Does remodeling to create a master suite make sense in an old house? You bet! It makes more sense than ever because people are staying in their homes even later into retirement, and living independently longer. They are also choosing remodeling to meet the needs of aging relatives, rather than moving them to assisted living or special facilities. In this recession, people are opting to stay put and remodel instead of moving.
The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) hit a five-year high in fourth quarter 2011. One of the trends that seems to have staying power is suite remodeling – in-law suites, first-floor master suites, and remodeled master suites. According to a survey done by NAHB and cited by US News and World Report on Yahoo! Finance, 62 percent of builders were working on a home remodel related to aging in 2010. Approximately one in five builders added an entry-level bedroom.
Not only are baby boomers experiencing care needs for their aging parents, they are also “welcoming” their grown children and their families back home due to the difficult job market. Often, the short visit turns into an extended stay, and homeowners decide a home addition with a suite for the kids is the most prudent option. These new suites add significantly to the resale potential of the home. Even adding an attic bedroom with a full bathroom and shower will increase the value. The homeowner can recoup about 72 percent of the cost of the remodel, according to Remodeling Magazine’s Cost vs. Value Report 2011-2012.
So, be assured you’re a trend-setter and you’re making a worthwhile investment if you choose a master suite remodel – for yourself or those you love.