While we all love our homes, sometimes they’re not quite large enough to accommodate the changing needs of our families – which is when a home addition comes in handy. Typically, a home addition could be an extra bedroom, master suite, sunroom, or even an entire second story. The sky is truly the limit when it comes to a home addition. The real question is, how much is a home addition going to cost you compared to a typical home remodel?
If you’re ready to build a brand new home addition, but need to determine the exact costs of your investment, we’re here to break down the total investment of this type of home renovation.
The Initial Expenses
A home addition is a little different than a typical home renovation because you’re increasing the overall square footage of your home. To build an addition, you have to modify the original floorplan of your home, to accommodate this new space. That means tearing down walls, rearranging plumbing and electrical work, and other costs that are essential to creating a brand new space. Because this is such a labor-intensive remodeling project, home addition is going to cost more than the average remodel.
On average, a home addition can be anywhere from $80 to $200 cost per square foot, depending on the size and scale of the project. The work required for all home additions can vary significantly, and a few different things can alter the overall cost of your project:
• Every home requires some work or preparation beforehand – whether that involved building codes, permits, or structural reinforcement. These essential items will factor into the total cost of your home addition because no true remodeling can begin without them.
• The overall labor costs of your job are also going to affect the total price of your home addition. Depending on the crew, and the duration of the project, this is going to be a portion of your overall budget.
Foundation, Plumbing, and Electrical Work
• If you are starting a renovation from scratch, and need foundation poured, plumbing moved, or other electrical work completed, these structural components are also important factors for your budget.
While it’s easy to think about moving walls and getting right to work, that’s not all that goes into a total home addition budget. Remember the essential items, and how they’ll play a part in your overall budget.
Average Price Point for Home Additions
Now that we’ve covered some of the initial expenses you can expect to pay during a home addition, we can discuss the average cost of various home additions projects. Basic room additions cost anywhere from $30,000 to $40,000, however, all renovation projects fluctuate in their price point.
• Because a guest room doesn’t require copious amounts of square footage, you can expect this remodel to stay on the lower end of your budget, coming in between $15,000 or $30,000 in total costs. Lighting fixtures, hardwood floors, and window installation will all affect the total price point.
• A master suite is a little more intensive than a guest room because it requires more square footage. If you want all the bells and whistles, expect this project to come in on the higher end of your budget. A master addition includes things like crown molding, coffered ceilings, and so much more, so you’re looking at costs a little closer to $50,000 dollars.
• Garages are great additions because they don’t always require the same electrical work or HVAC as normal home additions unless you so choose. The cost to add a stand-alone garage can be $15,000 up to $30,000, depending on if you add a living space and other amenities to your garage.
Bonus Room or Suite
• A bonus room, attic space, or basement is ideal for any home – they can be a multi-functioning space you can use for your family, or for guests. However, because they require so much work, they’re going to fluctuate in price point. It’s best to consult directly with your home contractor prior to getting started.
Not all home additions are the same – every price point varies on the home, project size, materials used, and duration of the project. If you want to build a brand new addition, but need some assistance with your finances, we’ve partnered with Acorn Financial to offer you all the resources you need to get your home renovations, without breaking the bank.
Do Home Additions offer a High Return on Investment?
While you might feel worried about the overall initial investment of your home addition, they offer some of the best ROI’s you can find on the market. These projects are ideal for personal comfort, as well as reinvesting in your home for future homebuyers.
The key with additions is to be smart about how you spend. If you plan on selling your home a few years down the road, make your addition a proactive investment. The more you spend on finishes or personal touches, the more difficult it will be to recoup those investments later down the line. However, if you have to accommodate for your family, and plan on making this is a forever home, the sky is the limit with your home addition. For more guidance on renovations that are worth your while, check out our free guide: 5 Renovations that Return.
Curious about your potential home addition cost, and aren’t quite certain where to splurge or save? Talk to a home addition contractor near you, like the team of experts at RJ Turner Remodeling. We specialize in remodels and home additions in Greensboro North Carolina, and other areas in the Piedmont Triad.