You like the home you live in, your neighbors and the wonderful schools your children attend. But you have one problem—your children have outgrown their tiny bedrooms and eating meals as a family suddenly feels claustrophobic. Do you sell the house, pack up your growing family, and move on to bigger digs? Considering the average price of new homes sold in the United States exceeds $370,000, you might want another option. Let’s examine a few resourceful ways you can remain in your home and make the necessary changes to meet your family’s needs.
Let’s start with the obvious: You need space. One solution homeowners can consider is building an addition. Who wouldn’t want an extended great room to accommodate a large holiday dinner? How does an added master suite with a luxury bathroom sound?
There are several styles of additions to choose from:
- A detached addition, akin to a shed or guest space added above a detached garage.
- A ground level “build out,” where extra rooms are added to the first floor of the home.
- A second floor “build up,” which adds vertical space without compromising the size of your yard.
While additions increase the square footage of your home, they do bear a heavy cost. Remodeling Magazine’s cost vs. value report suggests that a family room addition averages a whopping $89,566. However, the 69.3% return on investment helps, especially if you decide to sell your house in the future. Estimated prices for each addition varies based on design features, project description, and size, according to Home Advisor. Homeowners should also factor in required building permits. Still, the sum of these costs is usually cheaper than moving.
If a home addition doesn’t seem like the right fit, why not work with the space you already have? Increase your home’s usable square footage by remodeling an unused area such as a basement or attic. You can convert your basement into a bedroom, fit for a growing child. Or convert your attic into an attic suite. Another attractive option is creating a home office, considering 43% of Americans reported that they spend at least some time working remotely. A basement remodel can cost you up to $70,000, but it provides a 70% ROI. Attic bedroom conversions typically cost you around $65,000.
Another increasingly popular option is to upgrade outdoors as well. Today’s homeowners want to expand their living spaces outdoors. This is especially desirable if you live in an area with three-season or year-round, mild climates. Perhaps you can increase your space by building a deck or patio. According to a NAHB survey, 84% of home buyers marked outdoor patios as a must-have. More specifically, millennials (buyers under the age of 36) prefer either a deck or patio to extend their living and entertaining space. And why not? You can create a backyard with all the bells and whistles: outdoor kitchen, covered cabana, stone fireplace! Imagine being able to host, entertain, and dine al fresco! Naturally, costs vary according to materials and size of space. A deck of 200-500 square feet will cost $5,000 to $11,000, while a patio will run up to $4,000 for a 12’x16′ area.
In the end, there are plenty of ways to make your current home work for you. And while a remodel or addition might seem like a dream, it can become a reality if you plan wisely.