How Much Value Does an Addition Add to a House? The Cost and Benefits

So How Much Value Does an Addition Add to a House? As homeowners, we probably spend as much time worrying about the future of our house as we do the present. We’re always trying to keep up with maintenance and improvements, and we’re always looking ahead to see what new projects we can tackle shortly. Perhaps you’re already planning a few minor updates to your home, or maybe you’re looking to add a large-scale project to your list like a room addition. If you are just starting to explore the idea of adding on to your home, take a look at the benefits of adding a small or large addition to your home and the added costs involved with each.

How Much Value Does an Addition Add to a House? The Cost and Benefits

Why a Home Addition? 

Adding on to your home is a great way to make your life more enjoyable and less stressful. You can use the added space for anything, from an additional bathroom, to an extra bedroom, to a new wardrobe closet, or a home theater. You might also consider building an addition if you’d like an upgraded kitchen.

Types and Costs

If you’re considering adding an addition to your home, it can be helpful first to determine which type of addition is best for you. It’s important to keep in mind that the costs associated with a home addition vary depending on the size of the project. If you want a full-blown second story, you can expect to pay more than if all you want is an extra bedroom or studio space.

One of the most popular additions homeowners make is expanding their garage, which provides more storage space for cars and home goods. A garage addition can cost anywhere from $40,000- $80,000.

Another common type of home addition is an outdoor remodel. This includes adding things like decks and patios or an outdoor kitchen and fireplace. These types of projects typically range from $50,000-$250,000.

A standard extra bedroom will be lower on the cost rung, depending. A new bathroom or kitchen expansion is a bit pricier, as things like HVAC and electrical work would be involved.

Benefits of a Home Addition 

Many homeowners find that the benefits of a home addition outweigh the costs. Below are some of the benefits of home additions:

1.     You can use the newfound space to start generating rental income.
2.     Additions are also a great way to increase storage space in your home. 
3.     An addition can also create more room for guests and give your family more privacy.
4.     Home additions will make your living space more enjoyable and hopefully decrease your stress if your small and cramped space interferes with your daily life. 
5.     An addition could also offer aesthetic benefits to your home. For example, an extension would allow you to change up the exterior design of your house while maintaining that same design inside. 

And don’t forget the most important part: a home addition adds to the overall interior space of your home. Homes are valued at a price per square foot. That means if you are ever planning to or need to sell your home in the future, you get to receive more cost per square foot. Say your present home is 1500 square feet and valued at $1,200,000. If you add an extra 300 square feet with an addition, your home is instantly worth $1,440,000! Also, if your addition includes an extra bedroom or bathroom, this can be appealing to a family buying a home and who need that space. In turn, your home is a more enticing buy.

Gordon Reese Can Help

If you are ready to explore the possibilities that await you with a home addition, please call us. We can walk you through the process every step of the way. No homeowner has ever regretted adding on to their home, so why wait! If you have any questions about how much value does an addition add to a house?, don’t hesitate to reach out!