Is your home cramped or do you feel like there just isn’t enough space to get things done? If so, you should think about starting a home addition project. When buying a new house or moving isn’t an option, adding more space can be just what you need. Here are a few reasons iRemodel Home Renovations has put together to help you decide if a home addition is the right option for you.
Why Add Space?
When you opt for a home addition, you are able to get the extra space you need and help get your home organized. Home additions don’t have to be extravagant. You can add an extra bedroom, family room, or even just a bathroom if that is what your current space is lacking. Adding space is also a much more cost-effective option when compared with buying a new home.
In the metro area, the prices of homes continue to rise thanks to the limited supply versus the overwhelming demand. Adding even more space to your existing home will increase its value with very little investment. In most cases, even if you want to sell your home to move to a larger space, the numbers in the market show that it will cost more to move than it would to stay and expand.
Buying a new home is pretty costly in the current market, but making changes to your current property is much more affordable. The average cost of adding a room to your home runs around $100 per square foot, while that amount is double for bathroom additions due to plumbing. While this may sound like a lot, it is still far less than the cost of buying a new home.
When your family needs change, such as when you have more children or when they grow up and need more space, your house can get chaotic if there isn’t enough space for everyone. Adding more rooms to your current home will give you more functional space to work with. This can be in the form of a larger kitchen, more family rooms, additional bedrooms or even you can build up by adding another floor to your home.
Even if your family isn’t expanding, sometimes extra space for hobby rooms, storage, or dining may be needed. If you work at home, you can even add an office to your home so you will have a dedicated space to work from.
Home additions are a great solution to space issues and budget constraints, but you should still take your time to decide if it’s the right choice for your situation. While most people who opt for additions don’t plan on selling their home, you should keep in mind that not all lenders add value to the property due to additions. This means that you may not get the value you were expecting if you sell, or if you are looking to take out a loan, the additions may not be calculated into your equity.
How We Can Help
Regardless of what you choose, iRemodel Home Renovations is always here to help. For more information about our renovation services, give us a call at 416-825-2542 today.