Adding an addition to your home is a big decision that requires careful planning and consideration. However, the benefits of doing so can be significant and long-lasting. In this blog article, we will provide statistical information about the benefits of adding an addition to your home for the future.
Increased Home Value
One of the most significant benefits of adding an addition to your home is the potential increase in home value. According to the National Association of Realtors, adding a new master suite to a home can increase its value by an average of $155,000. Similarly, adding a bathroom can increase home value by an average of $23,000, while adding a new bedroom can increase value by an average of $33,000. These statistics demonstrate the potential for significant return on investment when adding an addition to your home.
Increased Square Footage
Another benefit of adding an addition to your home is the increased square footage. This can provide additional living space, particularly valuable for growing families or those working from home. According to the U.S. Census Bureau, the average size of a newly constructed single-family home in 2020 was 2,306 square feet. However, many older homes have much less square footage. Adding an addition can bring your home up to modern standards and provide the space to live and work comfortably.
In addition to increasing home value and square footage, adding an addition can also improve the functionality of your home. For example, if you currently lack a dedicated home office space, adding an addition can provide the space you need to create a comfortable and functional workspace. Similarly, adding a more extensive living or dining area can make hosting events more comfortable and enjoyable if you frequently entertain guests.
Lower Relocation Costs
Finally, adding an addition to your home can save you money on relocation costs. Suppose you are considering moving to a larger home to accommodate your growing family or changing lifestyle. In that case, the costs of selling your current home, purchasing a new one, and moving can quickly increase. Adding an addition to your existing home can provide the additional space you need without the stress and expense of relocating.
Adding an addition to your home can provide many benefits, including increased home value, increased square footage, improved functionality, and lower relocation costs. By carefully considering your needs and working with a reputable contractor, you can create an addition that adds value and comfort to your home for years.