From Homeowners Wiki!
Revision as of 11:30, 14 August 2015 by 184.108.40.206
Add on or move out?
Pros and cons
- 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
- 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.
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