Want to add value as well as space to your home? For the skinny on remodeling…Here’s how!
A person’s home is their castle, but sometimes that castle isn’t big enough to accommodate all its occupants. Maybe you’ve got a baby on the way or an older parent is moving in with you. Maybe you need a workshop to keep up with your hobbies. Whatever the reason, it’s normal to outgrow your space. When it happens, you’ve got two choices—move to a larger home or build an addition to your current home.
What types of additions are there and how do they add value to your home?
Bump It Out
If you’re not up to adding a whole new room or floor to your home, a bump-out could be a good option to add extra square footage where you need it most. If you’ve got a tiny kitchen, a bump-out can add 40 or 50 more square feet of space to make it easier to cook your meals, store your food or add a cozy little breakfast nook.
The cost for these add-ons vary dramatically depending on the location of the bump out and its size. They can run anywhere from $5,000 for a small addition to $30,000 or more for a large, ground level bump-out that requires its own poured foundation.
In terms of cost per square foot, these additions are more expensive than larger builds, but, in the grand scheme of things, they end up costing less because you don’t usually need a ton of extra contractors or permits to add a bump out to your home.
Full additions are the most common. These rooms add space and square footage to a home. You can add anything from a new bedroom to a new den, dining room or living room—the possibilities are only restricted by your budget and the size of your lot.
Full additions are often the most expensive and complicated to add, requiring lots of time and money to complete. A full addition can cost more than $50,000, and the price only goes up as the build gets more complicated.
These additions can be very time consuming, as they require you to hire various contractors to handle HVAC, electricity and plumbing, depending on the type of room being added. You will likely have to apply for permits through your city or county before construction can begin.
These additions take quite a while. If you’ll be staying elsewhere during the build, consider utilizing the overnight hours for construction—the work is more efficient and is often safer than daytime construction. It’s cooler, which can be essential if your home is located in a hot state.
You can save time if you’re under a deadline or are looking for a way to increase productivity and decrease project length, but don’t consider nighttime construction if you have neighbors close by—no matter what time of day you’re building, it’s still noisy!
In addition to adding more space to your home, these new builds add to the resale value of your home. While you may not recoup the entire cost of the project, adding a new garage can add around $40,000 to the resale value of your home depending on your region.
Remodeling parts of your home gives your castle a fresh shine without knocking down too many walls. The trick to a good remodel is to have a solid idea of the finished project in mind before you start shopping for contractors. Pick one room and focus on that single room before you jump to another project—nothing looks worse than a house full of half-finished remodeling projects.
The type of remodel you’re planning will determine the price and time needed to complete it. Installing new lighting in the bathroom might cost you a few hundred dollars while remodeling your floor could cost upwards of $15,000.
Most interior remodels don’t require permitting unless you’re knocking down walls, though you should check with your local permit office before you start any remodels. You may need to employ the services of a professional electrician or plumber if you need to run wires or pipes into new areas.
You can save a lot of money on interior remodels by doing some of the work yourself—just make sure you know what you’re doing and don’t tackle any projects you’re not comfortable completing on your own.
Sunrooms are often unheated rooms primarily made up of windows and designed to let you enjoy the weather without having to be out in it. It can be a great place to keep your outdoor plants safe during extreme weather conditions. They are simple to install because they do not require any additional heating or cooling routing, though you might need an electrician to run wires to power any lights or ceiling fans you choose to install. An unheated sunroom can cost around $15,000, though the price goes up depending on the materials you use. Wood framed sunrooms are less expensive than aluminum ones—those can run upwards of $22,000.
A four-season room is similar to a sunroom but is hooked into the home’s heating and cooling systems. This requires an additional contractor to set up the room’s HVAC. Collectively, these rooms tend to run around $20,000, making them slightly cheaper than a high-end sunroom.
Do you have an extra garage or attic that’s just being used for storage or taking up valuable square footage? Consider converting the room into something more useful like a bedroom, workshop or craft room. Room conversions can make that extra square footage work for you, as long as you know what you’re doing or employ the skills of a contractor.
Depending on the type of conversion you’re planning, expect to pay anywhere from $25,000 to $40,000. Poorly done conversions can end up costing you more money, and lowering the value of your home, so make sure everything is done properly!
Additions and modifications to your home add space, functionality and resale value in one fell swoop. Employ professional contractors to make sure all the new work is up to code. Otherwise, it might end up costing you more money than you put into it.
Sometimes when planning to sell a house, in the name of renovating interior living spaces, updating bathrooms, replacing appliances and adding decorative touches throughout the bedrooms, homeowners leave outdoor curb appeal as a last priority. While of course the inside of a home is important, sellers make a big mistake when they neglect the exterior. Why is a home’s exterior so important? Consider this: Curb appeal is often a potential buyer’s first impression of a home, the very thing that helps him/her decide whether or not to come inside. Whether they’re shopping online or by cruising through neighborhoods, the outside of your property is the first thing they’ll notice. If you’re selling your home or about to, how can you quickly and effectively tackle the outdoor appeal? Here are some key tips for boosting the curb appeal in a way that means quick turnaround and increased home value:
1. Start with the Front Door. Believe it or not, your home’s front door can be one of its most important assets. A new steel entry door consistently ranks as one of the most rewarding projects in home repairs, yielding an increase in home value that’s greater than the costs to install one. Likewise, to make the door especially captivating, consider painting it a bold, pleasing color that will grab attention and add charm. When buyers see a new door that looks attractive, they see another asset that makes your home the one to buy.
