Home values are usually calculated by their square footage. So obviously, more square footage means a higher sale. With all the time and effort it takes to sell a home, you may not want to add more challenges than it already demands. But if you put in the work to increase your home’s square footage, you’ll reap the benefits with a much bigger paycheck on sale day.
Before you dive into the real work, you should calculate more or less how much your ROI (return on investment) will be. The median cost per square foot of a home is $123, but that can vary widely depending on your location. Luckily there are useful resources available to determine the square footage of your home in your area.
Once you measure the costs you can accurately budget your projects to maximize your investment. Without further ado, here are the best ways to increase your home’s square footage.
1. Finish the Basement
If you’ve got one, why not use it to your benefit? Renovating your basement will add home square footage that you technically already have. It costs on average $30,000, so you should determine for yourself if it’s worth it. But giving your basement some love with carpeting and fresh paint doesn’t only raise your home value. Improving that extra space can increase the pool of interested buyers, too.
2. Enclose the Patio
For square footage to be included in the pricing of your home it needs to be indoors with access to heating and cooling. An easy hack to increase your home square footage is by simply enclosing an existing deck or patio. By creating a sunroom-type area, you’ll have the indoor element required while still sort of being outside- it’s an easy yet honest cheat.
If you don’t have a deck to begin with, don’t disclude yourself. They are among the least expensive home additions ranging at around $25 per square foot.
3. Finish the Attic
Just like the basement, an attic remodel is a great way to add square footage to your home. The added room can count as a bedroom, office, or children’s playroom. Whatever its function, if it’s finished, it counts as a liveable space and therefore will boost your home value.
4. Add a Room Over the Garage
If you have a garage attached to your house you can profit by adding a room above to increase your home’s square footage. Since the foundation is already in place it won’t be as challenging or expensive as adding a new room altogether. Just make sure to check your local building codes before you start the project.
5. Build a Bathroom
Building a new bathroom addition isn’t a simple endeavor for the faint of heart. In fact, you’ll probably need to hire professionals. However, the ROI on an extra bathroom will be worth the money. The number of bathrooms in a home is a make or break deal in a house sale, especially if you only have one or two. So if you increase the square footage of your home with an extra half bath, every inch of that will land back into your pocket.
6. Add a Guesthouse
If your backyard allows it, you can pop up a new room altogether with a finished guesthouse. It will have to be liveable and up to code to be included in the calculation of your home’s square footage. But it’s not as hard as you might initially expect. A prefabricated addition or modular home is an easy and more affordable option than creating a guesthouse from scratch.
Any or all of the suggestions above can help you drive up your home value. Again, you should predetermine if the investments are worth it for your particular case. It might not always be easy, but when it comes time to sell your home, it may well be worth it.