5 Great Home Additions to Increase Value
Homeownership comes with a lot of perks. For example, you have the freedom to customize your home and add on to the house however you see fit to compliment your lifestyle, hobbies, and habits. Additionally, many of these add-ons can actually increase the value of your home, should you choose to sell it in the future.
However, if your primary goal is to increase value on your home, you need to make sure your investment is worth the time, effort, and money you put into the project. Not all renovation projects give you a high return on your investment. For example, an in-ground pool will raise the equity of your home, yes, but the cost of the installment is typically much higher than the value added.
How to Add on to Your House to Increase Value
When adding on to your home, there are a couple of factors you need to consider. First, how much will it improve you and your family's life? Second, how will the addition affect the value of your home?
If you're all about the financial gain, you need to learn how to add on to your house to minimize costs and maximize profit. Keep reading for everything you need to know about home additions to increase value.
1. Update and/or Expand the Kitchen
Depending on how much money you want to invest, updating or expanding your kitchen can be a fantastic way to increase value on your home significantly. While not in the category of cheap home improvement ideas, updated kitchens are incredibly attractive to potential buyers.
2. Build a Master Suite
Adding on to your house is all about making it more luxurious for yourself or the future owner. As homeowners, people want a bedroom fit for a king or queen. Renovating the master bedroom into a master suite can add a lot of value to your home and make it much more appealing.
3. Create Outdoor Living Space
Other important additions to consider to increase value on your home include anything that adds outdoor living space. People like to enjoy the great outdoors from the comfort of their own homes. To add substantial value to your home, build a deck or patio to facilitate cooking and dining outside.
However, you don't have to stop there, you could also consider building a fire pit, seating area, outdoor kitchen, etc.
4. Add a Bathroom
One of the biggest turn-offs for buyers is a home with too few bathrooms. Families with multiple children need at least two full-sized bathrooms to function efficiently. Expecting four or more people to share a single bathroom during weekday mornings is unrealistic and can lead to a lot of arguing.
If your home only has one bathroom, adding a second may be a very good investment to increase value.
5. Improve Energy Efficiency
Finally, consider improving the energy efficiency in your home. When it comes time to get new appliances, make sure you're buying Energy Star certified appliances that optimize energy consumption. Additionally, consider replacing single-pane windows, outdated insulation, old HVAC units, etc.
Depending on where you live, this may also mean replacing the water filtration system. Take a look at this service here for some fantastic options.
Looking for More Advice?
If you're looking to make renovations or add on to your house to increase value, make sure you do your research first to make sure you're getting a decent return on your investment. If you do it right, you could add thousands of dollars in positive equity to your home. And if you're looking for any more advice, feel free to check out some of our other articles before you go.