Add an Extension and Add Value to Your Home’s Worth
Do you love your home but worry that your family is outgrowing it? Does the thought of moving – particularly during a global pandemic – make you cringe?
Why not consider adding an extension instead, giving all of you more room while allowing you to stay put? Many families right now are considering this option, particularly if they love the house they’re in but need more space. But plenty of people wonder: how much will an extension add to my home’s market value? Is it really worth living in the chaos of construction for an extended period?
The answers to those questions are: lots, and yes!
Of course, adding an extension like an entire floor or building a whole new room off the kitchen means time spent living in mess, noise and disarray. Ultimately, however, the payoff is huge, because your home may skyrocket in value and your family gets the extra square footage they need to grow.
Not all extensions are the same, naturally. Let’s take a look at what building on (or up) can do for you, in terms of value and comfort.
What you’re building affects how much added value you’ll get. If you decide to have an indoor pool built in the backyard with an entrance through the kitchen, the process will be long and costly. As well, future buyers will fall into one of two camps: the pool will be an asset they love, or a nuisance they don’t wish to maintain. Therefore, this extension may not pay off as quickly, or as much, as you expect. Talk it over with your architect and designer before deciding on a project like this. If adding value is your primary goal, you may want to consider an expanded kitchen, or adding an ensuite – these additions have broader market appeal.
It’s impossible to predict exactly how much value your extension will bring. Adding space is a great way to boost value, but other factors go into determining a home’s price tag. For example: how is the market in your city doing generally? What are interest rates like? These and others aspects of real estate sales aren’t within your control, but they do affect the amount you’ll get when you sell.
Is an extension worth the trouble and expense? The answer is, unequivocally, yes! Providing you are working with an architect and builder whom you trust, and you are patient, this can be the solution to all your space needs. Remember: the cost will depend on the extension you want, and whether hiccups in the supply chain created by the pandemic have eased. Again, this project requires patience, but you will get the extra square footage you dream of built to your precise specifications. That’s better than simply moving to a bigger house to accommodate your family’s growing needs.
It will add value — eventually. The real estate market can be unpredictable – who could guess home price right across Canada would soar during a pandemic? But if enough time passes, even with the variables like interest rates and changing consumer preferences in home styles, houses are one of the wisest, safest investment you’ll ever make.
Building an extension solely because you want your home’s value to soar is unwise, because too many external factors affect its price. But if you love your home and can’t envision your family anywhere else, if you are happy with your children’s nearby school and like your neighbors, staying put and enlarging your home is a smart move. Talk to an experienced architect or contractor like Kay2 Contracting, talk over your plans with the family, and don’t forget – you can always move elsewhere for six months if you don’t want to live amidst a construction site!
