Salt Lake City home listings still disappear quickly even when it took sellers eight days longer in February to close a sale, according to a recent analysis.
This indicated a continually strong demand for homes in Utah’s capital, where the median price of a home reached $397,000. On average, sellers close a transaction after it stayed 37 days on the market. Homes for sale in the city go off the market faster when compared to the national average of 83 days. Some homeowners could take advantage of this trend by expanding their houses prior to a resale.
How Much it Costs to Expand a Home
The cost of home additions in Salt Lake City may fall within the national average of $43,440 for this year. The usual price ranges between $20,910 and $66,845 depending on the type of project. It makes sense to add functional spaces if you’re after a higher asking price in the end, but take note that larger additions will definitely cost more.
A bathroom addition may recover 53% of your investment, while adding a master suite could recover 63% of your investment. Two-story additions provide the most return on investment at 65%, although you could end up spending up to $120,000 to pay for extra services such as interior design and architectural work.
Before You Start
Be careful not to compromise the appearance of an addition whether you plan on a simple project or not. You should consider consulting an architect before planning any horizontal or vertical additions. If you plan to expand a bathroom, it may cost at least $80 up to $200 per square foot. The price may increase if you add on a second floor. Ground-level additions are more common since these are generally cheaper than building another room on a higher floor.
If you are worried about the cost, you do not have to hire an architect if the additional does not involve changes to the floor layout or tearing down walls. You could simply hire a remodeling contractor to take care of this for you. In fact, remodeling your home is sometimes more affordable.
How to Save Money
Remodeling your bathroom or kitchen makes sense if you wish to retain the current structure of your house, while still improving its value. For instance, a remodeled kitchen with modern cabinets and appliances may only cost $35,000, instead of spending up to $95,000 to add 200 square feet of space.
Some homeowners could even just finish their basement for around $2,900. You could spend the saved money to pay for skilled designers, who can integrate the renovated space with the existing style of your home. This is important when selling a home that doesn’t have any obvious add-ons.
Demand for homes in Salt Lake City may continue to be strong in the coming months. Even if you have no plans of putting your house on the market, you should consider the impact of a home addition or remodel when choosing the right project.