Most homeowners can’t help but imagine adding more to their property. Many see it as a sure way to guarantee an increase in appraised value – a worthy investment. In some cases this is almost certain to be true. In others, adding onto existing residential property can actually lower its value. Every situation is different, but general assessment leads to identifying some home (aff) additions as safe and others as risky.
Here’s a breakdown:
Safe: Utility Structure
Adding a garage, storage shed, barn, or other function-oriented external structure is one of the safer add-on investments homeowners can commission on their property. The low maintenance factor is key to the broad appeal these sorts of additions have to prospective home (aff) buyers down the road.
Equally factoring into the value-boosting properties of external utility structures are their potential for being relatively inexpensive compared to other add-ons. For example, prefab metal options like Rhino Steel building kits cost thousands less than traditional alternatives. Custom options keep these cost-effective structures from looking drab.
Risky: Inground Pool
Few home addition dreams are as classic and iconic as the inground pool. If you own a home in an appropriate climate with room and means, you’ve thought about it. Who doesn’t want to be feet away from a swim or a waterside nap? Furthermore, who wouldn’t want to sweep up a pool-laden property if selling is an option later on in life?
Pools are a tempting investment, but they’re also problematic from the starting gate. Infamously expensive to build and maintain, inground pools are also surprisingly unattractive to many potential home buyers. It ultimately depends on the area, but if families are looking to move in, most parents would rather not risk the danger. This in turns lower value.
Safe: Decks and Sunrooms
Lofty sun-soaked space comes relatively cheap in the form of a deck. Washing and waterproofing maintenance are infrequent enough of duties to not deter lesser motivated potential buyers. The ability to barbecue, picnic, and enjoy the outdoors right off the living room attracts just about anyone.
Sunrooms do the trick too, just on a little higher a budget. Combining one with a deck in an L-configuration off the back of a home is a common plan if money allows. The lay of the land, existing structure, neighborhood and so forth ultimately contributes to the ultimate building plan.
Risky: Second Floors and Wings
Building grand space onto a home is obviously one of the most expensive addition decisions a homeowner can make. The high cost is seemingly justified by an equally apparent conclusion: more space means more value. Make the right choices in construction materials and design and what could go wrong?
Extravagant add-ons aren’t a bad idea in the right neighborhood or part of the country. More times than not, however, they run the risk of pricing the house out of the local market. In other words, potential home buyers interested in the location are unable and/or unwilling to meet the demands of a home with more than they need, making it hard to sell at a profitable price.
In Conclusion
Build onto your home and property as your heart and bank account desires. But if putting a for-sale sign in the front yard is a possibility in the near future, consider the ways in which additions can affect the level of interest and final price tag. Some additions are sure to boost property, while others aren't the guaranteed investments homeowners might expect. Due diligence is required. Nothing a responsible and resourceful homeowner can’t handle.
We wanted a in ground pool for our home, but opted out for an above ground pool, that way once the kids are grown and no longer living at home, or we just decide it has no more use, we can always decide to take it down. Awesome tips here, picturing a sun room in my house now, as we don’t have one, but i wish we did.