One of the most interesting characteristics of real estate properties is that property owners can have a direct impact on their values. For proof, look no further than property add-ons, which increase property value by providing increased usefulness. However, interested individuals should remember that not all property add-ons can provide the same amount of value when measured on a per dollar basis, meaning that interested individuals need to evaluate their potential options with extreme care and consideration. Here are evaluations of five potential add-ons for properties:
1. Attic Conversions
As far as conversions go, attics don’t make for particularly good choices. Instead, property owners shouldn’t even consider attic conversions unless their attics meet three separate conditions. First, their attics need to have stairs that aren’t very steep because that lack of accessibility will turn away interested individuals. Second, their attics need to have tall ceilings because no one wants to bump their heads on a semi-regular basis. Third, the attic needs to have good insulation because the lack of another attic on top means that attics can get very hot in summer and very cold in winter, which isn’t the kind of thing that will bring in a lot of interested individuals. Unless property owners can meet all three of these conditions, they might want to look into other options for their add-ons.
2. Basement Conversions
Basement conversions tend to be a bad idea. This is because turning a basement into a livable space comes with a host of potential problems. Some examples range from how basement conversions might not contribute much value to how basements are prone to leaking, which can produce a huge increase in their chances of developing mold. Having said this, there are still cases when it might make sense for property owners to get a basement conversion done, with an excellent example being a property sitting on a hill in such a manner that it can have a walk-out basement with just one side that is situated underground.
3. Building Additions
Building additions tends to be the most expensive option listed here. This is because the process consists of building something new attached to an existing home rather than making changes to an existing part of an existing home. Suffice to say that this makes building additions a very expensive and time-consuming process because building something new eats up a lot more time, effort, and other resources than changing something old. Based on this, building additions isn’t a good idea most of the time, particularly since interested individuals will need to go to greater lengths to make sure that the new structure will be fine from an architectural point of view. However, this assessment can change if the property is situated in a very high-value location where the addition actually has the potential to pay off.
4. Garage Conversions
Garage conversions are very mixed, meaning that interested individuals will have to consider their particular circumstances if they want to be able to make the right choices. Generally speaking, a garage conversion will be both expensive and time-consuming, particularly if the process runs into one of the numerous complications that can come up. For example, the garage might need further insulation to make it livable. Likewise, the garage might be built on slabs that will have settled, thus making remodeling more challenging because of uneven surfaces. With that said, if a property owner has a lot more garage space than what they need, a garage conversion can be more beneficial for them than what they might have expected upon initial consideration.
5. Porch Enclosure
There are some people who choose to enclose their porches for the purpose of creating more living space. For the front porch, this tends to be a serious mistake because the front porch plays an important role in shaping interested individuals’ first impressions, meaning that there is too much of a sacrifice. In contrast, turning back porches into living space is more of a trade-off. On the one hand, property owners gain more living space; on the other hand, they sacrifice some of their convenient access to the backyard, which may or may not be a significant problem depending on the layout of the rest of the home. Ultimately, this trade-off is a question with answers that will change from person to person.