The desire for a master suite has been trending upwards in the housing market, topping lists alongside updated kitchens and bathrooms and open floor plans. While the benefits of a master suite, such as a private bathroom and separation from the home’s other bedrooms, may seem priceless to some homeowners, the budget of a master suite addition can become one of the priciest home renovations.
An addition of a mid-range, private bed-and-bath combo with a walk-in closet costs an average of $115,810, according to the 2016 “Cost vs. Value Report” from Remodeling magazine. Whether you are considering a master suite for your own enjoyment or to increase home value, here are a few things to consider to keep costs low and the return of your investment high.
Consider Your Neighborhood & Costs
Though you’ll certainly enjoy the extra space a master suite provides, if you are hoping to add significant value to your home with the additional space, make sure you don’t price your home out of the neighborhood.
If master suites are a common amenity in your area, you are likely to have a bigger return on your investment. In 2016, a master suite addition recouped 64.1 percent of its investment. If your neighborhood is filled with two-bedroom homes, you may not recoup your spendings on a luxury master suite.
Turning a profit shouldn’t be your primary motivation for an addition or for doing any large home improvement, for that matter. According to the National Association of REALTORS 2015 Cost vs. Value Report, master suites were one of the most-enjoyed renovations with 88 percent of homeowners saying they had more desire to be home since completion. While considering an addition of a master suite consider how it will improve your quality of life if you plan on staying in your home for several more years to reap the benefits.
Utilize the Space You Have
If creating a master suite is one of your mortgage goals but your budget is limited, nix the idea of an addition and transform existing space, such as building over the garage or converting an unfinished attic. By utilizing the space you already have, you can cut costs by 20-60% and recoup a larger portion of your investment when it’s time to sell.
A master suite is meant to fulfill a homeowner’s need for privacy, respite, and storage. Currently, master suite trends include:
- Extensive storage space. Walk-in or elongated closets are an expected feature. His-and-her closets are gaining in popularity, along with built-in closet systems to maximize limited space.
- Spa-like experience. Popular additions to bathrooms include walk-in showers, free-standing soaking tubs and jack-and-jill layouts.
- Creating a room within a room. Consider setting aside some square footage for a sitting or office area.
- Private entrance to a garden, patio, or deck. This creates even more area for privacy, along with a feeling of exclusivity.
Transforming a space of your home into a master suite will grant you an independent dwelling space that you will enjoy for years to come – just be sure that you are keeping costs in check with your neighborhood price range and plan to stay long enough to enjoy the investment.
For more information on financing home improvements, rehabilitation or remodeling, download our free Rehab and Construction Guide.