For many people, the best way to build equity is through home ownership. Buying property is the quickest and easiest way to create wealth and provide a better future for you and your family. There are ways to increase the value of your home even further, which will help generate greater equity down the line. One of the best options is to add a room to your home. Whether it is another bedroom, bathroom, or home office, the more square-footage you add to your property, the higher its value will be when it comes time to sell. While this can be a great investment in your future, there are some things you need to consider before taking the plunge.
What Kind of Addition is Best?
Before committing to a major remodel, it’s best to decide what type of room is ideal for your home. For example, if your house has three bedrooms but only two bathrooms, it can be a fantastic idea to add a third bathroom or even a half-bath. When buyers are looking for a home, the most important aspects are usually the number of bedrooms and bathrooms. In ideal situations, the number of each will be equal; however this is not always the case.
Conversely, if you are thinking of adding another bedroom to your home, you don’t want the numbers to skew too far in either direction. For example, if you have a four-bedroom house with only two bathrooms, adding a fifth bedroom can tip the scales too far in one direction, which can hurt the home’s value. As such, it’s imperative that you determine what addition is not only best suited for your needs, but for the needs of the home itself.
Another thing to consider when deciding about adding to your home is whether or not you plan to sell in the future. Certain additions, like bedrooms, are always going to generate value. However, other additions, such as a sunroom or personal office, are not always going to attract buyers. Thus, if you are planning on adding wealth for resale value, look at what is most attractive to prospective buyers as well as your needs.
How Much Will It Cost?
Any major renovation is going to be an expensive endeavor. While there are steps you can take to mitigate these costs, such as choosing a cheaper material, it will still be a significant investment on your part. Once you have determined the ideal addition to your home, consult with a local contractor to get an accurate estimate of the total costs, including labor and time. Ideally, you would also plan for any hiccups that may occur (inclement weather, supply issues) so that you are prepared for anything.
If you’re thinking of adding to your home, you will need to consult a professional, licensed building contractor to make sure that happens. Our site is designed to put you in touch with a qualified, local contractor who can meet all of your needs. Whether adding to your home or just remodeling, finding a contractor is easy at http://fastcontractorleads.com/building.