Home & Garden
Top 5 Home Additions That Actually Pay Off
If you build a bathroom, there's a good chance you'll recoup that investment when you sell your house.
Adding on to your home is an exciting prospect, but it can also be expensive. It's best to add on to your house when you're planning to stay there for several years, and not simply for the sake of trying to increase resale value. This way, you get to enjoy the benefits of what you've built — even if you don't end up recouping on your investment.
Some home additions are more likely to pay off in the long run, though. You should first and foremost remodel for your own needs, but it's good to keep in mind which renovations have the best returns on investment. With that said, here are the five home additions most likely to pay off.
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#1 Two-Story Addition
You know the expression, "Go big, or go home?" Well, if you go big with your home addition, the odds are in your favor that it will eventually pay off. According to Home Advisor's True Cost Guide, you can expect a 65 percent return on investment for a two-story addition with an upstairs master suite and a downstairs living area.
A two-story addition can significantly increase the square footage of your home, which can be appealing to potential buyers when you're trying to sell. A project of this size does involve multiple moving parts, so it's important to agree on a total dollar amount with your contractor before beginning construction. Make sure to get this in writing.
Although costs can vary considerably, Home Advisor's True Cost Guide states that the average homeowner spends between $21,046 and $65,287 when building an addition.
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#2 Master Suite
According to Home Advisor's True Cost Guide, you can expect to see a 63 percent return on investment for adding a master suite to your house. Depending on what kind of addition you want, the average cost of this addition could be anywhere from $21,500 to $63,100.
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#3 Kitchen Expansion
It's no surprise that kitchen remodels have some of the highest returns on investment. If your existing kitchen is too small or cramped, though, just refinishing the cabinets or replacing your old appliances isn't going to cut it. If your kitchen doesn't have enough space, adding on to it can increase your home's resale appeal.
The cost of expanding your kitchen will vary based on a number of factors, including the size of the expansion and the state of your current kitchen. According to Home Advisor's True Cost Guide, adding 200 square feet of space onto a kitchen can cost anywhere from $48,000 to $95,000.
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#4 Bathroom
If your home doesn't have enough bathrooms, it’s a big turnoff to potential buyers. If you have the resources, adding a bathroom or even a half-bath can increase your home's overall sale appeal.
According to Home Advisor's True Cost Guide, you can see a 53 percent return on investment for your bathroom addition. Updating or remodeling your current bathroom(s) is also likely to provide a high percentage return on investment.
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#5 Deck
If your home doesn't have an outdoor patio space, consider adding a deck. Not only will you get to enjoy using it in the warmer months of the year, but experts say you'll likely be able to recoup 80 percent of its cost at sale time.
According to Home Advisor's True Cost Guide, the average cost to build a deck is $7,086. Using higher grade materials and properly maintaining the deck can significantly increase the life of the deck.
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More Home & Garden:
- Home 101: Remodeling Services Near You & What They Cost
- Top 7 Renovations To Increase The Value Of Your Home
- How To Tackle A Small Bathroom Remodel
- How Much It Really Costs To Upgrade Your Kitchen Cabinets
First Photo Credit: LeahKat/Shutterstock
