It’s not uncommon to find homes in Chicago with just one bathroom. While that one bathroom works just fine for a couple or even a single individual, once you add children into the mix that bathroom space just isn’t enough. If you have the extra yard or square footage in your home, you might be thinking about adding a second bathroom. But, have you compared the cost versus value to see how much that project will really cost you?
What is cost versus value?
Cost versus value is an annual report released by Remodeling Magazine. It compares how much a project costs in your area, to how much value it adds to your home, giving you a return on the investment percentage. This is important because you want to see how much of the cost you’ll recoup in value. If you are financing your project the bank will be looking at this comparison too, which means you’ll need extra equity in your home or a significant down payment to cover any losses if your project doesn’t average a positive return.
What is the cost versus value for a bathroom addition in Chicago?
When you add a bathroom you have two options, either a mid-range or upscale addition. A mid-range bathroom addition in Chicago averages $38,655, but homeowners can expect to get back $21,048 or 54% of their cost. An upscale addition on the other hand, costs about $73,123 and homeowners recoup $41,729 or 57% of the cost. In this case, the upscale addition does yield a slightly better return, but the cost is significantly higher than a mid-range addition. Compared to the national average, which is 60.1% for a mid-range addition and 60.6% for an upscale addition, Chicago does have a slightly lower return rate.
Is a bathroom addition worth it?
If you are adding an extra bathroom, but plan on selling in the next couple of years, you are only going to recoup about 50% of your costs, which doesn’t make the project worth it. However, if you are going to stay in your home for some time, it may be in your best interest to add on a second bathroom. Deciding between an upscale and mid-range addition is entirely up to you and how much you really want to spend on the project. Remember that these costs are just estimates and you may spend more or less depending on what you really add. It is best to get quotes from several contractors in the area for both upscale and mid-range projects, and then see which best fits your financial situation.
Top Image Credit: nFORMAL Design