What home addition offers the best ROI?

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A Home additions in Vancouver, WA are an excellent way to expand your home while ensuring you get a good return on your investment. There are a lot of considerations beforehand though. You want to choose an addition that you will use. Never build out your home with the expectation that you’ll get more than you put back in. A high ROI is typically still a loss of 8 to 10% This can be mitigated or made profitable in several different ways. Let’s look at three of the home additions with the best ROI before we cover extra considerations.

Decking

What home additions offer the best ROI?
In the Northwest patios and decks get a lot of use. Winters are long and wet, and residents take advantage of the summer months. That means entertaining, eating, reading, and relaxing outdoors and there’s no better place to do it than on a backyard patio or deck.

Factors that affect the ROI of your deck

  • The material determines your ROI. You’ll want to invest in higher quality woods and construction rather than composite materials.
  • You may want to consider adding trellises or in-built benches as well.

Basement Remodel

Basement remodels are a smart way to incorporate an extra bed, family, or entertainment room into your existing structure. Some of the best additions repurpose the space that you already have. When remodeling your basement you’ll want to consider purpose and utility. Adding electrical and additional plumbing can also hike up the cost considerably.

Factors that affect the ROI of your basement

  • Choose a room you’ll use. Adding a small bathroom to the room can make it a dual-purpose space, however.
  • Consider whether or not you want an entry door. This can help sell a mother-in-law-suite down the line.
  • Don’t skimp on moisture barriers and insulation. You’ll pay for it in heating costs later if you do.

Additional Bedrooms

Adding a bedroom or multiple bedrooms can open you up to an entirely new home buyer. Not only does it save you from moving/finding a new home, you’ll entice families and those looking to start a family when you sell. This benefit is incalculable until the time of sale but will pay off.

Factos that affect the ROI of your bedroom.

  • A bump-out or other project that physically adds square footage will bump up a bedroom cost.
  • Splitting a large single room into two bedrooms can be much more cost effective.

Important considerations for the best ROI

  • The average home price in the neighborhood. – Build only as high as the price cap of your neighborhood. No one wants a 400,000 dollar home in a neighborhood where all the other houses are half that or less.
  • What the neighborhood looks like (Families etc.) – Neighborhoods near schools can benefit more from extra bedrooms and family friendly add-ons.
  • How long you’ll stay in your house. The longer you stay in your home, the more time you have to recover your investment costs.
  • Be prepared for hidden costs– Projects rarely go entirely according to plan. Budget for issues now or regret it later.

Now that you know what offers the best ROI, check out these tools that can help you design your custom home.