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Adding on to Your Home? Consider These Things
If you like your home's location but wish you had more room or space that is better suited to your needs, a home addition is a terrific solution to help you to better utilize your home. Our real estate agents understand that a home addition is a smart option for homeowners who love their current home but need more space to accommodate their growing families or needs. Here are a few things to keep in mind if you're considering a home addition.
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Your Budget
You need to determine your budget before you start your home addition in order to confirm that your plans fit your finances. The cost of an addition varies depending on the type of space you're adding, the size of the space, the materials utilized, and any features you want the space to have. For example, assume that your goal is to add a room where you can enjoy the sunshine, even during chilly months. Adding a sunroom that measures 100 square feet could cost anywhere between $15,000 and $35,000. If you decide to add a temperature-controlled four-season room that measures the same size, this could cost between $80,000 and $125,000. Any space that's temperature-controlled and connects to your home's HVAC system will cost more than a space that doesn't require an HVAC connection (like a sunroom, some garages, or a deck). Keep in mind when looking at additions to also consult a professional and get estimates from various sources.
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Your Goal for the Addition
Determine what your goal is for your home addition so that you can decide what kind of space is best suited for your household. Maybe you want to add more space to your home so you can store seasonal items; a bump out is a small addition that expands your home's space for a relatively low price (somewhere between $5,000 and $30,000, depending on the size). Or, perhaps you want an area for recreation. Depending on what activities you enjoy and the materials/supplies involved, you might benefit from a garage, a mudroom, or a sunroom.
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The Comparative Value of Your Home
A home addition can add value to your home and help you command a higher asking price if you decide to list your home for sale, we're sure one of our experienced agents will be happy to assist. However, how much value an addition adds to your home depends in part on how your house is valued compared to other homes in your neighborhood. If your home is already one of the highest-valued homes in the neighborhood, a home addition will add less value than it would if your home was one of the smallest properties in your neighborhood. Renovations that aren't the norm for your neighborhood may also offer less of a return for your investment. This doesn't mean you should skip a home addition if you love your home and want to stay in it as long as possible; just know that your renovation expenses may not add as much value to your home as you initially thought.
Take advantage of our home valuation tool to get an idea of your home's value. For a full, detailed home valuation, make sure to contact one of our agents directly. A REALTOR will take into consideration any nuances that your home may present and give you an educated opinion on your homes value, as well as any tips that could help it shift in your favor.
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How You're Going to Pay for the Addition
Make sure that you have a plan for how you're going to pay for the addition. If you plan to finance the addition, one of the first things you should do is apply for your loan. This will give you an accurate idea of how much the addition will cost you in the long run; if you aren't approved for your first loan option, you'll have time to explore other financing alternatives. See that you understand the true cost of the addition by requesting multiple quotes so that you know how much money you really need.
As a reminder, when considering home additions, you'll also want to make sure you have the proper permits required to begin the work and that you are budgeting for them. Permits can run for as little as $150 to $7,500 for larger-scale projects. Location will affect the cost of the permits, as well as the scale of the project. Contractors or companies you've hired to perform the work will make sure to apply for the proper permits, just remember to keep those costs in mind. Make sure when researching contractors that they are familiar with local zoning, city requirements, and ordinances that may affect the ability of the work to be completed. With a little planning, a home addition can be an excellent alternative to increase the functionality of your home. Want to explore homes with more space? Contact us to get started!