At some point in a homeowner’s life, he or she may look at the existing house and say, “I need a bit more space.” Family and friends are in town for a holiday or special occasion. A hobby turns into a passion that demands more room. An aging parent can no longer live alone. The homeowner thinks, “If only I had one more room.” This simple thought then leads to a larger process of estimates, permits and contractors as a home addition begins. But will this additional bedroom add value to your home?
The Value of Additional Space on the Market
The answer to that question depends on the reason that you are building the additional room. In general, an additional room will add financial value to your home. Many owners are able to recover more than the expense of the construction when they sell the home. However, if you are building an addition to increase the sale price, there are some things to consider.
A home addition is not a simple process. Many homeowners experience significant stress as contractors come in and out of their personal space. It can be frustrating to go through the permit and approval process along the way. Construction is also an expensive process, costing anywhere from $80 to $200 US per square foot.
When the project is finished, until the home is sold, there are additional costs. It will cost more money to heat or cool that new space. Like the rest of the home, the extra space will need to be cleaned and maintained, costing extra time and labor. Importantly, an increase in the value of the property leads to an increase in property taxes. If the home does not sell quickly, you will have to cover that expense.
Another possible hazard is that raising the value of the home might price you out of the local market. For instance, if most of the homes around you are two or three-bedroom houses and you offer a four-bedroom house at a significantly higher price, you may find that people searching for a new home in your neighborhood will look for less expensive options.
The Value of Additional Space for You
If the additional bedroom is being built in response to a personal need, the considerations described above may not matter. The additional space has value simply because you need the additional space. You are willing to go through the inconvenience because you will be enjoying that space for years to come.
But before you start planning the new addition, there are some things to keep in mind. The space for the new room has to come from somewhere. Typically, unless you are somehow building vertically, the space will come from your existing property. You will have to decide if the gain in indoor space is worth the loss of outdoor space, an important consideration if you have children or pets that love to be outside.
Another less expensive option would be to consider how you use your existing indoor space. Is there are room that can be renovated or refurbished? It is usually cheaper to redo a basement or a room above a garage than it is to add a full addition.
The advantage to building a new space is that you can design it to fit your needs. A room for an older person can be designed with safety measures and special needs in place rather than trying to retrofit an existing space. If the room is going to incorporate sound systems or other electronics, you can have it wired for what you need. If you are designing a bedroom, you can build it with particular furniture in mind. Comparing different providers is always advised if you’re trying to save money or make sure you get the best value for your money. For example, if you’re looking to upgrade your bed mattress, a look at the Ecosa vs Bambillo comparison highlights their pros and cons and makes it easier for you to make a shopping decision.
Adding a new bedroom can be a challenge but can also increase the personal and financial value to your home. Plan carefully and you can have a beautiful new living space.