McMansions have gone the way of the SUV — and large additions don’t pay off either.
“There’s been a fundamental shift toward quality over quantity” says Warwick, R.I., real estate agent Ron Phipps.
Now, having a big formal living room as well as an everyday family room is less desirable than having one multi-use common space that is even open to the kitchen (the great room concept).
So rather than adding on, you’re better off re-purposing existing square footage by reconfiguring the floor plan or capturing unused basement or attic space.
Want an eat-in kitchen? You can knock down the wall between the kitchen and dining room (for a cost of about $2,000 to $8,000, depending on whether it’s load-bearing or contains plumbing). This will instantly create a large eat-in kitchen and give the whole house a more open feel — without a huge investment to make up at resale.
***This following tip on how to ensure a remodeling project investment pays off is reprinted from a 2010 edition of Money magazine and was brought to my attention by Carla Griffin of B & A Realtors. I happen to agree with the content (which is why I’m reposting it for you).
The center of most homes is the kitchen. The other most populated room in your house is the living room. So when you have one big room encompassing both the kitchen and a living room (which we call a great room), your family spends more time together.
Creating a great room out of a kitchen and a family or living room provide you with perhaps the greatest hard dollar ROI of any remodeling project you can do. It seems to be what people want these days.