The majority of homeowners know the importance of property value and maintaining their homes. One of the best ways to increase your property value is to make improvements to your home, such as cosmetic upgrades— but new additions to your home can give you the most return on your investment.
However, not all home additions will add the same value, and some may decrease property value. It all depends on the neighborhood you live in, what is allowed by your HOA (homeowners association), and what region you live in. Here are the five best home additions for Indiana houses.
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The bathroom is the second most important room in a home (after the kitchen) so it makes the most sense to add another bathroom to a home. However, keep in mind that homes typically don’t have more bathrooms than bedrooms, so adding too many may not be attractive to buyers.
If you have one or two bathrooms, adding a third, full bathroom (with a sink, toilet, and bathtub/shower) can add $18,000 to your overall property value. If you already have several bathrooms, you can add a half bath (sink and toilet only), which will still add about $9,000 to your property value.
Bedrooms are also pretty important to home buyers when looking for a home. People desire more space, and bedrooms are versatile— they can be used as other rooms as well, such as:
- Craft rooms
- Home offices
- Kids’ playrooms
- Media rooms
Like bathrooms, you don’t want to go crazy with adding multiple bedrooms. Adding one or two more bedrooms to your home (depending on how many you already have) can add an average of close to $20,000 to your resale value— per room. You should also consider adding a bathroom to no more than one of your bedroom additions.
Sometimes, the best additions to add aren’t actual rooms, but gathering places outside of the home. As mentioned earlier, the kitchen is the most important room in the home. It’s the heart of the home— the gathering place for family and friends. Adding a deck, patio, or porch can act as a second, outdoor kitchen.
Patios in particular are great for creating full outdoor kitchens, depending on how much space you have to accommodate. Smaller patios can get away with a nice grill, while larger patios can accommodate an outdoor stove, sink, and small refrigerator. Decks that are large enough can hold a grill, but probably not full kitchens.
A new home addition doesn’t always have to be a literal addition— it can also be a remodel of an existing room. Some of the most commonly converted spaces in a home are basements and attics. Depending on the size, they can be converted into an additional bedroom (possibly with its own bathroom too) or entire living space.
However, attics are the trickiest rooms to convert into a liveable space since most were created for storage purposes only, and attic conversions have to meet several building codes and requirements.
Basements, on the other hand— especially those in the Midwest— are much easier to convert into a liveable space. A finished basement can add up to $22,000 to the price of a home.
Most homes in the Midwest are now built with garages, but for those that weren’t (and those wanting to add another garage), it can increase the home’s value by $7,000.
They can either be attached or detached— though many homeowners find detached garages more attractive because they can serve a dual purpose. However, an attached garage is both easier and cheaper to build.
You may need a driveway leading to your new attached or detached garage, so you’ll need concrete delivered and pumped for you. You’ll also need electrical (and possibly plumbing) fixtures hooked up to your new attached garage, and completely new fixtures installed in your detached garage.
Of course, completely new home additions aren’t the only way to increase your production value. You can also do things like install hardwood flooring, update your kitchen countertops, and renovate your bathroom. However, it is the Maryland home additions that will increase your property value the most.
So choose one or more of these projects to increase your property value by as much as possible. Even if you plan on staying in your home and not selling it, it’s still a good investment.