Adding a new addition to your home is a great idea for various reasons. But interest rates and property values can change the effectiveness of your investment. If you are considering building a home addition, you'll want to consider the following information as you make your decision.
Possibly the greatest consideration regarding home additions is cost. Generally, many homeowners opt to build or renovate when interest rates are low and they can take advantage of home equity loans. When budgeting for your addition, it's important to plan for the costs that are often associated with major home improvement projects. The hefty cost of a new home addition is something that homeowners need to consider closely before embarking on this type of construction. It's also important to consider the additional costs of utilities and taxes that will affect your annual budget.
Experts suggest that you can recover the cost of a mid-range home addition at the point of sale. This is the main inspiration for many homeowners investing in extra square footage. Even though extra square footage should drive up the value of your home, sellers don't necessarily recoup their entire investment due to other variables associated with property values.
Cost and investment aren't always the main considerations for homeowners who opt for new additions. Many people simply want to enjoy the added space or have a significant need for expanding their home. Whether you're considering extra bedrooms or an expanded kitchen, an addition will improve the functionality of your home and increase your overall enjoyment.
From conflicts with contractors to the inconvenience of living in a construction zone, home renovations and new additions can be fraught with stress. While stress is a con, it's also likely to be a temporary problem. Moreover, selling your home and buying a new one may prove no less stressful. By working with skilled reputable contractors and planning carefully, you can avoid many of the headaches associated with residential building projects.
A poorly designed addition can detract from the appearance of your home. It's important for homeowners to work with an architect who has the experience and knowledge to create an addition in keeping with the aesthetics of your home. An addition that's mismatched with the main structure can detract from the visual appeal of the house and ultimately turn off buyers.
Other Pros and Cons of a Home Addition
Unless your new addition is a second-story addition, a home expansion is going to swallow up some of your property. Less yard space could prove to be a turnoff to some home buyers. On the other hand, staying in your home allows you to keep your great neighbors and reside in the community you love. Adding on to your home also allows you to customize the entire project to suit your household's needs.
Consider all of the pros and cons when it comes to making a decision about a new home addition. Talking to other homeowners can also help you gather advice and enhance your decision-making process.
Andrea Davis is the editor for HomeAdvisor, which helps homeowners find home improvement professionals in their area at no charge to ensure the best service in the shortest amount of time.