There are plenty of ways to increase the value of your home, and adding a room can be one that will make a real difference when it comes time to sell. Dean Graziosi explores this topic below.
Whether or not adding a room to your home will actually increase its value will depend on several factors. One is the type of room you decide to add. For example, an added bonus room may not be appealing to buyers if your home already has a den. A bedroom, on the other hand, can really add value and appeal. Turning a three bedroom home into a four bedroom property can get you a better price.
There are plenty of great ways to turn a space into a bedroom. An attic, for instance, could easily be converted into an additional room without the need to build onto your home.
If you are planning to actually build onto your home, however, the cost will go up significantly. It’s less expensive to build on to an already existing structure than it is to create a whole new building apart from the home. Still, building on will cost quite a bit and it may not be worth the expense in the end if the value of your home won’t increase all that much. The simplest way to do this is to convert the garage into a room since a floor, walls, and the ceiling are already in place. This won’t cost as much as building a whole new room would, but it might be worth the added expense.
The first question to ask yourself is how the room can be used. You will have one use for it, but is it versatile? For example, a room to be used exclusively as a library will probably have shelves lining the walls. If these are built-ins, they may not be easy to remove should you or a future buyer wish to turn the room into something else. Moveable free-standing shelves, on the other hand, will be easy to remove when you decide to sell, thus making the room a more versatile space.
Expanding the kitchen may not be as practical these days unless you are planning to add an eating area where one previously did not exist. While large kitchens were previously very popular, people are now trading in these spaces for larger rooms elsewhere in the home.
Another renovation to consider is to combine two rooms. Open floor plans are really in, so knocking out a wall or two to combine the living room and kitchen for example may actually be a good investment and add value to your home.
Added value should definitely be considered when deciding whether or not to take on a home remodeling project. As noted in an article posted on money.usnews.com, even if you aren’t planning to sell your home soon, you’ll still need to think about how much the improvements will increase the amount your home is worth. Read more about this and other real estate topics by visiting Dean Graziosi’s blog.