The value of all renovation projects this year actually fell, because the cost side of the analysis rose. A severe labor shortage, combined with extraordinary demand for building products, especially after multiple natural disasters, have caused remodeling prices to skyrocket. The simpler the project, and especially one utilizing less labor, the higher the returns.
That is why homeowners are likely to get more value from upgrading their current space, rather than adding onto it. Fancy master bedroom suites actually have one of the worst returns on investment, despite the added square footage.
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