House Additions

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Revision as of 11:30, 14 August 2015 by 67.228.118.99 (Talk)

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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

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