Outgrowing the square footage of a home is the main reason why people think about home additions, but you may not have thought about other reasons why going this route could be beneficial for your family. Sometimes it is more about increased functionality and even income potential. Here are a few ways home additions can make sense:
- Increase value – It was not uncommon to build one and two bedroom homes years ago, but the marketability of homes that size is next to nothing. Adding an additional bedroom can make the difference of your home sitting on the market indefinitely to getting sold. You’ll often find that you’ll recoup much if not all of the cost as well. The same holds true if your home only has one bathroom. Consider adding at least a half bath to improve value.
- Income potential – Home additions can be made to provide an income. If you add a small efficiency apartment, you can recoup the cost by renting it out in just a few years. It will also add value to your home because there are buyers out there who would love to have help paying the mortgage or may have an adult child or aging parent who would be able to use it. Another way to use this space is as a home business location.
- Hobbies – Do you have a hobby that you never seem to be able to fully enjoy because of having no defined place to work? Home additions can be perfect for a woodworking shop, craft room, or just about anything. Even a sun room can make a difference in your overall enjoyment of your home.