Are Home Additions a Smart Investment?
If you are thinking about expanding your living space, there are several considerations you need to make first, one of which is, does the end justify the means? Home additions are costly, and because of this, they should only be undertaken after careful thought and consideration is given. If you are not sure whether the cost of a home addition outweighs the benefits or vice versa, consider the following:
Your Goals
What are the goals for your home addition? Are you looking to gain more space for family get-togethers? Do you need more rooms to accommodate your growing family? Or do you simply want to increase the market value of your home? If you want to expand your home for your own enjoyment, the benefits will always outweigh the costs. However, if you want to expand your home so that you can sell it, consider the next point…
Market Value
The value of a home is relative, and how much a home is worth depends solely on how much a person is willing to pay for it. That said, if you’re looking to increase the market value of your home, research what homeowners are looking for. If they want larger common areas, focus your attention on expanding your kitchen, living room and family rooms. If they want more garage space, think about adding a two- to four-car garage.
Size
When it comes to home additions, size matters. If you are going to add onto your home, don’t just add five or ten square feet, as the cost of laying new foundation and building out your roof might not outweigh the benefits of the final product. Go big, that way when the project is complete, you can really enjoy the expansion—whether in the form of more space for family gatherings or in the form of a higher sale-price.
Expansions aren’t created equal, and not all add value to your home. While the above points are important to consider when weighing the costs against the benefits of home additions, the only way to know for sure if the end justifies the means is to speak with a knowledgeable home improvement contractor.