Considering a home addition? You’re not alone. Home additions are one of the most popular types of renovations, and for good reason. Home additions can help a wide range of homeowners, from those who aim to sell later and want good returns, to baby boomers aging in place rather than downsizing. They can even be built in the dead of winter! Click here to learn more about our home addition services.
Home Additions Can Get Great ROI
It might sound obvious, but it's still worth saying: Not all home additions are created equal. Literally. Some home additions require heavy investments, and yield little in return, while other, smaller home additions require only a couple hundred dollars, yet they yield double that in comparison.
If you're one of the 59 percent of American homeowners planning on doing a home improvement project this year, you need to invest in a project that's worth it. Here are a few of the most economically efficient home additions.
An Attic Bedroom
Out of all the possible home additions you can make, an attic bedroom yields the highest return on investment. Costing about $49,438 on average, homeowners can expect to make about $41,656 back when they sell their house — an ROI of 84.3 percent. Back in 2012, the typical home only had two bathrooms and three bedrooms, which may not be enough for most modern families. Adding an extra bedroom in the attic just makes sense and will naturally provide an excellent ROI.
A Finished Basement
According to research from Scarborough, more than half (53 percent) of U.S. homeowners have made some sort of home improvement in the past 12 months, one of the most popular of which was renovating or finishing a basement. Coming in with an ROI of 77.6 percent, a finished basement is one of the best home additions you can make. These rooms typically require an investment of $62,834 and provide a return of $48,777 when the house is sold.
A New Garage
Last, but far from least, is a new garage, which costs about $49,911 on average. This addition can recoup about $34,598 for an impressive ROI of 69.3 percent.
You might have some grand home remodeling ideas, but you must be realistic when remodeling a house. You need to make sure you'll get out what you put into your home additions — you need to make sure your home additions' return on investments is truly worthwhile.
Home Additions Help Aging in Place
A recent poll of baby boomers found many don't intend to downsize in retirement or move to the Sunshine State. Many intend to stay put in their current home, making the space more livable with home additions and kitchen and bathroom remodeling projects. According to a recent article by The Washington Post, a survey by the Demand Institute shows boomers aren't as concerned about aging-in-place features even though they do plan to stay put. Most want to update the home's style, improve energy efficiency and increase the value of their homes. For baby boomers living in Maryland and Virginia, it's a good idea to consult with a design-build contractor who can help with remodeling goals for better lifestyles in retirement.
Not Moving Out
The survey showed 63 percent of baby boomers between the ages of 50 and 69 have no intention to move in retirement. Eighty-five percent are staying in their current home by choice. Forty percent said they intend to take on a major renovation project in the next three years. It makes the most sense to renovate an outdated kitchen or bathroom. Even though fewer baby boomers said they wanted to renovate for health needs or to make the home more elder-friendly, it's important to make home improvements with safety and health needs in mind.
Staying in the suburbs
While most pre-retirees and retirees plan to stay put, those who do plan to move don't intend to go very far. More than 50 percent said they would move within 30 miles of their current home. Only one in five favor senior housing or 55-and-older age-restricted communities. Sixty-seven percent said they plan to stay within the same state.
Adapting a two-story home
As baby boomers grow older, they may realize there are some challenges with the two-story home. Forty-eight percent currently have a single-story home, but 75 percent said they want a single story for their next home. A design-build contractor can help you build a custom single-story home. Likewise, a contractor can help you with an addition on the first floor to expand the living space for older adults in the family. An elevator or stair lift can also make the second floor more accessible. With so many boomerang children and grandchildren, a second story can still provide much-needed living space.
At Hopkins & Porter, we help our baby boomer customers with all their remodeling needs whether they intend to stay put for all of their retirement or just to sell their homes. We are a design-build contractor serving Maryland and Virginia customers since 1977. For more information on custom homes or home additions, please contact us.
Home Additions Can Be Built in Winter
Homeowners often find themselves considering changes in family circumstances. Elderly parents need a place to go, kids are growing and need more room, or family finances have reached a point in which more space is needed for entertainment, storage or just living. The question then becomes “should we move or build an addition”? The fact is it's cheaper to build an addition than to move. However, it's winter. Can home additions Maryland be built in winter? Absolutely.
Construction mores have changed over the years. The economy plays a large part in building, making any time of year the time to build or add to a home. Understanding the nature of winter weather and precipitation is another part of the equation. Snow coverage actually keeps heat in the ground, which is necessary for outside work. Tarps cover structures to conserve the heat that is available. Heaters and insulating materials also allow contractors to build in winter.
There are some considerations that will cost the homeowner a little extra for which it should be planned.
Costs of Building in Winter
Building in winter is slower, obviously, than in other seasons. Night falls sooner, reducing the useable workday. Workers are swathed to the eyeballs with winter clothing, which makes them move slower. Extra work is involved in protecting pipes, and anywhere moisture is involved requires extra protections. Ice dams are a problem in winter. This slow progress will cost the homeowner money. Generally, planning on $5,000 to $10,000 for contingencies is a good idea.
Some contractors offer discounts due to the vagaries of working in frigid winter weather. Others offer premiums to homeowners in order to give their crews a paycheck. Other financial considerations of building in winter are:
· Digging up the foundation could take frost out of the ground. Topsoil or another material like clay would be needed to make the soil usable.
· Cold snaps or winter storms and snow will keep construction crews home, although efforts will be made to keep the construction as dry and warm as possible.
· Permits cost money. Delaying construction until better weather arrives will cost the homeowner.
The Specifics of Concrete in Winter
Many people wonder how concrete for foundations is poured during cold weather. In fact, concrete can be poured and cured in as little as 20-degree weather complete with snow on the ground. It's about chemical processes and chemicals added to the mix to help it cure.
Concrete strengthens due to a chemical process called hydration. Warm water is mixed with the concrete to strengthen it. In winter, it just takes longer.
That doesn't have to happen because chemical accelerators are used. Non-chloride chemicals are used to avoid steel supports becoming corroded.
This is when the insulated blankets and heaters come in. These keep the process going (even in frigid temps and with snow on the ground) until the concrete is strong enough to build atop.
Perfect timing for landscape
Homeowners who build home additions at any other time of the year must have their landscaping redone. As much as a year can pass with furrows of dirt and no grass in the yard. Those building home additions in winter get that out of the way at a time when plants are dead anyway, and they enjoy a green yard with flowers and shrubs in the warmer seasons.
Homeowners seeking to improve the value of their home, add space for kids, parents or upgrade to media rooms, home offices, home gyms and butler's pantries should contact us. In 40 years, we have built relationships with our clients, who appreciate our love of Maryland, our jobs, our integrity and personal development, along with our ferocious love of the environment.