A standard walk-in closet and an outdoor deck comprise some of the home additions that are cheap yet have a high return on investment.
Homeowners in Utah can spend between $1,500 and $2,000 on a 6.5-foot-wide closet and recover up to 100% of the cost after selling their homes. Standard decks like those made of cedar, which can cost at least $2,500, can yield an 80% return on investment depending on the quality of materials and installation work. If you’re looking to build a swimming pool, the price varies for standard and custom pools in Salt Lake City and other cities in the state.
Are There Other Alternatives?
If you don’t like the idea of building a closet or deck, the investment return on expanding your kitchen can be a good alternative. The so-called butler’s pantry, which is simply an extra storage room, costs from $1,000 to $10,000. You can expect to regain up to 200% of your initial investment from this project. The actual amount will, of course, depend on your choice of materials.
A shed is another affordable home addition with the average price ranging between $20 per square foot and $25 per square foot. However, you should only expect to recoup up to 80% of your investment. Swimming pools are a different subject. Most homeowners in Salt Lake City spend almost $1,370 for installation work alone, while the average price of construction costs at least $30,000.
ROI of Swimming Pools
Your home’s value can increase up to 7% after building a swimming pool. You might think about how such an expensive project provides minimal impact, but there are specific reasons for each homeowner’s decision to build a pool.
For instance, homeowners should consider building it if they live in communities where a lot of homes have pools. It can be a good selling point for families with young children. Just make sure that the swimming pool complies with the state’s safety requirements.
Necessary Home Additions
Some home extensions like additional bathrooms and bedrooms happen out of necessity. Most homeowners might only think about saving as much as they can, but you can still strike a balance between limiting your expenses and enhancing the value of your property.
As an example, you can hire a design-build contractor instead of seeking different professionals for building another bedroom. The design-build technique has become more popular as it makes everything easier for the homeowner. You don’t have to oversee multiple contractors, while it reduces the likelihood of error from the design phase to project delivery and construction.
Home improvement projects don’t always have to hinge on the ROI potential. You should always consider how an addition can improve the quality of life at home while making it easier for you to sell your home just in case. Swimming pools are an example. While these involve a high upfront cost, it might be hard to find a buyer if you live in a community where most of your neighbors have a swimming pool.