Homeowners in the United States have spent an estimated $337 billion in 2022 on home renovation and repair. Whether you are simply looking to make your home more liveable for you and your family or you have a close eye on property value, then renovations are a wonderful idea.
Adding to your home is a sure way to increase its overall value. According to the National Association of Realtors, the value of a home increases by at least 30% for every 1,000 square feet added. In this blog post, we will highlight 5 great home addition plans that will increase your property value.
1. Addition of Decking
Having a deck on your property can transform your living space and allow you to enjoy the outdoors in style and comfort. A deck is a great space for family and friends to gather and it provides a nice transition between the interior and exterior of your home.
Given that they are aesthetically pleasing and functional, decking is an easy and affordable way to increase property value.
2. Solar Panels
Solar panels are viewed as an upgrade in the same way as a finished basement or renovated kitchen. Buyers are willing to pay a premium of around $15,000 for a home that features an average-sized solar panel system.
Solar panels have a lifespan of at least 25 years (and generally much longer), so they are very attractive to prospective home buyers. Not only are they environmentally friendly but they also help homeowners to save thousands of dollars on their home’s energy bills.
For more information on these energy-efficient additions, check out this home value increase estimation for solar panels.
3. Additional Room Over Garage
Transforming your garage into a new living space is another idea, both for increasing available living space and boosting property value. Given that the foundations are already in place, all that is needed are walls and a roof. This extra space can be used as a guest bedroom or even rented out.
4. Finished Basement
A finished basement (if applicable to your property) generally results in a high return on investment when it comes to property value.
It is a great way to utilize existing space on your property and increase its overall value. A finished basement is a versatile space that can be used as a family/game room, a home office, a home gym, or for any other kind of purpose.
Home Addition Plans to Increase Property Value
The above home addition plans, as well as general kitchen remodeling and bathroom upgrades, are popular ways to increase your home’s value. As noted in the introduction, adding to your existing floor space is a great way to boost overall value. These ideas also help to make your home more liveable.
Like this blog post on home addition and remodeling ideas? Be sure to check out our other informative articles on a wide range of interesting topics.