If you’ve outgrown space in your current home, you may want to consider home additions rather than moving. Additions are a common way to turn your dream home into reality by increasing the square footage of the floor plan. For example, you can expand your living space and build a spacious kitchen, extra bedrooms, in-law suite, laundry room, bathroom, or garage.
Home additions are a good investment since they increase home value. Here’s why homeowners spend money on home additions, the ideas that will boost your home’s value, and how you can finance these additions.
What are the Benefits of Home Additions?
Here are four benefits of adding on to your house:
1. More Space
The number one reason most homeowners get additions is the need for more space. So whether your family is growing or you want to take care of aging parents, adding more bedrooms, and bathrooms and expanding your living room will provide you with the space you need for improved comfort.
2. Added Luxury and Livability
Additions can also give you added luxury and livability you’ve always wanted. You can upgrade your bathroom into an indoor spa and consider skylight installation to make it even more luxurious.
How lavish you want your home to depend on what you like and your lifestyle. If your family loves going to the movies, you may want to consider adding a home theatre to your house. Such additions not only give your home a posh look but also wow buyers in case you decide to sell.
3. More Functionality
Adding a specialized space, such as a home office or a room where you can keep your music equipment, or turning a garage into a gym, can deliver the functionality you need without giving up a family room. If you need additional space, consider bump-out additions.
4. Increase the Value of Your Home
Home additions typically increase a home’s value. However, not all additions can increase the value of your home. Generally, more square footage can be a great selling point if you decide to sell your home down the road.
Upping your home’s value is not just linked to selling. It can also boost your home equity, which can help you secure a loan to cover other expenses. Home equity is the value of your home minus the mortgage owed.
Which Home Additions Add Value?
Not all additions can boost the value of your home. Some additions are meant to fit homeowners’ lifestyles but not selling points in the housing market. If you want the highest return on investment (ROI), speak to a home appraiser to get ideas on the best additions to boost your property’s value.
Generally, some of the home renovation projects that will add value to your home include:
- Major or minor kitchen remodels
- Bathroom remodel
- Patio or deck additions for a functional outdoor space
- Second story addition
- Basement remodel
Minor Home Additions
Minor additions are inexpensive and can change the look and feel of your home. Here are some you may want to explore:
Door and Window Replacement
When it comes to home renovation projects, most homeowners overlook doors and windows. Replacing your old windows and doors with a full glass will give your home a stunning look. Plus, floor-to-ceiling doors and windows can bring in natural lighting to enhance your home’s aesthetics, giving it a warm and cozy feel.
Garage Door Upgrade
A garage door can last for decades, but upgrading to a new one can dramatically increase your home’s value. The ROI of a garage door is way beyond home renovations as it will also improve curb appeal, save energy, and provide better security.
Upgrade Lighting Fixtures
Lighting fixtures are attractive to many people and could increase the value of your home. However, the amount of value it will add will vary based partly on the quality of the upgraded lighting fixtures and the type of lighting.
Installing new indoor and outdoor lighting fixtures can improve your home’s curb appeal. When shopping for lighting fixtures, go for energy-efficient options. LED lighting is one of the most popular options to save you money on energy bills.
Siding Replacement
Windows replacement is also one of the best home improvement projects to increase a home’s value 一, but only if you choose the right windows. Besides adding value, sliding replacement windows can lower your energy bills since tight seals don’t have air leakage.
Improve Curb Appeal
Your home’s curb appeal is arguably one of any residential property’s most crucial selling points. There are various ways to make your home stand out from the crowd. Some of the home addition projects you can fix to improve your curb appeal include:
- Polish-up your entrance
- Paint accent areas
- Add shutters
- Replace weathered garage door
- Install new outdoor lighting fixtures
- Consider landscaping
Major Home Additions
Some additions can be categorized as “major” because the average cost of these additions is pretty high. The good news is that such additions can dramatically increase the value of your home.
Two-Story Addition
Adding a second story is one of the major home additions and probably the most expensive projects homeowners can take on. But, despite the labor cost, two-story addition will significantly increase your home’s value when you decide to sell.
However, before investing in this project, seek expert advice, preferably from a building inspector, to check if your home’s structure and foundation can withstand the weight of a second floor.
Bathroom Remodel
Bathroom remodels are another way to boost home value and make it more attractive to potential buyers. Based on your budget, you can try out the following bathroom renovation projects on your master suite:
- Installing new sinks, tubs and toilets
- New paint and reflooring
- Adding storage space
- Upgrading lighting fixtures
You can also add another bathroom to your home, especially if you have a big family. One of the most popular bathroom additions is turning an unused closet into a half-bath.
Basement or Attic remodel
Most homes have unused spaces, such as basements and attics, which most homeowners use as storage spaces. Utilizing unused spaces can increase your livable square foot and, thus, your home’s value. Plus, it’s less expensive than other major home additions.
Kitchen Remodel
Kitchen remodels are an excellent way to up the value of your home. According to Remodeling Magazine, you can recoup 53.9% to 72.2% on your kitchen remodel based on your choice of renovation.
If your kitchen is small, for example, consider a bump-out to increase the square feet. Otherwise, installing new cabinets, countertops, and lighting fixtures and upgrading to high-end appliances will provide a great ROI.
Patio or Deck Build or Enhancement
Outdoor spaces can also increase home value. 一 Deck and patios can give you an ROI of up to 65%. If you already have a deck or patio, you can remodel it to make it more appealing. Repair or replace old, weathered boards and broken pavers.
Make your Home Energy Efficient
Another thing that can increase your home’s desirability is the ability to save energy. Energy-efficient building materials and home appliances come with benefits. They’ll help you save money on energy bills and lower environmental impact. Plus, energy-efficient remodeling projects are tax-deductible.
