Difference between revisions of "House Additions"
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| + | ==Add on or move out?== | ||
| + | ==Pros and cons== | ||
| + | '''Pros:''' | ||
| + | #High cost to value ratio | ||
| + | :Studies have shown that many people who have a home addition done are able to recover the full cost at the time of sale. | ||
| + | #Cheaper than buying a new home | ||
| + | :It is usually cheaper in the long run to add on to the house you already have than to purchase a new house that is already the size you wish to have | ||
| + | #You made it | ||
| + | :Sometimes it just feels good to say that you made this. | ||
| + | #Best option for more space in your home | ||
| + | :Things like sun rooms are terrible investments, and renovating a basement can be a much bigger job than expected | ||
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| + | '''Cons''' | ||
| + | #Return on investment is not guaranteed | ||
| + | :You can still lose money. An addition to your house only has potential to be a strong investment depending on when you sell and how the market is doing. | ||
| + | #It's a tough thine to go through | ||
| + | :It may seem exciting at first, but after a few weeks of constantly hearing power tools, being woken up early, and having half of your house exposed to nature, it can get tiring real quick. | ||
| + | #Increased peripheral costs | ||
| + | :Your heating and/or cooling bill will increase, you have more windows to wash, more gutters to clean, more taxes, and more carpet to vacuum! | ||
| + | #Loss of yard space | ||
| + | :Most of the time, you will lose yard space due to the addition. | ||
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==Addition ROI== | ==Addition ROI== | ||
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*Backup power generation: 67.5 percent | *Backup power generation: 67.5 percent | ||
*Master suite addition: 67.5 percent | *Master suite addition: 67.5 percent | ||
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Revision as of 12:27, 14 August 2015
Add on or move out?
Pros and cons
Pros:
- High cost to value ratio
- Studies have shown that many people who have a home addition done are able to recover the full cost at the time of sale.
- Cheaper than buying a new home
- It is usually cheaper in the long run to add on to the house you already have than to purchase a new house that is already the size you wish to have
- You made it
- Sometimes it just feels good to say that you made this.
- Best option for more space in your home
- Things like sun rooms are terrible investments, and renovating a basement can be a much bigger job than expected
Cons
- Return on investment is not guaranteed
- You can still lose money. An addition to your house only has potential to be a strong investment depending on when you sell and how the market is doing.
- It's a tough thine to go through
- It may seem exciting at first, but after a few weeks of constantly hearing power tools, being woken up early, and having half of your house exposed to nature, it can get tiring real quick.
- Increased peripheral costs
- Your heating and/or cooling bill will increase, you have more windows to wash, more gutters to clean, more taxes, and more carpet to vacuum!
- Loss of yard space
- Most of the time, you will lose yard space due to the addition.
Addition ROI
Renovations that bring the greatest percentage return on investment:
- Entry door replacement: 96.6 percent
- Deck addition (wood): 87.4 percent
- Attic bedroom: 84.3 percent
- Garage door replacement: 83.7 percent
- Minor kitchen remodel: 82.7 percent
Renovations that yield the smallest return:
- Home office remodel: 48.9 percent
- Sunroom addition: 51.7 percent
- Bathroom addition: 60.1 percent
- Backup power generation: 67.5 percent
- Master suite addition: 67.5 percent
