According to the 2017 Cost Versus Value report, Chicago homeowners can expect to recoup about 70% of their investment if they contract a second floor addition. There are plenty of other projects that list in the 90% to 100% ROI range (stone veneers, attic insulation, garage door replacement) but adding a second story to your home is more than just about resale value.
Building “up” instead of “out” provides you with more space but without compromising any yard and lawn space that you might have. Adding a second floor to your single-story home sounds like a convenience, but it can also be very confusing. After all, what do you need on a second floor that you don’t already have on the first?
Details About 2nd Story Additions
We recently completed a very similar project at 1446 WM Clifford Lane in Elk Grove Village. Like many customers looking to add a second floor, the homeowners loved their location but simply needed more space. In this particular project we were able to increase the size of the master bedroom and incorporate a master bath. If the homeowners do ever intend on selling, this property is now incredibly more valuable.
Something else to consider about a 2nd story addition is that it’s a perfect time to make improvements to the ground floor as well. After all, we’re typically going to be removing the roof and will have the home completely opened up in order to add another level. At the Clifford Lane project in Elk Grove Village for example we also added new flooring to the first floor while completely redoing the kitchen, adding new fireplace surrounds, etc.
Second Story Additions More than Just Financial ROI
The concept behind a 70% return on your investment is that you unfortunately “lose” 30%. When it comes to adding a second story to your Chicago home however you really have to look beyond the black and white numbers. What is the added convenience of being able to stay in a safe location or a spot close to work/school while still being able to accommodate a growing family? How much does a child’s school production increase when they have their own bedroom? Can you put a financial number on the sentimental value of having an elderly family member move in with you?
If you thought a second story addition was a project out of your realm, perhaps now is the best time to reconsider. The best thing about a 2nd story addition is that there is no code or building regulation that dictates what you have to do with the extra space. Home office? Added bedrooms? Upstairs man cave?
The possibilities await…