House Additions

House Additions

Pros and cons

Pros:

1. 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.

1. 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

1. You made it

Sometimes it just feels good to say that you made this.

1. 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

1. 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.

1. 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.

1. 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!

1. 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