Knowing when to pursue home renovation endeavors can be a difficult choice to face; sometimes you may wonder if it is a financially smart decision to tackle those big projects. In other words, it is important to ask yourself whether or not such an investment will pay off in the end or not. If you are thinking of selling your home in the near future, it is important to consider what exactly potential buyers are looking for. Comparing your home to others in the area is a good place to start. Looking at typically how many bedrooms or bathrooms homes in your neighborhood include is a basic way to look at how your home will be priced. Other factors, such as the maintenance of the home over time and the location set homes apart from others. Another way to set your home apart is to consider adding to the square footage. Home additions can be daunting for homeowners, especially if money is tight. First and foremost, you must consider whether or not such a project would be worth your time and money. There are several benefits of investing in a room addition that homeowners should know about when considering expansion.
Higher selling price
Firstly, if you have the space to expand, then it might be worth it. Although big lots show great potential for homebuyers, you can take it one step further and add the extra square footage to the home before selling. If you have a giant back yard with a ton of wasted space, adding a room to the structure of your home will make better use of the outdoor area. When potential buyers look at the use of space on a lot, they usually dread huge projects like home additions. If you can beat them to the punch, then you can enjoy your home addition before you even entertain the idea of selling. Many homeowners consider additions to address their own specific needs; while this is great for the current resident, it is also great for potential buyers. More space means more value.
Increases home value
That brings us to the second point of benefit: adding value to your home. When you add square footage to a home, you are adding pure value. Of course professionals who are experts in home additions should carry out the addition; you will want the construction to be seamless and done adequately the first time. The more you spend, the less value you’re actually adding to the overall investment, and that’s just simple math! You should first make sure that adding room to your home is something buyers will go after, particularly in your area. Generally speaking, the more square footage a home has, the higher the selling price—especially if you make the addition count.
Maximize the space
Thirdly, adding a room to a home will maximize the space, if done correctly. Choose your addition wisely. Addressing what your home is lacking is a good place to begin. Could your home benefit from a master suite, larger master bathroom, or a larger living area? Are homes in your area selling to larger or smaller families? How many bedrooms and bathrooms are typical of your neighborhood? These are all important questions to answer in order to make the most of the addition.
Grows your investment
Fourthly, building out and expanding your home on the ground level is one way to grow your investment without ruining your current living situation. Conversely, if you were to expand the home on a second level, you can run into all kinds of issues, particularly ones that relate to the convenience of the entire experience. Usually when you add to a home horizontally, not vertically, you are limiting the effect it will have on your current living situation.
More space, privacy & room to grow
Lastly, expanding your home simply gives you more space, privacy, and room to grow. If you plan on staying in your home for a period of time, you should think about what kind of addition will be most beneficial for you or your family. This is not to say that you should ignore the future selling points of your home and weigh your options with that in mind. However, imagine your home with more room for growth and creativity—the possibilities are endless!