Analyzing the cost and worth on adding onto your home.

Some things in life are never enough. Never enough time in the day, never enough pizza at the party, never enough space in this house. Maybe you’ve grown out of your home or simply want more, whichever the case you have a choice; go full nomad and move or be a revolutionary like Kevin Costner in Field Of Dreams and build it. 

However when you do build, it won’t be former baseball players coming, it’ll be dollar signs. Home additions yield the highest ROI (Return on investment) of any remodel you can do to your home. But, they also cost the most… 

According to HomeAdvisor, The average Home Addition costs anywhere between $21,000 & $75,000. However this is an inaccurate number, In Reality you can expect to spend anywhere up to $150,000. It really all depends on the materials, labor, size and type of room the addition will be. 

Cost of additions in Florida 

Home additions come in a manner of different shapes and sizes. Some involve expanding an existing space; like a bedroom, bathroom or kitchen. Building onto some extra square footage to change the layout and add new features and fixtures to expand the function of a given room. Other projects revolve around building a new upstairs or downstairs room. You may want to add a home office, an extra bedroom or sunroom, or a specialty room, like a conservatory, home theater, or in-house bar. 

Different types of room additions require different levels of investments. In general, the average home addition in Florida costs $90,000 for labor and materials. 

Factors in cost

Other factors to consider in cost all depend on your situation. Things like the typography of your property and how level the ground is. Kitchens and bathrooms tend to be more costly investments because the large fixtures and appliances, as well as reworking plumbing and electrical lines. 

Your bathroom or kitchen addition could cost upwards of $250+ per square foot. In contrast, building a garage addition or a sunroom can be as low as $100 per square foot. It is worth mentioning these prices will all vary depending on the materials, appliances/fixtures you chose. 

Why so expensive?

As you see, building an addition is significantly higher then that of remodeling another space in your home. For example, building a bathroom addition to your home is going to cost you $20-30,000 more then remodeling an existing bathroom. Building an entire new space is a massive job. From excavation of the land, to laying the foundation and any other meticulous prep that is needed to maintain the integrity of you homes structure. 

That’s not to mention the windows, doors, roof, HVAC and more. All of these tasks contribute in their own way, from materials to sub contractors, to the overall price.

Does an addition increase the Value?

 While it is difficult to estimate the ROI for your specific addition, you can rest assured that home additions undoubtably provides a significant increase to your house value. It all depends on the size and nature of the addition, but as a blanket statement, bathrooms will typically recoup 50% kitchens and second story additions at 60-70% and flex room additions (Bedrooms, offices, etc…) around 55-60%. While smaller and less costly additions like garages, sunrooms and mudrooms at 50%. 

The main thing that ties to your ROI is how does the addition compliment your home? Does it increase the function and style of your house? How is the neighborhood? And of course how is the market trending right now?

In Conclusion

The one thought I always have is, expanding your home increases its lifespan. If the plan is to live out the rest of your days in your home, then what is it now if it lasts forever? If you want to start forever today Reach out to our Team here at G2 and begin now. We are the experts in home additions in Tampa Bay! And as always, Consult with your designer before making any final decisions!