subject: Home Additions - Is Expanding Your Main Living Area a Smart Home Improvement? [print this page] Home Additions - Is Expanding Your Main Living Area a Smart Home Improvement?
You can go up (a second floor), down (in the basement), or out (adding more foundation). But what if your addition is just to increase the size of a room or two without adding additional rooms? Is that cost justified? Will it add market value to your home?
Adding Foundation & Roof
A home addition generally requires adding to the foundation and roof. When you do this, you're making a major and often costly change. It's different than a basic house remodel or minor home improvement that stays within the boundaries of your existing home. For this reason alone, you should give it significant thought.
How Does a Remodel or Home Addition Add Market Value?
A home's value is relative. The thing to remember is that it basically has very little or nothing to do with the cost of building it. That also means it has almost nothing to do with the cost to remodel. It's kind of crazy, but true.
In my experience over many years in the home business and working with real estate and appraisers, I've learned that a home's market value is determined by what others are willing to pay to own it. Period. This can seem cruel or unfair but "market value" is determined by others and doesn't necessarily correspond to costs or your desires.
Size (and Square Footage) Matters in Home Additions!
So, should you add to the main living areas of your home? Well, that depends. Most of the time it's a good thing to add square footage to your home even if it does not add rooms. And, if it will add to your own enjoyment of the home for years to come, then it's probably a good idea.
Just remember a few important details before you commit.
Your home improvement shouldn't cause your home to exceed the size of the other homes in the neighborhood.
Adding foundation and roof structure will cost more than expanding within the home's existing structure.
An architect or designer may be required so that the addition flows nicely with the rest of the home.
Get an appraisal before you begin to get a sense of how much market value your addition will create.
It's Your Home, Isn't It?
Ultimately, we're talking about your home and your enjoyment. Expanding your main living areas can add significantly to your lifestyle. The bottom line here is to try to achieve a balance between what you really want, the cost to achieve it, and the market value you create while doing so.
Take your time before plunging in. These ideas will give a lot to think about and, I hope, kick-start your own research. Good luck!
You can learn so much more about home building and remodeling online. One great option is to take advantage of a very informative yet simple to follow *free* e-course that you can find by clicking here http://www.DreamHomeCreation.com You will also find other tips and tools, surveys, videos, and additional articles by Mel Inglima.
