It’s fun to think about all the ways you could make your home bigger and better. Maybe you’ve always wanted a sunroom or you’re thinking about adding an extra bedroom for your growing family. Whatever the reason, adding on to your house can often be more cost-effective than buying a new home. That’s not to say additions are easy. It’s more complicated than adding a genie garage door or smart locking system to your home, so you should be prepared for a few things.
Will It Add Value?
Additions cost less than a new home, but this doesn’t mean they’re cheap. An important question to ask yourself is “Will this addition add value to my home overall?” When an addition adds value to your house, that means you could eventually recoup the costs if you ever sell. If it doesn’t add value, then you’re spending money with no chance of a return.
This question does depend on if you plan to sell in the future, though. If you’re happy in your forever home and just need a little more space or added features, then you won’t have to worry so much about a return on your investment.
Can You Be More Cost-Effective?
Sometimes what we want can come with a big price tag. It’s hard to widdle down your dreams, but in some situations, it can help to reevaluate what’s truly a necessity. Maybe you can renovate an existing room instead of adding one on or use less expensive materials to keep your costs to a realistic budget. It’s tough to make these kinds of judgment calls, so it helps to have a budget set beforehand that you can attempt to work with instead of simply using things you like most at first glance.
Adding on to your home can be fun, but remember to consider the costs and the reasons for an addition before you get started.