Adding Additional Rooms for Appraisal Value
Posted November 15th, 2017
Additional rooms can be great for much needed extra space, but do they add additional value to a house?
The short answer is yes, but it depends on the market and neighborhood. For appraisal purposes, as long as the addition is up to code and meets other specific guidelines (pertaining to the classification of a specific room) it will likely add value. However, it probably won’t be an exact dollar amount as paid for in construction costs.
The added value will instead depend on the overall effect it has on the house, such as if it takes space away, and the comparable neighborhood. If a house already has 4 bedrooms in a predominately 3 bedroom neighborhood and adds a 5th room, the extra value may be slim to none. Adding an additional room is unique circumstance and it is wise to consult a licensed professional before continuing if the intent is mostly for added house value.
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