How Specifically Do New Home Additions Chicago Add Value to Your Property

“ROI” is a term that is tossed around like a Jon Lester fastball when you talk to real estate agents and construction contractors in the Chicagoland area. It’s true that ‘return on investment’ is a very important part of the remodeling process. Your home is one of your few investments that can actually appreciate in value compared to something like a new vehicle purchase where you lose about 30% of the initial cost just by driving off the lot. One question that we often get here at MG Bros Construction is just how new home additions Chicago actually add value to your property?

More Space

It’s quite simple, the more square footage you have in your home the more market value it can command. In this case if you add on to your property you’re making it bigger and thus legitimately worth more. When pricing a home, the figure that is used is price-per-square-foot. The bigger your home, the more your price-per-square-foot actually lowers. This is really a good thing when it comes time to sell your home, potential buyers won’t look at the ‘whole’ price, but how much house they’re getting for their buck.

Increased Functionality

When you have more space to work with, you can increase the functionality of your home thus making it more valuable and more appealing to future buyers. With extra square footage gained by new home additions Chicago you can renovate an area of the house into a home office or a rec room or a media room or a wine cellar, etc. All of these type of features increase the market value of your home and thus raise the potential price you can list your property for.

Increasing Value Isn’t Just About Adding Space

When some of our customers think of new home additions Chicago, they take the word literally meaning ‘adding on’ to the square footage of the home. The truth is you can increase your market value without changing the actual square footage – just the liveable square footage. Think of your current dank, dark, basement that we can renovate into a fully functioning family media room (theater, surround sound, bar, etc.). Or how about an attic currently only used for storage that we can transition into an extra bedroom? Increasing livable space doesn’t just have to be about the interior either. A project such as building a deck or constructing an outdoor kitchen creates usable square footage on what was once just a patch of grass.

New Home Additions Chicago Are About More Than Financial Value

Yes one of the goals of every home renovation is to increase your property value. That being said don’t focus solely on the monetary return when calculating your overall ROI. For example say you only recoup 50% of a basement media room conversion. Was it still not worth it to have 10+ years of family bonding, entertaining guests, and simply just having more space in your home to move about? Now ideally you’ll actually make money on every new home addition, but even if you don’t you shouldn’t count the project as a loss. Boosting your quality of living is a very valuable undertaking.

If you’d like some home improvement ideas or would like to schedule a free estimate please feel free to contact us today.