Regardless of whether you've just moved into a home or if it's nearly time to sell, it's always a good time to start thinking about your property's value. While housing prices are in many ways bound to changes in the market, well-planned home additions can have a great ROI over time, allowing you to eventually sell your house at a far higher price. The following additions are good bets in most markets. |
1. Attic Bedroom
Though it's something many people don't even consider, this can be one of the more profitable home additions you can make. With its adaptability, broad space, and square footage added to the building, an attic bedroom can have a great ROI. Sellers can potentially make over 70 percent of its cost back at the time of sale. If you decide to do this, it's best to focus on floor space and natural lighting. Remember to make the necessary extensions to the building's ventilation and pipe systems.
2. Extra Bathroom
For a long time, prospective buyers looked at the kitchen as the most essential part of the house. Recent trends, however, have seen bathrooms gain importance in the eyes of shoppers. This is great news for renovators because a full or even half bathroom can increase the going price by up to 20 percent, and this can translate to 50 or 60 percent of the cost of construction.
3. Kitchen Renovations
Revamping the kitchen is an old standard, and a sure-fire way to increase value. As a general rule, you'll want to consider utility over all else when making additions, as new owners tend to make aesthetic changes after moving in. Instead, consider laminate or tile flooring, new and functional cabinetry, sink fixtures, and updated lighting and appliances. If you're on a budget, simply staining the cabinets and other less drastic changes can be a positive step.
4. Refurbish the Basement
Though this may seem like a dramatic expense, finished basements are in vogue right now, particularly among younger buyers. With the right adjustments, a fully furnished basement can more than make up for initial costs. Consider a large entertainment area, an extra living room, children's play area, office space, or even an extra bedroom! The truly dedicated can build a bathroom or half bathroom downstairs, thereby adding even more value. Remember: the extra space may or may not increase your total square footage, depending on your location.
5. Screened-In Porch
A screened-in porch is a homey and desirable space for guests and residents alike. They're also fairly straightforward to build and are one of the cheaper options for renovators. That said, the actual value varies depending on factors like location and climate.
Before starting any home additions, it's best to consult with a real estate expert or another advisor to determine the best investment. With a little planning and patience, a few smart add-ons can absolutely pay off!
To learn more about their options for home additions, Cape Cod residents should visit capizzihome.com/additions/.
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