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Diving Into Home Addition Costs and How to Add Value to Your House
Thursday, May 14, 2020

On average, people move every 5-7 years.  While you may find your dream home and decide to retire in it as is, that scenario isn't very common. Instead, people buy homes and upgrade or move as necessary. Whether you need more space or work takes you somewhere else, most of us don't stay in our first home forever. When it's time for you to sell your home, you'll want to ensure that you're getting a good return on the investments you've made. This is why home addition costs, as well as renovations that add value, should be considered before beginning projects.
 
Keep reading to learn more!
 

Home Addition Costs and How They Add Value

 
When it comes to adding to your home, certain additions are going to give you a higher return than others. Because of this, you'll want to take into account the cost of your additions as well as the value the addition will add to your home. If you spend more money than you're getting back, you're going to have some regrets when you try to sell. Here are some projects that will add value to your house:
 

1. Kitchen Additions

 
The kitchen is a room that people spend a lot of time in. It's one of the first rooms that people look at when they're considering buying a house. To add a great deal of value to your home, consider expanding your kitchen area or adding in counter space and an island. The amount that you're going to pay to add to your kitchen varies. Whether you gut and redo the entire layout, or you just add some details, your costs will vary. However, the average cost to add to a kitchen starts at $22,507 on the national level, and is more like $28,000 to start here in the North East for typical homes in our area, unless you are renovating a really small tiny kitchen space.
 

2. Adding a Deck or Patio

 
Who doesn't love to sit on a deck or patio and barbecue? This space is an outdoor necessity when it comes to entertaining friends and family. Many potential homebuyers seek a house with a deck or patio, so installing one will add a lot of value to your home. Like many home additions, the cost of building a deck or patio depends on a lot of factors. The materials you use, the size of the deck, and labor costs will all have an impact. There are two grades of lumber and four grades of Trex brand composites... We explain this more in our Blog Post about the importance of an agreed upon Target Renovation Budget (TRB).  All these factors considered, the average price to add a deck or patio can range from $50 to $112 per square foot and a typical deck quote for the requests we receive start around $18,000 to $22,000 for something functional and practical and go up from there.  There are some phenomenal decks that can be built for $45,000 to $55,000.    Re-decks start in the same neighborhood with the added labor for removal and disposal of the old lumber of setting the savings in the framing and the footer work.  We often find that the framing in old decks need a fair amount of surgical upgrades to stiffen them prior to installing the new decking material, which quickly eats away at any perceived savings you gain by using the existing structure.   If you are thinking about adding a roof structure over your deck or enclosing a portion as a 3 season room, at the time of construction, or in the future, please discuss this with the Cope BUILT team up-front, as there are several factors with beams and footers that will need to be adjusted in order to carry the additional static loads, wind loads, and snow loads, associated with adding a roof. 
 

3. Add a Fence

 
Privacy is important to most of us, which is why adding a fenced-in yard to the home will improve the value.
If a family has a dog or a child that they don't want wandering around the neighborhood, a fenced-in yard is essential. Not only will adding a fence improve the value of your home, but you'll notice more families will be interested in buying the home as well.

4. Finishing a portion of your Basement

Basements are often after-thoughts in the home construction process.  They are a convenient place hide mechanicals, plumbing, hvac, water treatment, and they provide a place to hide our infrequently used seasonal "stuff" along with sports and athletic equipment out of sight of our guests, but what if your basement could be more?   
  • What if your basement could be a safe play space for the kids which would give you some peace and quiet?  
  • What if your basement could be a sports theater entertainment space with big screen projector and a full wet-bar?   
  • What if you basement could be a warm cozy guest room for when your parents or grand children to come visit you?   
  • Or perhaps you wanted to create an Air-BnB or VRBO rental to generate some extra cashflow from your unused space?   
No matter how you look at it, finishing the basement and adding additional living space, while complying with code regulations for egress and fire safety can add significant functionality and resale value.   If you measure out your basement, and send a few photos to our team, we can often work up a ballpark estimate from the square footage and your wish-list.   Most basement projects in our area start at $30 to $35,000.  We also had one wish-list come in at $126,750 (grand master stair-case outside entrance, theater room with stadium level reclining seating, full wet bar with lit booze rack, and an inlaw suite with bathroom and egress window.)  Give us a call, 484-748-0008, option 2, ext 2 or send us a message through our Facebook page so we can Dream with you! 

 

How Are You Going to Add Value to Your Home?

 
The additions you choose to invest in will play a huge role in the return you get when you sell your house. Consider the home addition costs and benefits to make your home ready for the market. If you have any questions or are ready to start renovating your home, reach out to us today for help.