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Also asked, what is the average square footage of a laundry room?
The most common size for a laundry room in the U.S. is around 35 square feet and includes cabinetry, countertop and sink, and washer and dryer.
Similarly one may ask, how much space is required for washer and dryer?
It's recommended that there's at least one inch of space around a washer or dryer to allow for proper air circulation. This space also helps minimize noise transfer. The other aspect to take into consideration is leaving adequate space behind your washer or dryer.
Unless your laundry room is “functionally obsolete”, meaning incredibly small (two foot space in front of a stack washer/dryer) or inconveniently organized (you have to reach over the dryer to load the washer) or something like that, remodeling will not likely add nearly as much to the value of house as it will cost