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4 Advantages of Investing in a Home Addition
Monday, December 28, 2020

Are thinking about expanding your home?

Maybe you are wondering what the advantages really are. After all, adding to your home can be costly depending on how big the expansion is.

The chance to expand your home can bring more comfort and an increase in amenities. Here is a look at what you will gain by adding more space to your home.

1. Increase Your Home Value

Additional space will add to the value of your home. If and when you plan to sell your home it can command a higher price.

You can also boost your home equity with an addition. If you want you can take out a line of credit or even a loan. Home equity is the amount left over after the outstanding mortgage is subtracted from the home's current value.

2. Create a Special Space

Often people will use a part of their bedroom or their living room as a home office. A part of the garage may be used as a gym or a music studio to give a few examples.

An addition to your home could be used as a home office, music studio, or even a gym. It really is up to you.

The key is to identify what you need and create a space with this in mind.

3. Earn Extra Money

You could rent out a portion of your home by adding a kitchenette or a bath to an existing space. You may even want to put in an entrance so that you and your tenant can have some privacy.

If this is the case you can make extra income from your home addition. The money that you get for rent can help to pay off any loan or replenish any money you have used for the renovations.

4. Modify a Space With a Home Addition

When you think of home addition you may be thinking about adding a room. However, this is not always the case. If you would like to add a porch or even enclose a porch this is a valid option and will be considered a home addition.

Even if you modify your basement in some way this will be considered an addition.

Make Yourself Comfortable

Home additions are a good idea when you want to increase the space in your home. They help to increase the value of your house and depending on where the addition is made you can also increase the curb appeal of your home.

A home addition may cost money at the outset but often you may end up benefiting from it financially in the long run. Even if you don't benefit financially, you would have increased your comfort level.

Always make sure that your renovations are handled by a licensed contractor this will ensure that your new addition is done correctly. If you would like some help with a building project, please visit our services page.