Should you buy a brand-new house of your dreams or transform your existing one into something better? A lot of homeowners find themselves in this predicament after years living in a house. It’s a tough decision that requires thought and insight. After all, the average room addition runs about $80 to $200 per square foot, which means this endeavor can’t be taken lightly.
But is it worth the cost? In short, yes. Though room addition costs can quickly add up, especially if there’s plumbing, homeowners can usually expect a 60% to 90% return on their investment. If you want to sell your home one day, a new and useful room can easily add value to the house each year, especially in a nice neighborhood. Therefore, you’ll recover those initial addition costs and more in no time. Plus, you’ll get to enjoy a new house layout.
An expert suggested return on investment for room additions:
- 49% for sunrooms
- 53% for bathrooms
- 63% for master suites
- 65% for two-story additions
As far as money goes, an addition is worth the cost due to its ever-accruing value over time. However, room additions need to be planned and prove practical for you and future homeowners. Otherwise, you might end up with a random, value-less room that no one will want to use.
While increasing the value of your home might be enough to convince you, there are a few other reasons for room additions.
Other Benefits of Room Additions
No moving required
Adding on to your house means you don’t have to pack up and move. That means no exhausting house hunts, no labeling boxes, and no moving truck rentals. You’ll get to sit back and watch your cherished home’s transformation.
You now have a great opportunity to get exactly what you want out of the home you love. For instance, go ahead and add on that master suite, recreation room, office, or workshop. Remember, these rooms can be modified for different uses down the road, too.
If the room you want is a master suite and/or bathroom, you can equip it with lavish items like his and her sinks, whirlpool baths, and a large closet. Room additions can give you the space you’ve only dreamed about.
More room for family
It’s no surprise that family members like kids and elders are starting to move back in. A room addition is a perfect solution to any space issues. Even visiting guests deserve to be comfortable. You can add an extra bedroom or small bathroom to accommodate extra people.
Rent it out
You could choose to rent out your additional room for some extra cash. This provides more income while making up the building costs. While this isn’t traditional, it’s a great way to make use of an unused space.
Remember that simply adding onto your home doesn’t automatically increase your home’s value or offer more usable space. The addition has to be designed with the current layout in mind and the needs of your family. It also has to coincide with the possible interests of future inhabitants. Once you and an architect have determined the best addition option, you and your family will reap its many benefits for years to come.