Home value after renovation

We are considering a large addition to our home and wondering whether it’s worth it. We’ll add about 600 sq ft (bedroom, bath, laundry, bonus room), which we really could use because we have 2 kids who will need more space. It won’t be cheap, and so I’m trying to weigh the costs vs benefits. One way I’ve been thinking about it is that the cost per square foot of the renovation is roughly in line with costs per square foot of home sales in our neighborhood. So it seems like, if we can afford the extra mortgage and plan to stay in the house for a while, this would be a sound investment. I’m sure there are other considerations, but does that make sense as a way to think about the value of the renovation?

submitted by /u/NecessaryDowntown292
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We are considering a large addition to our home and wondering whether it’s worth it. We’ll add about 600 sq ft (bedroom, bath, laundry, bonus room), which we really could use because we have 2 kids who will need more space. It won’t be cheap, and so I’m trying to weigh the costs vs benefits. One way I’ve been thinking about it is that the cost per square foot of the renovation is roughly in line with costs per square foot of home sales in our neighborhood. So it seems like, if we can afford the extra mortgage and plan to stay in the house for a while, this would be a sound investment. I’m sure there are other considerations, but does that make sense as a way to think about the value of the renovation? submitted by /u/NecessaryDowntown292 [link] [comments]

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