Whether you just bought a house or you have lived there for years, the fastest way to increase your home’s value is by making a renovation plan. Sometimes it works to start small, but in other cases, working your way from larger projects to smaller ones can also have their benefit. Home additions can be quite a headache, but if planned properly and done well, they are a great way to add not only space but value to a home.
Bathrooms and kitchens
If you know anything about the real estate market, then you know that kitchens and bathrooms sell homes. Buyers want up-to-date and clean spaces that they can move right into. Even if you don’t plan on selling your home, an addition of bathrooms or a new kitchen space is a great way to utilize space and create an even larger living area full of personal touches.
Adding a bathroom is a no-brainer, especially if there was only one before. Having a first-floor powder room will add exponential value to your home. And homeowners especially love having convenient bathrooms in spaces that are heavily used.
Completing either of these rooms in an addition will add approximately 60 to 80 percent to the value of your home. So not only will you see a return on your investment, but it will boost the actual value of your property.
With the boon of varying home-improvement shows, many homebuyers are exposed to the possibilities that can exist in new homes. If your current abode doesn’t boast a serene master suite, why not create one? Buyers want to see a nice master bedroom, a good size closet, and an ensuite bathroom. It creates a space where homeowners can get away from the rest of the house—or the kids—for a relaxing evening.
A master suite has everything that anyone could want for privacy—a personal bathroom that won’t be overrun by kid’s bath toys or someone who leaves toothpaste in the sink. It’s a quintessential grown-up room that is a paradise at the end of a long day.
While a basement isn’t always considered an addition, it can most certainly add to the value of your home through livable square footage. Bedrooms can be added as well as bathrooms to create its own personal suite in an area that would have otherwise been underutilized.
In addition, basements can become great second living areas where families can relax and spend time together. They also make a great place to house children’s belongings so when guests come over, they don’t see a mountain of toys piled in every room. It’s all about the value you place into your home, and adding square footage through a basement remodel is a great way to do that without enlarging the actual footprint of the property.
Create space and function
Additions are useful when you have limited space and want to add more room. Don’t simply add a space just because. Think about its actual purpose and what you plan to use it for; this can help determine if the space is truly necessary.
Home improvement costs money, so it’s wise to sit down and make a plan for your project. Think about what an addition will do to your monthly costs and how it will affect the future sale of the home. Of course, these decisions don’t need to be made with just a buyer in mind, especially if selling isn’t something you plan on doing soon. The space should fit your family’s needs, but it should also serve a necessary function and not just be dead space. Dead space is difficult for buyers to understand how to use and eventually how to stage with furniture. It works when everything has a purpose.
Homes and their values are a numbers game. Sometimes they are up, and other times they are down. A home undergoing transformation should be at a higher value when things are complete, versus where they started. When adding a room, think about its purpose and essentiality in the overall plan of the home. This can lead you to whether or not it will add value or detract from the current value of the property.