Thanks to HGTV, many of today's buyers expect homes to have a luxurious master bedroom, complete with a spa-like shower and a whole host of other amenities. If your property doesn't currently have a true master bedroom or master suite, we'll walk you through the cost vs. value of doing a master bedroom addition. Read on below to learn more.
The function of adding a new master bedroom
The benefits of adding a new master bedroom or new master bedroom suite -- which includes a bathroom addition -- are clear. On one hand, this gives homeowners a retreat where they can go to escape the stresses of their everyday life. On the other, adding a new bedroom to the home should increase its square footage and overall value.
The disadvantages, however, are just as obvious. Like any house addition, adding a new bedroom, especially a master bedroom, will likely get costly. As the investor, it's up to you to weigh the costs vs. benefits.
If you don't want to splurge on a full addition, which includes bumping out the foundation, excavating, and going through the entire remodeling process, you could always repurpose an existing space in the home or you could focus solely on a bathroom addition, which would allow an existing bedroom to become a master bedroom suite.
The cost of a master bedroom addition
According to Remodeling Magazine's 2020 Cost vs. Value Report, a midrange master suite addition can run up to $136,739. Meanwhile, an upscale version can run up to $282,062.
Again, most of the cost comes from the assumption that you're doing a home addition and not transforming existing space. In that instance, you'd have to take on the costs of building out the space, including excavating, pouring the foundation, building out the walls, and adding a new roof. If you're also adding a bathroom, you'll have to consider the costs of adding additional plumbing and electrical work.
All that comes before you consider the costs of any interior features that make a master suite luxurious, like French doors or a large soaking tub. Then, once you're finished with the remodel, you'll also have to think about the ongoing costs of heating and cooling the space.
The value of adding a new master bedroom
Ultimately, according to the Cost vs. Value Report, you'll only recoup about $80,029 when you go to sell, or about 58.5% of the overall cost. It's also worth noting that the percentage of anticipated resale value decreased over the last year.
Again, you're likely better off looking at the alternatives. If you have unutilized space in your home, consider putting the master bedroom there or converting an existing room into a master suite. That way, you'll save on construction costs, but you'll still ultimately get the value out of adding a new bedroom to the home.
The bottom line
If you're considering doing a home addition that includes adding a new master bedroom or a master suite, you really need to weigh the benefits against the cost. If this is your forever home and you know that you'll personally enjoy a luxurious master bedroom for years to come, then it may be worth doing.
However, if you're planning on selling the home just a few years down the road, it's probably wise to think twice before taking on this project. You likely won't get out nearly as much as you put in.