If you feel that you may be losing the equity in your home, adding a room or two to your home can add resale value to it. Building a home addition may also be a wiser idea than moving when you find that you just don’t like the way your home looks. Building home additions is generally a sound financial investment, as they often increase your home’s square footage while increasing your home’s value at the same time.
Most people get home additions mainly for various reasons. One reason is that room additions can add more space to a home. With the rising cost of gas and electricity rising every day, more families are looking for new places to live. When you build a home addition, you increase the square footage by building on higher levels and you increase the amount of usable living space. This makes your home attractive to potential buyers.
Another reason people get home additions is when they have an idea that will make their current home even larger. For example, you may want to create an outdoor room for entertaining guests. Or, you may want to add a large bedroom to an apartment. In either case, you will need a lot of extra space. Adding an outdoor living area can be very helpful for your family and your wallet.
Home additions can also be made for added functionality. For example, if you have a garage you may require more cabinet space. Adding a walk-in closet to your garage can be very beneficial. Or, if your closets are full of junk, you may require more organizing. Adding a home addition and remodelling project to your garage or another part of your home can clear your closets and make them more useful. You’ll also be able to store away junk that isn’t worth keeping.
Depending on how much square footage you add, you can potentially increase the overall value of your home. However, adding a pool and hot tub or installing a home theatre system won’t increase the value of your home significantly.
Another mistake homeowners make is thinking that home additions should be done before they sell their old homes. The fact is that a remodelling project and adding living space to home won’t necessarily increase the sale price of a home. If you’re just starting with a new home and you’re interested in selling your home, then it makes perfect sense to add living space first. Many home buyers will look at an empty home as the perfect price point for a new home.
The final mistake to avoid is using home additions to force the sale of your home. This is something nobody wants to do and it can easily backfire. Even if you’re adding living space or a room to your existing house, you shouldn’t add selling points into the mix. For example, you should never include an open kitchen in your home addition unless your home is on the market.
Home additions can be used as a selling point and not as a way to increase the square footage of your home. If you add a room addition to an existing house with a square footage of an extra room, you will likely increase the value of the house. However, adding a room addition to an already existing house without changing the square footage won’t increase the price of the home either.