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Will putting an addition on my house add value to my home?
Putting an addition on your house is one of the most involved and expensive renovations that a homeowner can commit to. While it’s important to understand the scope of such a project, the magnitude alone should not be enough to discourage you from going forward. There are many excellent reasons to build an addition – and adding value to your home is one of them.
When you think about the value that an addition will add to your home, it is important to consider both the resale value and the added enjoyment that you and your family will get from adding extra living space to your house.
For a growing family, having extra space can mean the difference between staying in a neighbourhood that you love and having to move. Adding a sunroom, dining room or family room can mean more time spent entertaining friends and family as well as more room in the home to get away for a little downtime. Building a home office, workshop or studio can give you more freedom by not having to commute every day.
Resale value is also important. If you don’t have a large master bedroom with an ensuite for example, adding one can positively affect the price tag of your home when it comes time to sell. If resale value is one of your main concerns, it is a good idea to consult with a real estate agent who is familiar with your neighbourhood. They will be able to give you advice on what type of home additions bring in the highest prices from home buyers.
Why not just move?
Moving is certainly one way to get the extra space that your family needs without having to go through the renovation process. While this option should not be discounted entirely, it is important to remember that there are drawbacks here to.
First of all, you may not be able to get your desired amount of space and floorplan and still remain in your neighbourhood of choice. There are almost always compromises.
Second, while putting an addition on your house is an investment that will allow you to recover a good portion of your costs when you sell, there are expenses involved in moving which cannot be recovered such as movers’ and lawyers’ fees. And if you think that this is a small amount, think again – it is estimated that the amount you spend moving once you include fees for buying and selling will equal about 10% of the purchase price for a property.
If you spend 10% of the value of your current property on renovations instead, you might be able to add that sunroom you’ve always wanted, an ensuite bath or another addition. And you won’t have to uproot your family in the process.
Putting an addition on a house takes time and money but it can also be very rewarding in the end. The value you gain both from added enjoyment of your home and the actual selling price are important factors to consider when making your decision.
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