Updating your home has many benefits and many options. You can choose between home renovations and home additions. Both can add extensive value to your home’s equity and resale value. The difference is that one adds space and the other reinvents space. How do you know which option is best for you?
A home addition is an added space to your home. On average, national home additions can cost between $100-$150 per square foot. North Carolina is in line with the national average at about $110 per square foot. In contrast, renovations upgrade and convert already functioning spaces in your home. Depending on the age and state of your home, home renovations can cost as much as $200,000 per job.
Because renovations completely rip out and replace old flooring, cabinets, plumbing, electricity, etc., renovations can be slightly more expensive than home additions. Construction time for home additions and renovations is also about the same.
In the end, deciding between a home addition and a home renovation depends on your preference. If you’re searching for additional space, home additions are probably the right choice. And if you’re interested in updates and convenience while still adding new value to your home, then renovations may be a better option.
If you’re still stuck pondering between home additions and renovations, contact us for more information and quick estimates on both options.