The Numerous Benefits Of A Home Addition

Enjoy More Space in Your Home 

Additions are particularly sought-after due to homeowners needing more living space. If you tend to save items or are just a compulsive hoarder, then area space is your best friend. From stored books and clothing to memorabilia, there's only so much room a house can store. A room addition can substantially increase square footage, enabling more storage space. And storage doesn't have to be exclusive for a specific room, as it can be a bedroom, kitchen, or basement. 

Home Additions Can Increase Home Resale Value

The addition you choose will determine how high your home's resale value will rise. Typically kitchens and bathrooms are the focal points of which buyers prefer. For a minor kitchen remodel, you can expect an ROI of 80% of its cost. Bathroom additions recouped the most money for homeowners, averaging 86.4%. For Family rooms, sunrooms, and attic bedrooms, expect to receive 70-80% of what was spent. 

However, other factors also affect home value. These include the addition's size compared to the building, your location, and the room's condition. For any home addition, it's essential to hire quality contractors that provide customized plans. It's generally advised to seek local contractors, as you will be their primary focus. Ie, if you lived in Northern Virginia, you would ideally hire Northern Virginia Home Addition contractors like Paragonremodeling.com.

Rent Your Addition Out

If you've built a full bedroom, it probably provides adequate space to accommodate a tenant. By renting, you can enjoy an additional revenue stream, letting the addition pay itself off. 

Renting is an attractive solution to tackle high housing costs in expensive states. Many homeowners include AUDs (Accessory Dwelling Units) to generate income due to many American cities relaxing zoning laws. 

Renting out your unit could be due to a multitude of scenarios, which include the following:

• Family members who move out typically leave rooms empty, i.e., college students. 
• The cost of living is high in your location, with Hawai, California, and New York being the most expensive. (link)
• You're moving but struggling to sell your home as it's been stagnant on the housing market. 
• Paying off your monthly mortgage payments

Home Additions can Save Money and Time On Moving

Residents attempting to live in their dream homes generally end up moving. Although this may seem like the logical solution, a home remodel, or addition could present a viable alternative. 

Moving for most can be exhausting, tedious, and expensive. Depending on your location will determine the current state of the housing market. And if you're struggling to find a keen buyer, you may have to settle on selling your property lower than market value. Furthermore, you'll also have to pay local realtor fees, ranging from 5-6%.

If you're happy with where you live, don't risk relocating to seemingly greener pastures that don't turn out to be the case. 

Make the Very Most of Your Outdoor Living Space

Whether you opt for a screen porch or a newly installed deck, both make the most of outdoor living. An exterior addition perfectly expands your outer space, combining indoor comfort with outdoor living. 

Screened-in porches give protection against bad weather and insects while maximizing incoming sunlight. Additions also accentuate your outdoor landscape, improving the overall appearance of your property.  

Three Home Additions that Pay Off

Two-Story Addition

While it's daunting to embark on such a large project, it can pay off in the long run. With a healthy 65% ROI, you'll drastically raise your standard of living by including an upstairs area. 

By substantially increasing the square footage of your home, you're more likely to attract keen buyers. While costs may vary, expect to pay from $21,046 to $65,287 when building a two-story addition. 

Master Suite

While it's trendy to build a Master Suite, it's certainly not for the faint of heart. This house addition can cost a considerable amount, nationally averaging at $125,000. A Master Suite provides interior luxury and privacy. If the room isn't used, it can also be utilized as a guest room or room for rent.

Kitchens

With many considering the kitchen the heart of the home, it's no surprise that expanding yours could be profitable. Kitchens receive the most foot traffic, so a functional layout is always attractive to buyers. A new kitchen is estimated to increase property value by around 6%.