A Home Addition is a great way to add square footage and charm to your home. Adding or expanding to your home is a process you need to be prepared for. You have contractors to hire, important decisions to make and a lot of money to spend. For the next several weeks to months your house will be a construction zone. So if you’re dreaming of a home addition, here’s what you should consider before moving forward.
Think about flow!
It is important to build something that will look and feel like part of the house. You want to think of the resale value. Someday when you sell the house you want people to say, “YES!, this room works for me!”
Who should you hire?
There are several individuals that will need to be involved in your home addition. You will need an architect to help you map out the house addition plans. You will also need a contractor to give you an estimate of how much it will cost you to build. Just make sure to do your research and hire someone who is bonded, licensed and insured.
How much will you spend?
The cost of a home addition varies widely depending on the type of room, where you live and cost of goods like wood. But just to give you a sense of how much it might cost check out CostHelper.com. They estimate that adding a bathroom or bedroom could run from $25,000 to $50,000. A large room, such as a family room, could run as high as $100,000. Most homeowners pay for additions by refinancing their home. Most lenders offer construction loans based on the future value of the property after the improvements have been made.
Your homeowners insurance will most likely go up although it’s a small consideration compared with the cost of adding a room. Be sure to contact your insurer before you begin building. “If the new addition is destroyed or damaged before insurance coverage has been increased, you may be responsible for the cost of repairing or rebuilding the addition,” says Elaine Montgomery-Baisden, vice president of personal insurance at Travelers.
There are many ways to prepare yourself for a home addition. Home additions take efficient planning, time management, and patience. This is why it is important to properly prepare yourself, set a budget, and make your dream home a reality!