Home prices in the United States continue to rise at a historic pace. In September, home prices increased by nearly 7% from the year prior. In some cities like Seattle and Phoenix, home prices are increasing more than 10%.
Low inventory is one reason behind the pricing surge. Homebuyers are routinely putting in offers above list price.
This means it is the perfect time to make home renovations. For many projects, you will see a significant return on investment.
Read on for 10 game-changing home expansion projects. These projects are certain to increase home value and improve quality of life.
1. Bathroom Remodel
Bathrooms are the home renovation project that gets the most bang for the buck. According to real estate experts, a bathroom remodel can return over 180% of its cost at resale.
Homebuyers do not get excited about bathrooms with outdated wallpaper and an ugly cast iron bathtub. Instead, people love granite countertops and walk-in showers with a glass door.
There are also low-budget modifications that improve the bathroom’s look. For instance, you can replace the bathroom faucet with a modern alternative.
2. Kitchen Renovation
Interior decorators and housing experts agree that the kitchen is the most important room in your house. It comes as no surprise that a kitchen remodel recoups approximately 93% of project costs at resale.
The functionality of kitchens has changed over time. Kitchens have certainly evolved from simply being used for food preparation and storage. Now, a growing number of homeowners are hosting friends and family in their kitchen.
Large kitchen islands with barstool seating are popular for this reason. All-wood cabinets, farmhouse sinks, and extravagant lighting fixtures are also trending. Of course, homeowners want the latest and greatest appliances as well.
3. New Siding
First impressions are still important in the real estate industry. People want a home that has curb appeal and looks great to the neighbors. Prospective home buyers are more likely to check out the interior when they approve of the exterior.
Siding is the most impactful renovation you can make for home appearance. This is because your home’s siding covers the vast majority of the exterior square footage. Adding new siding makes an existing home look like new construction.
4. Add a Bathroom
We talked about an upgrade, but adding a bathroom is a total game-changer. Checking on the number of bathrooms is one of the first things that home shoppers do. Real estate experts agree that having just one bathroom is a potential showstopper for prospective buyers.
Review your home’s schematics and see if any unused space can be converted to a bathroom. Adding a bathroom in the basement is an especially popular expansion tactic.
A half-bathroom can be added in the tightest of spaces. For a full bathroom, the conventional wisdom is that you need at least 30 square feet.
5. Add a Deck or Paver Patio
Outdoor living space is one of the most popular trends in real estate. Homeowners enjoy spending time outdoors. An oversized deck or paver patio allows people to comfortably spend more time outdoors.
Here, you can add outdoor furniture to host friends and family. Many like to add a grill or fire pit on their deck or patio.
Each town or municipality has different permitting rules for adding a deck or paver patio. Make sure to check with knowledgeable sources like BCA of SW before you start any project that requires permitting.
6. Finish the Basement
Finishing your basement is the definition of a game-changing home expansion project. A finished basement has the potential to add over 1000 square feet of livable space to your home. This type of expansion is certain to add tens of thousands to your home’s value.
There are infinite possibilities with a finished basement. You could add more bedrooms for a growing family. Some choose to make the basement another living room.
If you have young children, a game room is in the cards. Others elect to construct a movie theater room with all of the free space in their basement. Regardless of what you select, it is certain to add comfort and value to your home.
7. Add a Mudroom
A mudroom is a surefire way to reduce clutter and stress in the home. Few things are as stressful as coming home to shoes, coats, and backpacks all over the floor.
For this reason, mudrooms are all the rage in the interior decorating community. Here, you can add shoe and coat racks to neatly organize your family’s belongings.
Another benefit is that a mudroom keeps your house cleaner. With this check-in point, you can avoid shoes tracking dirt and grime throughout the house.
8. Add a Sunroom
Converting existing areas into livable space is an effective way to expand your home. Many homeowners are using this concept to add sunrooms to their home’s footprint.
You can add a sunroom in the front or rear of the home. Of course, paver patios or concrete slabs can be turned into a comfortable sunroom. Some homeowners are converting a portion of their front porch to a sunroom.
A sunroom is a great place to drink coffee or a glass of wine. You can put sofas in it with a television for a great hosting experience.
9. Convert the Attic to a Loft
You can add some character to your home by converting the attic to a loft. This is a popular modification especially for homeowners with children.
You likely need the ceiling to be seven feet high in at least half of the attic. Also, stairs are necessary to easily access your new loft.
10. Bump-Out Addition
Some homes are built with very little character. Every room is shaped like a square or rectangle.
A bump-out addition is another way to add character to your home. This type of expansion adds a unique seating area to a living room or bedroom. You can add a bay window with comfortable seating for your morning coffee.
A Recap of the Best Home Expansion Projects
Expanding your home or renovating a room is certain to bring comfort and value. With these types of projects, you are likely to recoup most investment costs at resale. In the meantime, your quality of life will improve in the home.
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