Has your family outgrown your home in the city? You could sell your home and try to move into something bigger, but remember that the market is going through some growing of its own. Inventory is down and prices are through the roof. In other words: you could definitely sell your home in the market, but finding something affordable to move to in the same area will not be easy. Continue reading to find out how you can increase the square footage of your home without selling. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Adding Vertical Square Footage
If you are in a single-family, detached home, the best way to increase your square footage might be building upwards. When it comes to cost, relatively speaking, the overall cost is very similar to building outward. Of course this will vary depending on how much remodeling of the existing square footage needs to be done to accommodate the new square footage. Oftentimes it can be more cost effective to build upwards because the owners may not need to remodel their existing home.
The other benefit to building upwards is that it often adds a lot of value to your home than building on a new room, finishing a basement, or converting a garage. Typically, most homeowners that build upwards recoup their construction costs as equity within two to five years, depending on how the market is going. Before listing your home, contact your local contractor to talk about what it would take add a second floor to your home. Don’t know any contractors? Check out my list of preferred contractors and other service providers on MarkEibner.com.