Adding Square Footage – Is It Worth It for Resale Value?
Adding Square Footage – Is It Worth It for Resale Value?
You need more room. Whether it’s because you now have kids in the picture or your home is bursting at the seams, you’re left with two basic choices: Add on or move. Certain additions will up the value of your house for resale, while others won’t make a difference – or make the home harder to sell.
Kitchen and Bathrooms
From an investment standpoint – as well as quality of life – enlarging the kitchen and/or adding a bathroom are your best bets. A large, airy kitchen with up-to-date appliances attracts buyers much more than a small, cramped space. Many buyers won’t even consider a home with just one bathroom, and they want state-of-the art fixtures. If your budget is tight, add a half-bath with a shower but no tub.
Sunrooms
In Hawaii, adding a sunroom to add to your living space makes a lot of economic sense. That’s true whether you want to enclose an existing lanai or add an entirely new room. Depending on the structure of your home, adding a sunroom may serve as a way to enlarge your kitchen. There’s such versatility to a sunroom, as it can serve as a playroom for kids, a light-filled dining space or however you want to use it. Family rooms are a wise addition to smaller homes, and the sunroom can fill this purpose.
Additions Unlikely to Add Value
There’s nothing wrong with adding to your house for your own pleasure, as long as you’re realistic about possible payback. If your master bedroom leaves a lot to be desired, go ahead and add a master suite. You spend a great deal of your life in that room. Enjoy it but don’t expect it to add much value to your home, and avoid going overboard. You probably don’t need that mini-bar.
The same holds true for home offices. Increasingly, anywhere you place your laptop is your office, so putting on an addition for that purpose makes little sense. If you really want a home office, make sure it’s easily convertible to another bedroom or den.
When Not to Add On
Additions don’t make sense if they aren’t compatible with the neighborhood. If an addition makes your home the largest on the block by a noticeable margin, you’re unlikely to recoup your money when you try to sell. If you love the area you live in, consider moving to a nearby neighborhood with larger homes. Of course, if the opposite is true, and your home is among the smallest in the neighborhood, adding on makes sense and should increase value.
Contact Us
If you’re looking to buy or sell a home, call Island Realty Group, LLC today at (808) 689-7407. We’ll help you sell your current house and find you the house of your dreams.
