Best Contracted Home Additions for High Resale Value

Homeowners and investors in Wyckoff, NJ always want to know what home additions, renovations, and remodels will give them the highest return on their investment should they ever decide to sell their homes. Remodeling your house can be a great way to add value, equity, aesthetic appeal, and even savings through updated, energy-efficient fixtures and appliances to your property; but it is important to choose the right projects that will have the highest impact. We’ve compiled a list of the best contracted home additions that offer homeowners the highest return on their investment at resale. Read on to find out which upgrades are worth your time and money–and how to find the right general contractor for your home!

In a word, home additions are any spaces you “add” to your home—whether that be a second floor addition (which is generally more expensive) or a ground floor addition (which can be more affordable, but has different drawbacks and benefits). Homeowners commonly add another story to their house, a sunroom, a patio or covered deck, a studio or office, and all sorts of other means of “new” spaces to their house. Read on for the benefits on why anyone would ever invest in home additions!

There are numerous ways you can add to your resale value or positive equity in your home—essentially, the only limits are you budget and your imagination! However, if you’re looking for those that will add the most value to your house should you reap a large Return on Investment (ROI) when it comes time to sell and move into a new place, there are a few that take the lead.

1. Adding a garage: There can be quite a generous ROI for those who take the time to add a garage to their house—especially if they do not have a garage, driveway, or carport. The more you put into your garage, budget-wise, the more you are likely to get out of it. For example, the typical ROI for a adding a garage to your floorplan is between 60-80%. In terms of investing positive equity into a house, this is a huge plus! This not only adds more value to your house with increased square footage but also makes your home much more palatable to prospective buyers!
2. Adding an additional ground floor space connected to the rest of the house: In contrast, adding more living space (i.e. floorspace that is connected to the rest of the house), the ROI on this venture is roughly 5.3% to the median home value. This means that if you invest in adding an additional living room, family room, game room, studio, etc. to your $300,000, you can expect to get roughly $16,000 back after an investment that typically costs as little as $20,000 and as much as $73,000, depending on many factors.
3. Bumping out a sunroom, mudroom, laundry room, etc.: While this was once a popular and stylish choice in contractors, architects, and homeowners, it mainly appeals to those nowadays who are retired, have a collection of plants to keep happy, or simply love the look and experience of a room mostly composed of windows. These days, a modern sunroom can garner as much as 80% ROI, depending on the design and materials. Otherwise, expect a range of 60-80% ROI.
4. Adding another level to the home: Do you intend to invest in home additions on your property without changing the floorplan of your home? You may consider either adding an attic or a basement to your existing home. While turning an attic into a bedroom can cost as much as $100,000, you can generally expect to recover 75% of that or so should you decide to sell your home.