Home Additions – Are They Worth the Investment?
While your house is the safe and cozy place you and your loved ones may call Home Sweet Home, it is also still an investment. In fact, not just any investment, but the biggest and most important one of your life, in most cases.
The choices that you make are meant to improve your overall enjoyment of the space, but should also help to enhance the overall property value. When it comes to home additions, many homeowners wonder if they are making the right choice.
Return on Investment for Home Additions & Other Info
If you want to improve your Toledo homestead, but would like to see some return on that investment, here are a few things that you should be aware of.
For starters, if you need more space and are conflicted about whether to move or improve, it helps to know that residential additions do add value. That is, if they meet code and are designed and carried out by a true industry expert. While many people think it is more cost-effective to simply move, that is not always the case.
Of course, it is also true that not all home additions add as much value as others. For instance, some examples of add-ons that yield smaller returns are a master suite, sunroom or bathroom. Keep in mind though, that just means lower return, but there is still a return and it ranges from about 50% to almost 70%, depending on the project.
Home renovations in the form of additions that earn the highest return are decks and attic bedroom, as well as in-law suites. The return on these types of projects are usually in the above 80% realm.
What Will Work For You?
If you are in a position in which you need to choose between relocating or renovating, at least consider the options that you have before making your choice. For the best in professional help, including feedback about the possible options that you have, you can rely on Wright and Son Construction. We take this line of work seriously and want to be sure that every customer we work with is sure about their choice and satisfied with the overall conclusion of the project.