The benefits you receive from building home addition depends on the purpose for the addition and type. For example, some people choose home additions to add space for practical reasons such as if someone is moving in with them or they are having a child. Others may do so simply as a fun project that can pay for itself long-term when they sell their home.
It is important to put thought into what you hope to gain from the addition and maximize the benefits your receive with strategic planning. You should consider factors that include but are not limited to the overall maximum amount you are willing to spend, the timeline of the project, the value added to your home, how you would like the design and finished state, the impact the construction process (and the construction itself) has on others in the neighborhood and building codes and requirements.
Proper planning ensures you are better able to achieve your goals. When discussing generally more common benefits, homeowners typically are able to increase home value, make their home more spacious, collect extra income if they are to rent the addition out to others, added functionality and a practical and more affordable alternative to moving.
Increasing Home Value
Many homeowners are concerned about the initial cost of a home addition, but when done correctly, it can pay for itself through an increase in home value. Home additions add square footage to an existing property, improve the aesthetic value that attracts prospective buyers and helps increase the home value in various other ways.
However, to get the most potential return on the home addition investment, homeowners should take into consideration what they can do to maximize the appraised value as certain rooms add more value. For example, if every home in the neighborhood has a master bedroom, then you may benefit from adding one as well.
Having A More Spacious Home
A home addition adds more space to your home, which helps in several ways. Of course, the increased square footage will naturally improve the appraised value of your home. The home addition also serves a practical benefit as well, and families can use the space however they feel is best.
If someone is moving in with you (i.e. an older relative) or you are having a child, then you can use the home addition as a way to add an extra bedroom or create an in-law suite. If you have guests regularly, then creating a nice guest room may make sense as well. For some, a home addition may simply be a way to expand an existing bedroom or add space to the living room, kitchen or dining room. For some who have less of a practical plan for the home addition, doing something fun such as building a home theatre, game room or fitness room could be intriguing ways to use the extra space.
Extra Income From Basement Apartments
As discussed, every homeowner has unique reasons for considering a home addition. For some, building a home addition is a way to generate an addition revenue stream. If you have all of the space you need inside your home but have a great opportunity for a home addition, then doing so could be a sound long-term financial investment if you were to build an apartment-style living. This could include a basement apartment, but it can take various other forms as well.
If you already have an ideal place inside your home to rent, such as a basement apartment, in-law suite or renovated garage, then you can build a home addition as way to add more space for you and your family, which allows you to keep your current revenue stream and still give yourself the room you and your family needs to live comfortably.
Adding Functionality To Your Home
Functionality in home design refers to the ability of your home or a specific room or living space to serve a specific purpose. If your home is overcrowded or not properly designed for optimal functionality, then you may be able to improve the way all of your home space is used through a home addition.
For example, adding a new bedroom and bathroom may make all bathrooms in the home less crowded and allow everyone to have more space inside the home in general. Of course, not every home addition adds the ideal amount of functional value. To ensure the functionality of your home meets your standards, proper planning is essential.
Alternative To Moving
Many families are faced with the difficult decision of purchasing a larger home or adding onto their existing one when their family gets larger by having a child, adoption or taking in a close relative. Often, moving is financially-draining and requires a location change and a difficult moving process, which parents and children alike are not typically interested in doing. A home addition, however, allows you to stay in the home you live despite more people living in the home.
Some homeowners may also choose to add a home addition if they see an increase in revenue. The natural reaction for many after they experience an increase in income or wealth is to purchase a new and more desirable home. However, a home addition and renovation is a great way to achieve the ideal square footage you would like, improve the aesthetics of your property, stay in the area you currently live and save money.
CALL THE HOME ADDITION EXPERTS
Dirt Connections can help you with all of your home addition needs. Before you begin your next home addition project, give us a call to discuss your project goals and needs, and our friendly team can ensure you have all you need for a successful construction project. If you are considering or are in the early stages of a home addition, then give our team at Dirt Connections a call. We are glad to discuss your plans and answer any questions you may have.
Dirt Connections was started with one goal in mind: providing quality residential and commercial construction services to clients on time and on budget. Reach out for more information on how we can support your next project.
For your convenience our estimates are free and by appointment. Call 703-940-9949 for a free estimate today!