Buying the perfect home can mean different things for different people. While one person may enjoy an old-fashioned Colonial, another may prefer something more modern. Although the home that you purchased may be the home of your dreams, it may not mean the same thing for others when it comes time to sell. But there are many things to love about adding an additional room onto your home.
As you’re preparing to sell your home, repainting with a more modern color scheme and redecorating to make the space look more appealing are ways to increase your home’s value and help make the sale. But adding a room onto your home is the best way to increase your profit and make it more attractive to potential buyers. If you are considering selling your home, here is why adding a room onto your house can increase your home’s value:
Building out increases the footprint of your home
If building out is how you are planning to add a room, then doing so will expand the size of your home from the lower level. This is a great option if you want to save money, since there are less costs than when creating a second floor on your home. While this is definitely a viable and more inexpensive option, it is also important to consider the loss of yard space as building out will take up more land space.
Building up will add another story
If you own a ranch or a home where you can add an additional floor, building up will draw more attention to your home by creating another story. However, adding a staircase will be required and zoning laws will need to be taken into account. While these vary by area, it will typically be approved.
Houses additional family members
While a family of two may be comfortable in a three-bedroom home, a family of four to six may not be able to make things work. Adding an additional bedroom will appeal to a wider group of people who may need to upgrade from a smaller home. In fact, according to Pew Research Center, almost 40 percent of young adults (between the ages of 18 to 31) live with their parents.
Even smaller families may enjoy more space
Although adding one extra room to your home may not substantially increase its size, some smaller families may see it as an opportunity for additional storage. While your home may be just the right size for a smaller family, extra storage space for family memories, old furniture, decorations, or even an area for game night could appeal to the right family. Adding an extra room to a smaller house can often make a huge difference.
Adds to your square footage
There is no doubt that adding a room onto your home will increase the square footage. While this may seem unsurprising, the importance of this small aspect is more crucial than one might expect. New home buyers may for example, compare the square footage of two homes of interest in the same neighborhood in order to assist in making their purchasing decisions. If your home is significantly smaller in terms of square footage as compared to the rest of your neighborhood, then adding an additional room may not only help to increase your home’s value but also make it more appealing to potential buyers.
There are many reasons why adding a room onto your house can increase your home’s value. If you have any questions about a home addition or other renovation project, please contact us today.