It is a common occurrence in many Massachusetts households that a family grows too large for their home. Whether it be that your family builds up more possessions, your family grows larger or your kids grow older; there comes a time when most families have to look at either remodeling their home or moving into a new one. For many Massachusetts residents, it is more beneficial to put an addition on to your home than it is to relocate.

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According to Remodeling Magazine’s 2011 Cost vs. Value Report, building an addition on to your home can save you a lot of stress and increase the value of your home by an average of 64.9%. In Metro Boston, adding a $191,652 two-story addition to your home will increase the resale value by an average of $124,458 (Remodeling Cost Value Report, 2010-2011). In towns like Newton, Wellesley, Weston, etc. the return on investment is often much higher. In fact, we have built additions onto homes which instantly yield greater than 100% return on investment.

So then the question becomes, what type of an addition do you do? If you don’t want to (or simply can’t) build out into your yard, you will greatly increase the value by building up! In New England, the average percent return on a second story addition is 65%. Those projects average $165,243 (Remodeling Cost Value Report, 2010-2011). This is a very good return on investment in the long run, especially if you live in a town like Newton or Wellesley, where your property already has a very high value; you are more likely to exceed the 65% return on investment.

Another option that can increase the livable space in your home and reduced that cramped feeling driving you to move would be to build a family room addition. This will make your home seem much larger, increase the comfort of living space and make your family members a whole lot happier. The average return on investment in Boston for a family room addition is 60.7 % (Remodeling Cost Value Report, 2010-2011). The return on this type of a project is less than a two-story addition, but it also will cost you an average of $90,000 less. Again, in the case where you live in a town like Newton or Wellesley, your return would most likely be much higher due to the property value wherein.

If an addition does not appeal to you, something that would give you a better return on your investment, at an even lower cost, would be a major kitchen remodel. This won’t necessarily add square footage to your home, but it can make a space feel larger and certainly make it more comfortable. On average, a major kitchen remodel in Boston will cost you about $67,000. Your average return rate will be 69%, which is very good for Boston. Again, the same thing applies to living in a nice town like Newton; your return will be much higher.

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An addition or remodel is a great way to increase the livability of your home without the stress and without the time consumption that comes with searching for the perfect home. If you live in a town like Newton, Wellesley, Weston, and the like, you will exponentially increase the value of your home, with an excellent return on investment by building  an addition onto your home. If you like where you live, why move? Just build!

Article Written by Victoria Sene

Source: Remodeling Cost vs Value Report 2010-2011, Boston MA