Whether you just bought a house or you have lived there for years, the fastest way to increase your home’s value is by making a renovation plan and designing your own addition. Sometimes it works to start small, but in other cases, working your way from larger projects to smaller ones can also have their benefit. If you’re preparing to sell your home, repainting with a more modern color scheme and redecorating to make the space look more appealing are ways to increase your home’s value and help make the sale. But adding a room onto your home is the best way to increase your profit and make it more attractive to potential buyers. If you are considering selling your home, here is why adding a room onto your house can increase your home’s value:
Building out increases the footprint of your home
If building out is how you are planning to add a room, then doing so will expand the size of your home from the lower level. This is a great option if you want to save money, since there are less costs than when creating a second floor on your home. While this is definitely a viable and more inexpensive option, it is also important to consider the loss of yard space as building out will take up more land space.
Building up will add another story
If you own a ranch or a home where you can add an additional floor, building up will draw more attention to your home by creating another story. However, adding a staircase will be required, and zoning laws will need to be taken into account. While these vary by area, it will typically be approved.
Houses additional family members
While a family of two may be comfortable in a three-bedroom home, a family of four to six may not be able to make things work. Adding an additional bedroom will appeal to a wider group of people who may need to upgrade from a smaller home. In fact, according to Pew Research Center, almost 40 percent of young adults (between the ages of 18 to 31) live with their parents.
Even smaller families may enjoy more space
Although adding one extra room to your home as you design your own addition may not substantially increase its size, some smaller families may see it as an opportunity for additional storage. While your home may be just the right size for a smaller family, extra storage space for family memories, old furniture, decorations, or even an area for game night could appeal to the right family. Adding an extra room to a smaller house can often make a huge difference.
Adds to your square footage
There is no doubt that adding a room onto your home will increase the square footage as you design your own addition. While this may seem unsurprising, the importance of this small aspect is more crucial than one might expect. New home buyers may, for example, compare the square footage of two homes of interest in the same neighborhood in order to assist in making their purchasing decisions. If your home is significantly smaller in terms of square footage as compared to the rest of your neighborhood, then adding an additional room may not only be a remodeling project that adds value but also make it more appealing to potential buyers. This is an important factor to consider when asking yourself how much is a room addition.
What type of rooms to add?
So what are the best home-remodeling projects that add value to your home? Home improvement costs money, so it’s wise to sit down and make a plan for your project as you design your own addition. Think about how much is a room addition, what this addition will do to your monthly costs, and how it will affect the future sale of the home. Of course, these decisions don’t need to be made with just a buyer in mind, especially if selling isn’t something you plan on doing soon. The space should fit your family’s needs, but it should also serve a necessary function and not just be dead space. Dead space is difficult for buyers to understand how to use and eventually how to stage with furniture. It works when everything has a purpose. Here are some of the best remodeling projects that add value to your home:
Bathrooms and kitchens
If you know anything about the real estate market, then you know that kitchens and bathrooms are remodeling projects that add value—and sell homes. Buyers want up-to-date and clean spaces that they can move right into. Even if you don’t plan on selling your home, an addition of bathrooms or a new kitchen space is a great way to utilize space and create an even larger living area full of personal touches.
Adding a bathroom is a no-brainer, especially if there was only one before. Having a first-floor powder room will add exponential value to your home. And homeowners especially love having convenient bathrooms in spaces that are heavily used.
Completing either of these rooms in an addition will add approximately 60 to 80 percent to the value of your home. So not only will you see a return on your investment, but it will boost the actual value of your property.
With the boom of varying home-improvement shows, many homebuyers are exposed to the possibilities that can exist in new homes. If your current abode doesn’t boast a serene master suite, why not create one? Buyers want to see a nice master bedroom, a good-size closet, and an ensuite bathroom. It creates a space where homeowners can get away from the rest of the house—or the kids—for a relaxing evening.
A master suite has everything that anyone could want for privacy—a personal bathroom that won’t be overrun by kids’ bath toys or someone who leaves toothpaste in the sink. It’s a quintessential grown-up room that is a paradise at the end of a long day.
While a basement isn’t always considered an addition, it most certainly is a remodeling project that adds value to your home through livable square footage. Bedrooms can be added as well as bathrooms to create its own personal suite in an area that would have otherwise been underutilized.
In addition, basements can become great second living areas where families can relax and spend time together. They also make a great place to house children’s belongings, so when guests come over, they don’t see a mountain of toys piled in every room. It’s all about the value you place into your home, and adding square footage through a basement remodel is a great way to do that without enlarging the actual footprint of the property.
Create space and function
Additions are useful when you have limited space and want to add more room. Don’t simply add a space just because. Think about its actual purpose and what you plan to use it for; this can help determine if the space is truly necessary.
Homes and their values are a numbers game. Sometimes they are up, and other times they are down. A home undergoing transformation should be at a higher value when things are complete, versus where they started. When designing your own addition, in addition to asking how much is a home addition, think about its purpose and essentiality in the overall plan of the home. This can lead you to whether or not it will add value or detract from the current value of the property.
There are many reasons why adding a room onto your house can increase your home’s value. If you have any questions about a home addition or other renovation project, please contact us today.