If you are wondering about how home additions can add value to your property, we have some thoughts to consider.
The added value of home additions residents can recover depends on the size of your house before and after the addition. Beyond size, the type of home additions matters as well. Other factors contribute to value, including what neighborhood your house resides in. It is rare to recover the full cost of any home additions projects. Ownerly offers the information that adding a master suite often recovers a return on investment (ROI) of approximately 63%, while an additional bathroom may offer 65%.
Consider if planned home additions will significantly alter your electrical or plumbing systems. Changes to these systems will increase the cost of the home additions project, but as a general rule, these additional costs will lower the return on investment percentage that you can expect to recover when calculating the resale value.
Coming to a precise value of home additions is often a difficult problem. Finding home addition contractors citizens trust to provide reasonable estimates can help your research. Your home addition contractors may be able to give you an estimate based upon similar homes they have previously worked on. Another method of estimation would be to look at comparable sales by researching prices of similar properties with and without home additions area.