Whether it’s a passion project, or a decision made from necessity, considering a home addition is a big deal. There are some major questions you need to ask yourself. Will it be a worthwhile investment? Adding to your home is not only an investment in money, but it’s an investment in time and energy as well. Some home additions can take a really long time to complete, depending on the complexity of the design. Also, how do you know which home additions will create the most added value to your home?
First, there are many common types of home additions:
- Front porch
- Bonus room
- Family room
- Kitchen extension
- Two-story extension
- And more!
Which of these additions will be the most cost-effective?
Cost vs. Added Value in a Home Addition
Cost vs. added value is the idea that what you put into the home addition, you will recoup in reselling the house or benefit in some other way. Basically, it’s a way of saying, “Is it worth it?”
It’s essential to do your homework when choosing a home addition. For example, a garage conversion typically has a low-cost to added value rating. This is because if you convert your garage into an apartment, there will be a lot of other costs involved. You would need to get electricians in there, plumbers, etc. In the end, a garage conversion will reduce the house’s resale value though, because the house no longer has a usable garage.
On the flip side, an addition that has high added value is a kitchen addition. The kitchen is one of the main selling points of a home, therefore, adding to it or renovating it will only improve the overall quality of the house and the property value.
Increasing Square Footage
Same goes for adding more space to your house. Expanding bathrooms or bedrooms without major foundation, roof, or wall construction can be a simple, less expensive option. One reason increasing the square footage is a more budget-friendly choice is because you need only one company or service to do all the work. This creates less time spent on making calls to different contractors, making payments to many different people, and you’ll have less time without usable space.
Getting Creative vs. Improving Functionality
Our homes are unique, just like our fingerprints. They say a lot about who we are and what things are important to us. That’s why, when we think of a home addition, we think about all the ways we can personalize a floorplan. There is a point when getting creative, though, will reduce the functionality and resale value of your home.
For instance, if you make odd design choices, or strange floorplans and flow, you’ll be paying someone a lot more money just to create flaws that have the potential to hurt you in the future. Instead of possibly creating defects with a customized design, call us today so we can talk about how to improve the functionality of your current space.
Home Addition vs. Buying a New House
The housing market is a tricky business, known to fluctuate rapidly, so it can be hard to decide whether you should buy a new house, or add on to the one you’re in. Ask yourself these questions to find out:
- How much sentimentality is tied to your home?
- Do you have a realistic budget in place for either option?
- Do you want more room or more rooms?
- How long will a home addition take?
These are just a few ideas you’ll need to explore before deciding which option is right for you. Our home addition experts can answer all your questions. Call Josh Smalling Roofing and Restoration today at 317-483-3093 for your custom home consultation.