As a homeowner, there are a few common reasons why you might need a little more space. Maybe you’ve just had a new addition to the family or are planning to soon, or perhaps you’ve recently adopted a new pet.
At Falk Construction Inc., we’re here to help with home and space concerns through various services we offer. One such service is home additions, which can be achieved through a few different formats. But is such an addition worth it in the long run? Here are a few important factors to consider when making this decision, particularly if you’re contemplating a room addition versus simply buying a new home altogether.
When you work with a high-quality contractor like ours at Falk Construction, you can receive excellent return on investment for a home addition – that is, your home’s value will increase by more than what you actually paid for the addition itself. In fact, the immediate increase in value your home will see after this project is completed will cover up to 90 percent of the addition cost.
We all think of bathroom and kitchen remodels as the gold standard for ROI, and with good reason. But these rates are actually even higher, and this is just an average. For this reason, even some homeowners who don’t necessarily need the space consider home additions just to raise home value.
More Sensible Than a New Home
If your choices are between building a home addition and purchasing an all-new home with the same amount of space you’re hoping to achieve, the answer is simple. There’s almost no situation where the new home will be more cost-effective – that is, unless major elements of your current home also need renovation or remodeling that will have very high costs. If not, you’re likely better off with a room addition to increase your space.
Space is often the first reason you’re considering a home addition to begin with, and there’s usually a purpose here. Some people want to create a new room so they can have a home office, while others might be creating a new bedroom for a baby.
This is an area where you have to look slightly beyond just the pure numbers. It’s hard to quantify what kind of value this space will bring you – sometimes it’s absolutely essential, while in other cases it’s just a desire you can afford. This is an individual decision you’ll have to make by weighing the various factors.
Another subjective element here is the personal touch a home addition allows you to make. Most purchased homes are not new, and a home addition allows you to put your own unique taste into play. Again, this can’t be quantified, but it’s a consideration to make.
For more on deciding whether or not to create a home addition, or to learn about any of our general contractor services, speak to the pros at Falk Construction Inc. today.