Do you love your home but feel like it's missing something? That something could be another room, a garage or even a whole second floor. Home additions like these can expand your living space and add value to your home. The big question, though, is, "How much will your home addition cost?"
In truth, it depends on several factors, including the kind of addition you hope to build. Bigger additions obviously come with higher price tags. Whether you do it yourself (DIY) or hire a contractor could also make a huge difference in the total cost.
Rocket Loans looks at estimates for a few types of home additions and explores a variety of factors that can affect costs.
Factors such as project size, type of room, labor and features all play a role in the cost of a home addition. The bigger and more complex your addition, the higher the overall cost will likely be. As of June 2022, home addition costs range from $22,202 to $81,867 and the national average for a home addition is $50,315, according to HomeAdvisor..
To get an estimate of what your home addition may cost, consider the square footage of your addition. The size and scale of the addition can let you know what to expect when planning your budget.
This chart from HomeAdvisor provides home addition cost estimates based on the addition's square footage.
Be sure to understand the scope of your home addition project, as it will impact your overall cost the most.
Keep the following variables in the back of your mind:
Depending on the project, you may need to factor in costs for a few features into your build. They include:
If you're not the DIY type, you may want to hire professional help for your home addition, which is likely to require a considerable amount of skill and labor. You may be able to save money by completing smaller parts of the project yourself, but you'll likely need to bring in a professional for the more complex or specialized aspects of the job.
A home addition can add an entirely new room to your house and provide a slew of new possibilities. Below, you'll become familiar with these common home additions and the typical costs for such add-ons.
Room addition
Home extension
Second-story addition
Some homeowners would rather expand upward than outward. Adding an entire second floor can be a complex – and expensive – home addition, especially if you plan to build multiple rooms on the new floor.
Minus any foundation costs, you're basically constructing a new house on top of your current one. Framing, drywall, electrical and plumbing costs will all apply here. You'll also have to pay for roofing and flooring. In the end, this project may cost around $500 per square foot depending on design and materials.
When looking to fund a home addition, you'll have several financing options to consider and choose from for your addition.
The benefits of a home addition often outweigh the investment you put into the project. Here are a few reasons you might consider adding onto your home:
Still wondering if a home addition is worth the financial commitment? Here are answers to a few questions that people frequently ask about home additions and their costs.
Do I need an architect for a home addition?
Whether you need an architect for a home addition will depend on the type of addition you're making. For example, you may want to consider using an architect for major structural changes. Architects will make sure the new addition is stable and code compliant. Less complex additions may not require an architect.
Is it cheaper to build up or out?
Building up tends to be less expensive than building out. If you add a story onto your house, you'll avoid paying costs for digging and laying a new foundation.
Does an addition bring more value to a home?
Adding space to your home usually increases your property value. The amount of value the project adds will depend on the size and type of addition you make.
Final thoughts: A home addition's value may outweigh its cost
Home addition costs can skyrocket in a hurry. If you're the handy type, you may save on labor costs by going the DIY route. If yours is a time-sensitive project, however, the speed and precision of a professional contractor may be worth the extra cost. Ultimately, a home addition should boost your home's value and create extra space for you, and perhaps others, to enjoy.
This story was produced by Rocket Loans and reviewed and distributed by Stacker Media.