Home additions are becoming increasingly popular as construction rates rise. Many homeowners find themselves loving their homes but being cramped on space. A simple solution would be to build a home addition.
Which three home additions are you likely to run into, and what does the cost entail?
Adding another room
Say your family is expanding and you need to add another bedroom. Or you are working from home a lot more now and need office space. One of the most popular additions is adding on a spare room.
The average cost for this kind of project is around $42,000, according to a study from Home Advisor. However, you can see costs as low as right under $30,000.
The great news about adding on an extra room is that you can greatly increase your property value and see a decent Return on Investment when and if it comes time to sell the home.
Often, it is easier to add the extra space you are seeking than to relocate all together.
Converting your garage
If you don’t often use your garage for traditional purposes, this could also be an option for creating more usable living space. Turning this space into a spare room or living area would involve a small renovation and adding heating and air conditioning.
You can expect to see a cost of around $11,000 for a project like this. This number is significantly lower than adding on a new room entirely, but you will lose your garage and technically will not be adding any extra square footage to your property.
You will need to weigh the pros and cons to determine your best option for a Return on Investment.
Adding or expanding a bathroom
This can be a tricky project since plumbing is involved. You will need to take into account the age of your home, where the plumbing is located, if you will need to re-route the water or septic, and any damage you may come across during this inspection.
Completely adding a spa-like bathroom from scratch will run you $75,000 on average. However, renovating a bathroom will average $11,000.
On the bright side, by updating or adding a spa-like bathroom, you can expect a significant increase in your Return on Investment. In some regions, this can even equate to an ROI of nearly 67 %.
No matter what home addition project you choose to embark, remember three things:
- Always research several contractors in your area before deciding on the “cheapest” one.
- Budget 10-20% percent of additional funds in case of any roadblocks.
- Always keep resale value in mind.