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Does adding a room or remodeling one in my home add to its value?
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Asked by weboptimizer from Irmo, SCAnswered 15 years ago.
41 Answers
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There are some great answers posted to this question.
Just some other points to add to the answers.
Watch out for over improving. Take a look around at the neighborhood you live in.
For example: If you are in an area of homes with typically 3-4 bedrooms and you are considering adding a 5th or 6th bedroom, there may not be much contribution to value.
Another item to watch out for: Make sure you obtain all the necessary approvals and permits from the building and zoning departments in the community you live in. An appraiser will need to research these things when you need an appraisal done in the future. Illegal inprovements generally do not any value to a home.
One last item. Get an appraisal done. Appraisers can appraise a home and give an opinion of market value as the home is and as the dwelling will be after the improvements.
Gary Pick Residential Real Estate Appraisals.
www.garypickrealestateappraisals.com
Answered by Gary Pick Residential Real Estate Appraisals
33 Grove Ave,
North Kingstown,
RI, 02852,
401-885-1825
(Novice with 9 pts.)
Answered 15 years ago. -
This really depends on the market that you are selling to. Some people find that a 3 bedroom house is more appealing than a 4 bedroom because they will expect the cost to be higher and they may not know what to do with that extra space. The cost of building a whole addition to your house is very expensive, but there is an easier way to add an extra bedroom besides going through the whole addition process. If it is in your basement you can simply install an Egress window in order for that room to be considered an extra bedroom or you could call it a home office which would be much less expensive and more appealing to home buyers.
Answered by Foundation Builders LLC
4020 Bach Buxton Rd,
Batavia,
OH, 45103,
513-753-6699
(Novice with 2 pts.)
Answered 13 years ago. -
You need to make sure you do improvements that appeal to the masses as much as possible. You also want to make sure you have everything done legally and by licensed and bonded contractors. Check their work as questions be involved as for references and follow up with them to make sure your work is done right. Do not price yourself out of your neighborhood by doing way to much because you will never get all that money back.
Answered by Modern Modular Inc | New and Used Office Furniture Phoenix, Arizona
1702 E. University dr.,
Phoenix,
AZ, 85034,
602-433-2616
(Mentor with 391 pts.)
Answered 14 years ago. -
In most every case adding or remodeling a room adds to the resale value of a home. The older the home and the more it is in need of remodeling the more the remodeling project will increase the value of the home. If the home has been remodeled in the past few years and you just want to change the look it will not increase the value as much.
In some cases the increase in the value of the home may even be more than the cost of the remodeling project. This would depend on the neighborhood that you live in and the current value/condition of your home. If a bathroom has worn tiles and the fixtures and finishes look like they are out of the 60's or 70's you will probably get an increase in value far above what your general contractor will charge you for your remodeling project.
Check out the before and after picture of the home shown on my website that was taken out the 70's into the 21'st century.
www.bullochcontracting.com
Answered by Bulloch Contracting
5 SYCAMORE CIR,
Etters,
PA, 17319,
717-917-0081
(Novice with 30 pts.)
Answered 15 years ago. -
In most every case adding or remodeling a room adds to the resale value of a home. The older the home and the more it is in need of remodeling the more the remodeling project will increase the value of the home. If the home has been remodeled in the past few years and you just want to change the look it will not increase the value as much.
In some cases the increase in the value of the home may even be more than the cost of the remodeling project. This would depend on the neighborhood that you live in and the current value/condition of your home. If a bathroom has worn tiles and the fixtures and finishes look like they are out of the 60's or 70's you will probably get an increase in value far above what your general contractor will charge you for your remodeling project.
Check out the before and after picture of the home shown on my website that was taken out the 70's into the 21'st century.
www.bullochcontracting.com
Answered by Bulloch Contracting
5 SYCAMORE CIR,
Etters,
PA, 17319,
717-917-0081
(Novice with 30 pts.)
Answered 15 years ago. -
Yes but beware of over improving for the neighborhood. \r\nJust because you improve does not mean you will get your money back when you sell. The best return for your dollar is usually obtained by improving the kitchen and baths. Good Luck! \n\n
Links: www.realestatemetrodenver.com
Answered by DeLUX Team Realty, Inc.
13982 W. Bowles Avenue, #200,
Littleton,
CO, 80127,
303-327-5898
(Novice with 181 pts.)
Answered 12 years ago. -
If your house doesn't look appealing from the outside, you can choose colors and exterior details that match the period of your house. For instance, Shutters add charm and depth, but not if they're hanging crooked or flaking paint as well attractive, manicured front-yard landscaping will also add value to your home.
Answered by Move Masters
414 E. 32nd St.,
Newport Beach,
CA, 92663,
949-419-7748
(Novice with 46 pts.)
Answered 12 years ago. -
Generally speaking, remodeling or adding an addition will add to the value of your home. However, over improving could be an issue depending upon your area. I would check with a real estate agent to get a better gauge on the market in your neighborhood. Also, check with your insurance agent as adding on square footage could change your inusance premium, and at the very least needs to be added to your policy.
Call me at 239.591.0963, email me at ron.defreitas@horacemann.com, or visit my website at www.gulfcoasteducatorsinsurance.com/ for more information.
Answered by Gulf Coast Educators Insurance
2590 Northbrooke 301,
Naples,
FL, 34119,
239-591-0963
(Novice with 144 pts.)
Answered 12 years ago. -
Most definitely; any additions or improvements add to a homes value. It is always wise to consult with a Designer or other professional to make sure the changes made get you the most possible. It's important that you know your homes worth and the comps of the area you live in. Comps is the value of other homes in your area. I have been a Designer for over 20 years and I do a lot of renovations for sale: improvements to homes to guarantee more money for the seller of the home. In today's fluctuating Market it's important that the Seller get some leverage back; it's been a buyers Market since 2008 and it's time that Home Owners get what back the true value of their homes. Denise Boyd, Earth in Mind Design
Answered by Earth in Mind Design
Mckinleyville,
CA, 95519,
707-499-7010
(Novice with 7 pts.)
Answered 12 years ago. -
Actually yes, when ever we decorate our house, or remodel the house the value itself gets increased. Its same as if you have a car and you are adding extra efforts to make that comfortable and look some what different , then you remodel that, or else you put some stuff for that, then the value of you car will increase itself...
Answered by Move Masters
414 E. 32nd St.,
Newport Beach,
CA, 92663,
949-419-7748
(Novice with 46 pts.)
Answered 13 years ago.