Having a home that meets your needs and desires is not just great for your personal comfort, but also for your property value. Remodeling and adding an addition can both be cost-effective ways to achieve the home of your dreams. Both types of projects are projected to grow in popularity over the next few years due to their affordability as well as their potential to increase the value of your home. Let’s take a look at how these two options compare so you can decide which one is right for you.
What is a Home Remodeling Project?
A remodeling project is any alteration of your existing home that doesn’t involve making additions to the structure, such as increasing the size of your kitchen or bathroom. Many homeowners use remodeling projects to improve the functionality of their home. Some popular remodeling projects include kitchen and bathroom renovations, installing a new flooring, and finishing a basement. The costs and benefits of these projects vary widely depending on what you do and how you do it. They are also more likely to increase the resale value of your home compared to adding an addition.
What is an Extension?
An extension is a project that adds living space to your home by either sticking a new room onto your house or extending your property with a new room. Adding an extension is a good way to increase the size of your living space without having to move or tear down your current house. Adding an extension is also a good way to make better use of your land, especially if you have a lot that isn’t suitable for building a new house. Some homeowners choose to add an extension in order to make a smaller property more livable by adding room for more bedrooms or a larger kitchen. Regardless of why you want to add an extension, this project is more likely to increase the value of your home.
When is a Home Addition a Good Idea?
There are many reasons you might want to add an extension to your home, including adding more living space, bringing your property up to code, making better use of your land, and increasing the value of your home. If you’re in the process of buying a new house and want to remodel the kitchen, adding an extension might be a better option than buying a house with a larger kitchen. Adding an extension is also a great option if you’re renting and would like to add more rooms for roommates or wish to expand a small kitchen. You should make sure that any additions are in line with local codes and don’t interfere with your roofline. You should also consider the cost of adding an extension because it will likely increase the value of your home when it comes time to sell.
Home addition ideas
Are you looking for new spaces in the home? What are you looking for? Perhaps your idea about adding something new has not been explained to me yet. HomeAdvisor reports the average cost to build a larger home is between $80-200 for each m2 of space. The difference varies according to the design and style of the home and the materials used. See some popular extra rooms and find some home improvement ideas.
Put a Room Over the Garage
Building an additional space in the garage will give you extra square footage without wasting space on the floor. The garage is built on its own so you only need walls or roofs. Once completed, you may hire it or use it for guest rooms. Adding roofs, fire resistant insulation and vapor barriers is likely to be more costly than many new building projects. Cost for a building bonus over a garage room is generally around $35.
Plan a second story
Another major home renovation project is adding another floor to your home. Depending upon your home’s size, this add-on could cost as little as $650,000, adding substantial space for a house to re-sell. Make sure the foundation and structure of the home are strong enough for second-story additions and can be remodeled.
Get creative with the Back Patio
Enclosing an outdoor terrace creates an inviting outdoor room. These home improvements are extremely complex – especially if extending roofs — so you’ll need a contractor to help. Similar to the Sun Room, the patio must be enclosed and accessed at home to get into the range. Patio enclosures generally range in price from $8242- $2810.
Finish your basement
Finished basements increase livable floor space and add an extra room that you can use in a small apartment, the cinema, or an entertainment room. The average cost of building a basement is about $2800 to $34000 with about 70% of the return. You should include windows in case you want to build a basement bedroom.
Build a Dormer
A Dormer will extend the space in the garage and provide much-needed light and add curb appeal and make your house appear bigger. Several homeowners install DIY doors in their attics to increase ceilings. DIY projects are typically worth around $1,000 while professionals are typically around $4,000 – $6,000.
Incorporate a Mudroom
Although most home owners do have entranceways, an extensive mudroom add-on can help organize shoes, coats and bags in one place. Installation in walls with slats, built-in cabinet boxes and lockers adds a sense of convenience to a space and also creates an appealing appearance. Mudrooms can cost from $45,000 to $305,000 compared to the original cost of a single addition.
Finish the Attic
A loft has endless possibilities for building new homes and apartments! For this remodel ensure the ceilings reach ten feet and the attic has stairways. Once the above requirements have been achieved, the space is available for the construction of guest bedrooms / gym / artwork studios and even office space. Converted rooms can be worth a minimum 56%!
