Research indicates that the global home improvement industry is predicted to record a CAGR of 4%, leading to a market value of $1 trillion by 2027. On the other hand, the US home improvement industry increased from $269.9 billion in 2010 to $537.9 billion in 2021. Indeed, one of the most common home upgrade projects is a home addition. Many homeowners choose this option for various reasons. Here are a few you can consider.
- A cheaper alternative to buying a new home
Admittedly, moving to a new home is the first choice for many homeowners with increasing families and smaller living spaces. However, this may not be feasible if you work with a tight budget. Not only do you have to deal with down payments on mortgages, but you also have to consider moving costs, repairs, and so on. Fortunately, you can create the needed space by investing in a home addition. This way, you can escape the stressful and time-consuming process of transitioning your family and belongings.
Moreover, you don’t have to give up your favorite neighborhood if you don’t want to. Various space-making home additions are available, and you can choose the most suitable option. For instance, you can consider a second-floor addition, including a new bedroom, bathroom, library, or game room. Alternatively, a room over your garage can also work, so feel free to consider this.
- Increased home value
Maybe you don’t need additional space to house a growing family. But you want to increase your property’s value to get a great price should you decide to sell in the near future. In this case, a home addition can be worthwhile, as it increases its square footage, making it more appealing to potential home buyers. It’s worth noting that some projects may rather reduce your property value, making it essential to research thoroughly for a more informed decision. That said, you can consider adding a laundry room onto the side of your kitchen.
As a tip, include an outside door in this space so that family members who get soaked or muddied can transfer their dirty clothes to the washing machine without soiling other parts of your home. You can also extend your attic with the dormer, or increase bedroom spaces with bump-outs, so keep this in mind. However, it’s important to work with home renovation experts when including home additions that increase your home’s value, as they have the experience and skills to perform a skillful job.
- Improved functionality
It’s not uncommon for people to associate home additions with building an extra room. However, this isn’t always the case. A home addition project may solely focus on increasing its functionality, so keep this in mind. For instance, you can close an open front porch with screen windows to convert it into a room. Alternatively, you can convert your basement into a new bedroom, theater room, office, games room, studio, and so on. Likewise, you can leverage your attic as an additional children’s or guest bedroom.
A home addition can prove to be a great investment, as it can increase the value of your home and add more space for your family. It can be an affordable and convenient option than moving, and can be customized to meet your needs.