Will home Addition Add Value to Your Home?

Home addition or home remodeling project takes time, energy and money. This is then become the motivation of homeowners to often focus on funding projects that add value to the price of the home. Generally speaking, a home addition that increases the functional space of a house is more valuable than a project that makes the house look better aesthetically. It is worth no note that, the return-on-investment estimates include the cost of professional labor, which can vary based on company and region. Herewith are some of the home addition projects that can value for the homeowners.

Home Addition Project

1. Second story

Building another story the house is undoubtedly one of the most-expensive additions with an average of $152,000. According to Remodeling Magazine,  it also adds nearly $100,000 of value to the home. Before beginning construction, it is advisable to contact the local zoning office to ensure that the project is legally allowed because some codes have height restrictions.

2. Bathroom addition

Installing an additional bathroom, particularly if the house only has one, is a cost-conscious investment. Find the space for a second bathroom by scrutinizing under-used spaces in the house, such as guest rooms or large closets. According to MoneyCrashers.com, half-baths require at least 18 square feet of space, whereas a full bath with a stand-up shower needs at least 30 square feet. Adding a full bathroom with a tub requires at least 35 square feet. According to Remodeling Magazine’s 2013 Cost vs. Value Report, in this project, it can recoup almost 55 percent of the cost of adding a mid-range bathroom and add more than $20,000 to the value of the home.

3. Outdoor deck addition

Installing a deck adds square footage to the house, which increases the value. A wooden deck is more budget-friendly than using composite materials; however, a composite deck adds more value to the home. According to the Cost vs. Value report, this project potentially will regain 77 percent of the cost of a wooden deck and 67 percent of a composite deck, but the latter adds $10,000 of value while the former adds just over $7,000.

4. (Attic) bedroom addition

Creating additional living space is a sure-fire way to add value and one way to do that is to turn the unused, dusty attic into a fresh bedroom. This addition will cost approximately $48,000, according to Remodeling Magazine, but it’s tremendously cheaper than other room additions, says U.S. News and World Report. A living room addition can cost upwards of $80,000. An attic bedroom addition will tack on approximately $35,000 to a home’s value, and this project return is around 73 percent of the money invested in. Other living space additions that will increase the resale value and have a high return on investment are a master suite addition, family room addition, sunroom addition and garage addition.

5. Steel entry door addition

Installing a steel front-entry door is the number one project in the Cost vs. Value report, with homeowners recouping more than 85 percent of the cost. A steel door adds security to the home and increases energy efficiency. It’s also more cost-efficient than adding a fiberglass door. The fiberglass variety adds approximately $1,800 to the home value, while steel doors add around $1,000.

Home additions are costly and can add value to the house. A lot will depend on the size and condition of the house, the home’s location, the kind of addition made, whether the house on the market right away or sometime in the future, as well as the general housing and economic conditions.