A home addition can open your floor plan to a world of possibilities. From a bigger kitchen to an extra bedroom, additions are great for nearly all families looking to add to the size of their home.
But what if we told you that a house addition could bring an even bigger benefit? Adding extra features to your home is a great way to increase your home’s value and add to your potential resale price.
There is a variety of home additions that increase the resale value of your home. Most will not produce a dollar-for-dollar return. In other words, you may not see an increase in value of the same dollar amount spent to create the addition. However, when you consider an addition as a benefit to you and your family, the added benefit of additional home value is just a bonus.
So, what does a home addition cost, and how much value can it truly add? The answer is not so cut and dry. The cost of renovating your home to add certain features varies depending on where you live. It also depends on the size and type of addition you wish to add.
Most home addition contractors can provide you with a free estimate so you get a better understanding of how much you will pay. Some may even provide an evaluation of your home’s value after adding the addition, helping you determine if the cost is worth it.
Weighing the house addition cost against the approximate additional value depends on the type of addition you plan to create. Here are the best home additions to increase the resale value of your home.
Looking for a home addition with the highest return on investment (ROI)? Adding a bedroom can significantly increase your home’s value. That’s because aside from increased living space, you are increasing the number of occupants that it can accommodate.
On average, adding a bedroom can increase your home’s value by $14,000 to $50,000, depending on the layout, size and location.
You may already have the space to do this by converting another area into a bedroom. This type of house addition costs less than adding an entire new bedroom to the floorplan.
Keep in mind, however, that each state has certain requirements for what qualifies as a bedroom. Some require the room to have a closet and a window to be legally considered a bedroom. Failing to adhere to your state’s requirements could negate the addition when it is time to sell the house.
A porch is a great home addition for owners looking to increase curb appeal. The exterior of a home can play a huge role in how much a buyer may be willing to spend on it. Some studies suggest curb appeal can boost a home’s value by as much as 7%.
From a colonial front porch addition to a screened-in porch or a wraparound, there are plenty of layouts to consider. The idea is simple: increased living space leads to increased home value.
Aside from the benefit of added value, there is much to enjoy about a front or back porch. It’s a great way to spend the day relaxing in the shade. And, if you build a four-seasons porch, you can enjoy it year-round!
Looking to add a house addition with basement renovations? You’re not alone. Millions of Americans are realizing the benefits of creating an entirely new living space in the basements of their homes.
As a home addition, a finished basement provides additional living space, which has been shown to increase the resale value of a home. Depending on your home, you can typically add one or more features to your basement with an addition:
- Entertainment room
- Family room
- Home gym
Basement renovations aren’t cheap. However, the average return on the cost of a basement addition is between 75% and 85%. This means on top of enjoying another floor of living space, you and your family can get up to 85% of the money back during the resale process!
Most home addition contractors agree that bathroom additions are among the most popular types of renovations. If you find yourself sharing one shower with multiple family members, you may consider expanding your home to accommodate an extra bathroom.
The return on investment (ROI) for bathroom additions is around 53%. This means that for every dollar spent adding a bathroom, your home’s value can increase by $.53.
The home addition cost for adding a bathroom depends on a few factors. Half bathrooms, or those without a shower or tub, cost less to install than full bathrooms. Likewise, general contractors may charge differently depending on where you live and the materials you plan to use to create the bathroom.
If you’re looking for a house addition that can offer your vehicle some protection from the elements, consider adding a garage to your home. Garage additions are ideal for anyone, but may be especially beneficial to homeowners who live in areas that experience snow in the winter.
This type of home addition can provide a ROI as high as 81%. The total amount of money it adds to your home’s resale value depends on the size and type of garage you add. For example, detached garages may not provide as much of an increased as attached garages.
You may also consider adding a garage along with another type of addition. For instance, depending on the layout of your home, you could create more living space in the area above the garage, such as another bedroom or family room.
Like a porch, a deck provides an efficient method of increasing your home’s resale value. This type of house addition is ideal for many homeowners, especially those who can use the deck year-round in temperate climates.
The house addition cost for a deck varies depending on the type of materials you choose. It also depends on the size of the deck as well as the type of living space you wish to create. If you live in a seasonal climate, you may consider creating a covered deck so you can enjoy it throughout the year. Generally, you can expect to pay between $4,000 and $11,000 to build a deck.