2. Make Any Necessary Repairs. Is the driveway cracked or the front doorbell busted? Now is the time to call a repair company or get out your own toolbox to make repairs. Buyers want turnkey, move-in-properties, and that means they want properties with repairs already done. Do the work now to get your home in ship-shape condition.
3. Keep Up with Landscaping. From mowing the lawn to pulling weeds, make sure you’re keeping up with your outdoor landscaping so that your home looks presentable and well cared for at all times. Overgrown bushes and dying plants are a surefire signal to potential buyers that you’re not caring for your home and leaving more maintenance for them to handle.
4. Add Lighting. While most buyers will come visit your home during the daytime, it’s not at all unusual for the most interested ones to also drive by at night to see what nighttime curb appeal is like. Landscape lighting can make all the difference in terms of how a home looks, so make an investment in attractive lighting options that illuminate and add interest to your property. “Solar landscaping lights are a great addition to any yard because they don’t require complicated and expensive wiring,” says Bob Vila. “Remember, though, you get what you pay for—cheap lights won’t last as long and simply won’t look as good.”
5. Touch Up Paint. A fresh coat of paint is just as powerful outside as it is inside, so to update your home’s look, repaint the exterior or at least touch up problem areas. Another idea is to paint the trim a new color that creates either a nice complement or contrast to your home’s overall look.
6. Make Over the Mailbox. You might not think a mailbox matters much, but it’s yet another one of those little details that can add up together to make a strong impression on a buyer.
7. Add Outdoor Furniture. From rocking chairs on the front porch to an outdoor patio set on the back deck, outdoor furniture creates outdoor living spaces that expand your home’s appeal. Look for attractive, durable pieces that will endure weather damage and look good for years to come — whether or not you include these pieces with the home sale, setting them up is a great way to stage your home for greater resale value.
The bottom line when it comes to curb appeal is that a little investment today can add up to big rewards tomorrow. Take the time to update, clean, repair and add value to your property’s exterior now and you will make it more attractive to buyers, not to mention more beautiful to come home to. Use the tips above to get started now.
There are several factors that weigh on home value, including condition, location, and—in areas where they are most pronounced—environmental hazards such as poor air quality.
According to the ATTOM Data Solutions recent Environmental Hazards Housing Risk Index, 17.3 million single-family homes and condominiums have a high risk of an environmental hazard, with Denver, Colo., San Bernardino, Calif., and Curtis Bay, Md., facing the highest risk. Environmental hazards include brownfields, or property contaminated (or potentially contaminated) by a hazardous substance, polluters, poor air quality and superfunds.
“Home values are higher and long-term home price appreciation is stronger in zip codes without a high risk for any of the four environmental hazards analyzed,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Corresponding to that is a higher share of homes still seriously underwater in the zip codes with a high risk of at least one environmental hazard, indicating those areas have not regained as much of the home value lost during the downturn.
“Conversely, home price appreciation over the past five years was actually stronger in the higher-risk zip codes, which could reflect the strong influence of investors during this recent housing recovery,” Blomquist says. “Environmental hazards likely impact owner-occupants more directly than investors, making the latter more willing to purchase in higher-risk areas. The higher share of cash sales we’re seeing in high-risk zip codes for environmental hazards also suggests that this is the case.”
In areas with a “very high” brownfield risk, 17.2 percent of properties are “seriously underwater,” according to the Index; in areas with a “very low” brownfield risk, 8.9 percent of properties are seriously underwater. Median home prices in very high brownfield risk areas are 2.8 percent below 10 years prior, while median home prices in very low brownfield risk areas are 2.8 percent above 10 years prior. Home sellers in very high brownfield risk areas gained 25.3 percent on average at sale, while sellers in very low brownfield risk areas gained 18.9 percent.
In areas with a very high polluter risk, 12.7 percent of properties are seriously underwater, compared to 9.2 percent of properties seriously underwater in very low polluter risk areas. Home sellers in very high polluter risk areas gained 16.6 percent on average at sale, while sellers in very low polluter risk areas gained 27.7 percent.
For areas with a “low” or “moderate” risk of poor air quality, home sales volume has increased 26 percent in the past five years, according to the report; for areas with a “high” risk of poor air quality, home sales volume has increased 16.5 percent in the past five years, while in areas with a very high risk of poor air quality, home sales volume has increased 3.3 percent over the past five years.
Median home prices in very high superfund risk areas are 1.5 percent below 10 years prior. Home sellers in high superfund risk areas gained 19.6 percent on average at sale, while sellers in very low superfund risk areas gained 24.4 percent.