if you are thinking of selling the property you would need to take a close look are your ROI (how much of it will you get in return after your cost). Take a look around and see what similar properties (similar meaning assuming you have done the addition and added extra sq ft) have sold for> One of the best ways to do this is by talking to a Realtor to help you do a CMA of your home as it is currently and also with the projection of the added sq ft. and it is free to you, so why not take advantage of it.
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Fri Dec 17, 2010
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