If you want to increase the value of your home and are ready to go all out for a time-consuming but rewarding investment, you should definitely opt for adding a home. Not only does it give your home value, luxury and comfort, but it also gives you the opportunity to add a little bit of your own creativity. Every time interest rates drop and home equity loans become affordable, an orchestra of hammers and saws emerges across the country. This is the sound of workers frantically building additions to houses.
Adding a home is the purchase of more expensive home remodeling that a homeowner can make. If enough rooms are built, the total expenditure can easily slide to six figures. Unlike an interior painting or landscaping job, adding a house is a project that cannot be undone. Therefore, it is worthwhile to carefully consider this process, which can be alternately rewarding and exhausting, from all angles before issuing that first check to the contractor.
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions achieve financial freedom through our website, podcasts, books, newspaper columns, radio shows and premium investment services. While adding an extra bedroom doesn't have a big ROI (around 50%), if the option is to buy a new home or add it to an existing one to get an extra bedroom, adding a bedroom to your current home might be the best solution. Most bedroom additions are made by adding a room next to the house. Adding a second tier is another option, but this often comes at a prohibitive cost.
Whether it's a small extension with a remodel or a full-fledged expansion project, home extensions are investments for homeowners. If you don't plan to move soon, you have more incentive to make it your own. The value you receive from a home improvement project can be enjoyed for many years to come. The Remodeling magazine report says that manufactured stone veneer returns 95.5 percent of the cost of work, while replacing a garage door pays 94.5 percent of the cost.
Beautifying your outdoor space will do more for your home than almost any other project, Beaudry says. This is what people look at when they buy a house. They may want to customize their kitchen or bathroom, but the nice outdoor space is something that everyone agrees on. McDermott Remodeling has decades of experience in providing people with a stress-free and enjoyable home construction project.
If the value of your home increases with a tasteful addition, investing in your home could have a high return on investment.