Home improvement projects are more popular than ever, especially as many of us continue to shelter in place as much as possible. And while a surprising 35% of remodeling jobs involve the entire home, there are many properties that could benefit from a single renovation project — ideally, one that increases your home’s square footage.
Home addition renovations can serve a number of important purposes. They can offer additional storage space, more privacy, or accommodate more household occupants. And while home additions may be subject to specific guidelines and ordinances, many homeowners find that these projects are well worth it; not only can they improve your overall quality of life, but they can also significantly add to a home’s value.
However, not all renovations are created equal. While some are highly desirable, others may not provide the payoff you’d think. That’s true for home addition renovations, as well. Before you start working with remodeling contractors, you’ll want to determine whether your idea for a home addition will offer a good return on your investment.
Which Home Addition Renovations Offer the Best Returns on Investment?
- Master Suite Additions: If you’ve dreamed of having a master bedroom and en suite bathroom, there’s good news. Master suite additions can provide an impressive ROI. According to Home Advisor’s True Cost Guide, homeowners can expect a 63% return on their investment when they add a master suite to their home. Although you can easily go for the “bump-out” method (which essentially involves tacking on extra space to your home’s exterior), making use of square footage you already have can also be an option. You could build a master suite addition over your garage or porch, as well as combine an existing guest room and bathroom into the finished design. Alternatively, a converted attic, basement, or garage can be turned into a master suite addition if you’re looking to get creative.
- Two-Story Additions: Home additions that span two stories may sound intimidating, but the rewards are high. In fact, Home Advisor estimates an ROI of 65% for these property additions, particularly if they include a first-floor living area and second-floor master suite. Although these additions are significant in scale, they can have a major impact on the resale value of your home, as well as your overall enjoyment of the space. If you plan to remain in your home for years to come, this can be a great option. Depending on the designs you choose, this type of addition could allow you to become a multi-generational household or comfortably age in place.
- Bathroom Additions: Bathroom renovations are among the most popular job requests contractors receive. But bathroom additions can take your home to a whole new level. Not only can this addition solve a number of problems your family might already be experiencing, but it can also allow your home to sell more quickly once it’s listed on the real estate market. Case in point, Home Advisor reports that bathroom additions can bring a 53% return on investment. A property without enough bathrooms can be a real deterrent for prospective buyers. Whether you opt for a full or half-bath, a bathroom addition can act as an important selling point — or be the very thing that keeps you from moving to a new home.
Where Can I Find Qualified Home Addition Contractors Near Me?
Ultimately, you don’t have to look farther than the top of this page to find reputable home addition renovation contractors for your next project. Whether you have a vision in mind or need some guidance to ensure your home’s value, we’re here to help. Contact McBride Remodeling today for further information.