If you own a home, count yourself among the lucky ones. In all likelihood, you have an asset that is improving every day. A way to help this process is by building a home addition. Many additions exist, and some add more value than others. Investing in your home today can yield a significant financial return tomorrow for a homeowner looking to sell within five years.
Here are the best home additions that add value to your property.
Adding a Kitchen
Homeowners often want to expand or add to their kitchen. A full kitchen addition will require new appliances, cabinets, countertops, and modifications to your plumbing and electrical. A kitchen addition, however, adds a lot of value. Work with a home addition contractor to help with this process.
Create a Bump-Out
Bump-outs are small extensions to an existing room that add 10-15 feet or less. It's commonly done in second-story rooms but can be done anywhere. Bump-outs rarely require roof or foundation work. Examples are a window nook, a walk-in closet, adding space to house a bathroom bathtub, or adding kitchen counter space.
Build a Mudroom
A mudroom near your entryway costs little to build and is a suitable place to store wall hooks, built-in cabinets, storage cubbies, and lockers. A mudroom may be worth considering if you lack space in your current home configuration for shoes, coats, and backpacks.
Expand or Add a Bathroom
The next most valuable home addition to consider is a bathroom. Many homeowners creating a second unit to rent out on their property have to remodel and add a usable kitchen and bathroom. Adding a bathroom may also add more appeal to the main bedroom.
Create a Sunroom
A sunroom is very pretty if you enjoy the sunshine. It must have heating, be accessible from the house, and have lots of comfortable furniture. As we are prone to tough winters in Canada, you will also want to ensure the roof and walls you build for your sunroom can support snow.
Consider enclosing a cozy back patio living room. Build it in your backyard. Create a small but cozy living room, like a sunroom.
Add a Second Story
A second story costs money, usually five figures, if not six. However, it adds significant square footage and resale value. That said, you have to check the existing structure and foundation to ensure it can handle adding another floor—not all properties can tolerate the weight.
Try a Modular Home Addition
Modular home additions are prefabricated rooms added to an existing house's exterior to create a second story. It can also add a room to an existing floor. It is cheaper than your average home addition and made entirely off-site before delivery.
Open Up Your Family Room
Older homes that do not have a spacious open-concept space might benefit from knocking down a few walls and building out certain spaces, such as a family room or living room. Three-quarters of homebuyers prefer open-concept living rooms.
Add a Home Office
People work from home more each year. Buyers care about a home office; if you don't already have natural space, consider adding square footage to create a dedicated work-from-home area.
Add an Outdoor Structure
A deck or patio brings extra enjoyment come spring and summer and is an entertainment space most homes have. An outdoor structure attached to your home will increase its resale price. The cost of a deck varies depending on the material, size, and scope.
Finish Your Basement
An unfinished basement is like an addition waiting to happen, for which you don't need square footage. Finish it! Create livable space for a future buyer. The average finished basement can add 400 to 1,500 square feet to your home and thousands of dollars to what you'll receive when selling.
Expand Your Attic with a Dormer
A dormer provides light, adds curb appeal, and makes your home appear larger. Depending on the size and scope, this is one of the cheaper home additions. This assumes there's an attic available.
Add An In-Law Suite Above the Garage
A bonus room added to your garage is a fine opportunity to add private, separate square footage to your main home. It can be used as a spare bedroom, home office, or apartment when guests visit.