Add to your kitchen
Remodeling your kitchen, even small, is a good investment. Expand the square footage of a kitchen with the addition of the conversion of flex room to an oversized pantry or kitchen nook. Kitchen remodeling is estimated to run from $60-466,000 and can be a return of almost 90% for a single purchase. Find the best Kitchen Remodel ideas in the world!
Expand the bathroom
Increased bathroom square feet increase home value significantly. Bathroom project returns can reach as much as 62.2% on investments. The cost of remodeling a bath ranges from $5000 for a renovation and will rise to $35,000 for the complete addition. Are you interested in bathroom remodels? Try expanding your bedroom with a shower and two sinks. You can put a half-bath in one of those underutilised small spaces like under staircases, closets, attic bonus areas and basements.
How much do Home Additions Cost?
The cost of an extension varies greatly depending on its size and complexity as well as the contractor you hire to build it. The average cost for a single-story, 1,200-square-foot extension is $86,000, while a two-story, 2,000 square-foot extension costs $163,000 on average. Keep in mind that these are average costs and might not reflect the price in your area. The cost of an extension is often less than the cost of building a new house because much of the work can be done while staying inside your existing home.
Cost Factors for Your Home Remodeling or Addition Project
It is advisable for you to consider the cost of the following renovation services in order to complete major renovation projects. Cost for inspections: $280 to $400 Cost of permit: $400 to $2200. Sometimes projects need additional work at your house for interior modifications.
Home additions
A new addition costs $46,000 a year, but its costs vary significantly by project. Additions are projects that increase your home’s living areas horizontally. Typically vertical expansion is the construction of a new level in an apartment. Vertical extension expands floor size.
Bigger additions
If you want to extend a house you can build an enormous expansion. These additional expenses are likely more expensive and riskier. Nonetheless, if it works it can bring great value to your home.
Smaller additions
There are several tiny improvements that could enhance a house’s charm or value. This small addition costs considerably less than the addition of an entire room. This is an easy way to expand your space to a bigger size.
How to Decide: Which Type of Project is Right for You?
Deciding between adding an extension and remodeling your current home can be a tough decision. Both projects can be great ways to make your home a more functional space and improve its value, but there are some key differences you should consider before making a decision. Cost: Most homeowners report that remodeling their homes is more affordable than adding an extension since contractors don’t have to tear down any part of the existing structure. However, the amount of land available on your property may be a factor. Size: While you can build an extension of any size, remodeling your home is much more limited in terms of the amount of space you have to work with. Time: Both projects will take a significant amount of time to complete, but many homeowners report that adding an extension takes longer because contractors must work around the existing structure.
Remodeling projects
Cost for construction management: 3500-57900 per project. Costs for Carpenters: $15 to $150 per hour. Cost for General contractors: 250-250. It is possible that you have other experts including structural engineers. It’s important to introduce a new home story in the first step.
Benefits of Home Remodeling
– Better layout – If you’re not happy with how your home is laid out, a remodeling project might be a good way to address this issue. You can change the location of your kitchen, bathroom, and other rooms with a remodeling project, as well as add new rooms. – Better functionality – Some existing rooms may not be ideal for their intended purpose. You can improve the functionality of your home with a remodeling project by adding new rooms and replacing or upgrading appliances. – Improved resale value – Remodeling your home may be the best option if you plan to sell your house in the near future. The value of your home is likely to increase with a remodeling project, particularly if you make upgrades that are desirable for buyers. – Benefits of Adding an Extension – More living space – By adding an extension, you can make better use of your land and even out the amount of space in each room. – More bedrooms – If you have a home with limited room and would like to add more bedrooms, an extension is a good option. – More functional kitchen – If your kitchen is too small or you want to expand it, an extension is a good option. – Better resale value – Adding an extension is likely to increase the value of your home. – Easier to sell – If you plan to sell your house in the near future, an extension is a better option than remodeling your home.
Conclusion
Home remodeling and adding an extension are both great ways to improve your home. While each project has its benefits, remodeling is usually more affordable. If you’re looking to add more living space, however, an extension might be a better option. The costs and benefits of each project vary depending on the type of project you choose and how you do it. Whether you decide to remodel or add an extension, make sure you hire a contractor with experience and a good track record.