When Is a Home Addition a Worthy Investment?

June 29, 2020
Beautiful modern house with garden and solar panels on the gable roof.

There is an ongoing debate as to whether home additions make sense. Every homeowner has their own reasons why they choose to add extra space to their homes or not. Others do this simply because they want to and can afford them. But for some, it becomes a must due to many reasons.

Why Homeowners Choose to Invest in Home Additions

There are cases when homeowners have no choice but to make certain additions in an attempt to make it more comfortable, safer, and more fitting to their lifestyle. This is especially true when buying a new and more convenient home is out of the question. Since it can be more troublesome to sell the house, find a new home, and move your stuff out and about, it only makes sense to consider making home additions instead.

How Much Do Homeowners Typically Pay for Home Additions?

According to HomeAdvisor, homeowners typically spend between $21,092 and $69,751 for home additions. Of course, the costs will depend on the type of addition, materials used, location, and labor expenses. You can save money by choosing to DIY. On the other hand, hiring contractors can cost money, but you are paying for their skills and expertise in exchange for your peace of mind.

Homeowners have different ways of financing a home addition. Some use their savings, others with a home improvement loan. Others choose to refinance their mortgage. But is spending thousands of dollars on home addition alone worth it?

When Home Additions Become a Worthy Investment

Living room

Home additions can make sense for people who can truly make use of the new living space. For homeowners who are new parents or will be living with their senior loved ones, there is a need to improve the home to keep up with the ever-changing needs of the new residents. This can mean investing in railing fabrication for your new porch, deck or staircase, adding a second floor for the new nursery, or building a sunroom your family can enjoy. This helps create more rooms or make your home safer for new family members.

For remote workers, they may opt to build a California room or a dormer for their work. People who have remote jobs often find it hard to focus on their work when they need to share their space with noisy housemates. To be productive, it becomes a must to create a dedicated working space where they can limit distractions and temptations.

Some homeowners have no plans to move anytime soon due to their deep emotional attachment to their house and current community. It only makes sense to simply invest in home additions and renovate than to move houses. You may find another house that can accommodate your spatial needs. But if you treat your home more than a house, then it may be easier to stay and pay for the additions than sell it.

A home addition can cost a considerable amount of investment. This is why one should think hard, plan wisely, and budget their money beforehand. This will help you realize if the addition makes sense and if you can make the most out of your investment. Think about your reasons, other alternatives, and variables as well as the pros and cons before coming up with your final decision.

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