Why It’s Beneficial to Add Rooms to Your House
Several factors can favorably impact your home’s value. For instance, many home buyers are willing to pay top dollar for an immediate occupancy property. Besides the property’s condition, the housing market will also influence how fast you sell your home.
Other dynamics include prevailing interest rates, plus credit card and mortgage rates. That said, there’s perhaps one factor that many buyers pay more attention to, i.e., the square footage of your home.
On the same note, the benefits of a sizable, livable space also apply to you since you live on that property. Have you ever considered room additions? Here are five reasons to add rooms to your house.
Five Advantages of Home Additions
Tip: while there are a few ways to increase livable space, like conversions, you’ll enjoy more benefits if you add a room to your house.
Here are the top five:
1. Take advantage of unused outdoor space
A perfect reason to add a room to your house is to utilize the vast outdoor space in your front and backyard. One of the best parts about doing so is that this addition has no impact on the existing structure. Here, working with expert general contractors, is key. Such a plan allows you to make the most of the available space and still have room for outdoor activities.
A few additions to consider include:
- A patio with seating and a fireplace where loved ones can gather to enjoy sunsets
- A porch addition or enclosing an existing one
A sunroom with a skylight – Since this area is vulnerable to weather changes, introducing an HVAC unit helps. Be sure to install insulation to boost the sunroom’s energy efficiency and to control energy-bill costs in the long term.
2. Make home improvements that meet your needs
When buying a house, it’s a common challenge for the buyer to find a home that ticks off every item on their checklist. That means, you may want to somewhat remodel some spaces in the future. A room addition offers a chance to design a functional bespoke space that also upgrades the overall feel of your home.
3. Raise your home’s value
Your home’s square footage affects its valuation. Large homes sell for more due to their usable space. Generally, the number of square feet helps set home prices. For instance, if a 3,000 square footage house sells for $300,000, the value for each square foot is $100.
Besides the square footage, the amount of usable space determines your home’s value. Keep in mind that basements and attics don’t count. Instead, bathrooms and bedrooms have the most significant impact. For instance, a bathroom remodeling project can increase your home’s value by up to $50,000.
What’s more, according to Opendoor, adding a third bedroom increases your home’s value by about $19,813.
4. Wide range of options
Another impetus to add a room to your house is the countless room addition opportunities available.
- A living room that you can turn into a mini library with built-in shelves and a reading nook
- A separate dining room if you didn’t have one before
- A games room or playroom
- An additional bedroom that can serve as a guest room or an extension of the primary bedroom
- A home office that will offer much-needed privacy
- A walk-in closet to help declutter other rooms
5. Home additions save you from the moving hassle
Sometimes, a room addition is all you need to make the house you live in work for you and your family. This option comes in handy when everything checks out, from the location to the proximity to schools and amenities. Ultimately, a room addition project helps you avoid moving, which can sometimes be a challenge considering all the tasks you’ll need to complete, including:
- Redirecting your mail
- Switching schools
- Looking for a new energy supplier
- Solicitor’s fees
- Getting new insurance coverage
- Moving expenses
For this reason, adding a room to your house makes the most financial sense. It allows you to update your home with accessories that suit your personality and style. Moreover, additions solve a specific need, whether an extra bedroom, a playroom, or a half-bath for large households.
Room Additions: Cost Considerations
Room addition costs vary based on multiple factors, including room type, number of rooms, location, materials, general contractors, and floors. As a result, you can expect to pay as little as $25 or up to $400 for every square foot.
To help you save money, consider taking the following actions.
- Utilizing tax rebates for energy-efficient structures
- Opting for less expensive yet suitable quality building materials
- Limiting customization
- Looking for the most affordable financing options
With the continuous surge in prices of single-family homes, it helps to know the available financing options.
The three main types are:
Home improvement loan – Here you can borrow a lump sum and make payments over the agreed period, usually between twelve and sixty months.
Home equity loan – This loan type is similar to a mortgage, so you’ll use your home as collateral. It has a set repayment time frame and interest rate. Fortunately, it can be tax-deductible.
Home Equity Line of Credit (HELOC) – HELOC is almost like a home equity loan. However, it works like a credit card, so you may borrow up to a specific limit and repay based on the terms and interest rates.
Room Additions: Planning Considerations
Besides costs, it is wise to consider other factors before greenlighting a room addition project.
Functionality- ensure the room additions will meet a specific need
Utilities- take into account the utility bills that come with additional rooms
Maintenance- make sure the room addition serves as an asset and won’t require regular maintenance
Aesthetics- Besides functionality, selecting the best location for a room boosts your home’s curb appeal.
Why You Should Work With Avery Construction for Room Additions
Adding a room to your house is a significant improvement project that requires rigorous planning and expertise. Hiring professional kitchen and bathroom contractors in Clearwater is best if you want to increase your property’s value through bathroom additions.
Avery Construction will walk you through the process to make your additions project successful. Are you deliberating on a home addition? Call us at 855-447-9675 to discuss possible options and to schedule a free consultation.