These days it seems like no matter how big your home is, there’s always the need for more space.
Whether you want to add a second story to your house, add a room over your garage, remodel your basement, increase the space in your kitchen or tackle some other sort of renovation project, there’s no shortage of options if you’re looking to add a home addition.
There are plenty of benefits to taking on a home addition project. Remodeling reports have indicated there are sizeable returns to be had by doing so, including a two-story addition (65%), master suite (63%) and sunroom (49%).
If you’re think your home is in need of an improvement like a home addition, you’re probably right. In fact more than 85% of U.S. homes built prior to 1980 are in need of some degree of home improvement.
As excited as you might be to add a new kitchen to your home or some other renovation project, it’s best to proceed with caution. Surveys of DIY home renovators have indicated that nearly 10% of those involved in DIY renovation projects end up causing damage to their home. What’s more, 6% of homeowners have seriously hurt themselves in the middle of a project.
There’s no doubt that a home can benefit greatly from a home addition. But before you jump head first into a home addition project, here are some questions you need to be asking:
- What’s the addition going to cost you? Before you get going on any project, please take time to consider the cost. Odds are good that you probably have a wish list for what you’d like to do, but it’s important to keep your goals rooted in reality too.
Depending on what you want to do, you might be paying several hundred dollars for each square foot of space for your home addition. Consider that a bathroom addition might run around $40,000, a master suite addition might run $108,000, a garage addition might run $60,000 and an addition to the family room might be as much as $85,000.
As you’re looking into costs of an addition, also consider that the addition will likely mean an increase in your home energy bills and it can also affect your property taxes.
- What sort of value does the project add? Before undertaking a project, consider how it might effect the resale value of your house. Even if you’re not planning on selling for a long time, that day may come and when and if it does, you’re going to want all you can get when the house is appraised. Keep in mind that you probably don’t want a home addition for just financial reasons, but it could put a few more bucks in your pocket down the road.
It’s also important to note that when it comes to return on investment (ROI), a home addition is often worth less than a remodel. So if you’re going for a home addition, add something noteworthy; something your house might be able to offer that other houses in your neighborhood don’t.
- Is there a cheaper way to renovate? If you’re on a tight budget, you may want to find ways to slash some of the costs of your project. The best way to make that happen is to use the space you already have, whether you reconfigure some space in the space or by using all the space you already have at your disposal. That doesn’t mean your addition won’t happen later, but if money is tight, look for ways to hang on to it for awhile.
- Will the addition mesh with your house? Home additions are great, but you ultimately want to make sure it looks like it belongs with your existing home. Trying to consider all the variables can be tricky if you’re not familiar with the ins-and-outs of home additions and a contractor should be able to help you visualize everything before any work happens.
Home addition can be very beneficial for homeowners, offering more spaces and chances to increase their home’s resale value. But before rushing into anything, ask yourself important questions to figure out if an addition is worth the money, and, if it is, what’s the most sensible way to make it happen.