House Additions

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Revision as of 11:27, 14 August 2015 by 67.228.118.99 (Talk)

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Add on or move out?

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