Are you thinking of expanding the usable space in your home?
Whether you’ve got the in laws moving in or you’re a growing family, getting more usable space is never a bad thing. But a home addition is a big investment, and you want to make sure you’ll get the best returns should you need to sell. Keep reading for our guide on how to make money off your home addition today.
A New Addition to Your Home
Deciding to plan a home addition alone won’t bring in value. But, you do need to plan a project that will increase your home’s value. You need to think it through and do your research.
Add Square Footage
Where possible, add square footage. For every 1,000 square feet, you add to your home, you could look at a value increase of at least 30%. If you want that large annex or multi-room office, the changes are the bigger you go the more it’ll pay off.
For most, a home renovation adding a second story isn’t as expensive as you might think. In most cases, this type of home addition often costs less than adding the same space on the ground floor. You avoid the ground preparation and foundation costs that come with extensions.
This option also works where yards are smaller. You won’t lose any of that precious outdoor space (which is also a big selling point for buyers). Having a safe place for children to play or a space to create a blossoming garden is often non-negotiable.
You’re also setting yourself up for great views if you’re lucky to have them. It could be the city skyline, woodland, water, or even the beach and the sea.
When it comes to selling or renting your home, two-story dwellings are often worth more. This is true, even if the single-story home has the same amount of bathrooms and bedrooms. If your home is single-story, it’s well worth considering going up rather than out.
One of the most important things to consider for a home addition is functionality. It can look like it’s right out of House Beautiful, but if it’s hard to navigate or you can’t use it, it’s pointless.
Most home additions come about for a reason, be that to:
- Add space/square footage
- Increase comfort
- Add a room/space you’re lacking
- Improve the quality of life
For example, this could be a home office with all the mod-cons in a quiet part of the house/garden. A lot more people are working from home now.
Or you’re sharing the family bathroom with your growing family. A master suite with your own en suite and closet might give you the adult space you need.
Another important consideration for a new home addition is the extra maintenance. Will the maintenance costs be reasonable or will you struggle? How much upkeep will there be and how often?
Maintenance is something buyers will consider with care. They too don’t want to get in over their heads. They want to buy a home that’s affordable to keep in good condition. A home with additions that are costly to maintain isn’t an asset, it’s a burden.
What Should You Build?
When it comes to home addition ideas, there’s no shortage of them on the internet. It’s worth Googling and having a look at your options. See what other homeowners have done so you get some inspiration.
While adding square footage is important, you need a space you’ll use and that works for your needs. Are your inlaws moving in because they aren’t getting any younger and may need a bit of help? An annex can help them stay close to you but keep some independence and privacy.
Do you need some extra office space or a place for the children to relax and play? Consider an addition that caters to this, but also doubles up as guest space when you need it. Think practical, and what will work for your family, but also a potential buyer should you need to sell.
When it comes down to the simple fact of what will add the most money, it’s bathrooms and bedrooms. You’ll get the most bang for your buck by adding more of these to your homes, as it’s what’s most important to buyers.
Bring Your Home Up to Standard
If you’re looking to add value, compare your home with similar ones in your area. You don’t want yours to be the undesirable one.
For example, say every home in your area has two bathrooms but you have one. That could be something that puts buyers off, and means you need to ask for a lower price.
Adding that extra bathroom though could regain that value. But don’t overdo it, adding a third bathroom might see no gain at all if it doesn’t make sense. Working with a local agent to see what would add value in your area can help you narrow down the best options.
Get the Right Home Addition For You
Once you’ve committed to this home renovation, you need to make sure you get the right build for you.
Know What You Want
Put together a detailed list of what you want. The more detailed you are with your contractor, the easier it can meet your needs. This will be vital if you want to avoid overrunning your budget.
Make Use of Cost Savings
You need to make a budget and stick to it, it’s important that you do. You don’t want to get into a situation where you can’t afford to finish your addition.
Once you have your budget, look for ways to save money without compromising quality. If you need to demolish anything, you could make savings but doing it yourself and hiring a skip.
You could use similar quality products that aren’t brand-named as they will cost less. Another consideration is scheduling the work out-of-season.
Speak to a few contractors for their bids after giving them your list of specifics. The bidding process is a way to get to know the contractor, to see who you’d work best with.
When looking at the bids, make sure it covers the permit costs too. And who will be in charge of doing that? You need your permits to include the work in your home’s evaluation.
What’s most important is working with a contractor you can trust, like Acton ADU. It’s not always the best idea to go with the lowest bid, you need to make sure you’re getting a quality result.
Adding a Home Addition Made Easy
So, there you have it! Now you know how to make a home addition add value to your property, what are you waiting for. Make sure when you’re considering a home addition that it will add something to your home. It should bring more square footage, but it should also function for your family. After all, there’s no point in going to all that expense if it’s not adding value, be that monetary or quality of life. If you found this article helpful, check out our other blog posts today!