The popularity of doing home additions is increasing as low interest rates and the growth of home equity loans becomes more prevalent. These additions are often the most expensive purchase a homeowner will make but often more economical than the alternative of selling the home to buy a bigger one. An addition can also serve to meet your individual needs, while a larger home may still lack the space requirements you're seeking. Creating the proper house design plans is an important first step to building a home addition. The house design plans provide the guidance and oversight necessary to build a structurally sound addition that will stand the test of time.
After acquiring or contracting a company to create the house design plans, the next step is to determine the financial viability of the project. Speaking to a bank, creditor or mortgage expert in order to secure financing for the addition is important. In some cases, where a project can be self-funded, the final cost may be far less as interest does not accrue. Once the financial viability is determined, contract a company to create house design plans and build the addition. This may mean that you have to vacate the home or parts of the home for some time. In some cases, you could go a long period of time without electricity or power. Ideally, it is preferable to find alternative living space while the addition is built.
Once the addition is complete, it is important to retain the house design plans in case of any future complications. If a reputable company with years of experience and a positive reputation is hired to build the addition, it is rare for complications to arise.
Before undertaking an addition, it is important to understand your reasons for building one. Take the time to list the advantages and disadvantages of doing an addition to fully comprehend the changes it will make to your home and your lifestyle. This can help to alleviate frustration later when the addition doesn't meet your requirements.
Some of the advantages of building an addition include:
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High return on investment – Studies have shown that in the majority of cases, up to or exceeding 90% of the total cost of a two-story addition can be recovered on the final home purchase price.
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Less expensive – Doing a home addition is significantly cheaper than the alternative of purchasing a larger home. In many cases, selling a home and paying the associated commissions would exceed the cost of the renovation.
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Ownership – While a bungalow may have been built in the early 1900ss, the addition transforms the home into something entirely your own.
Adds space – The ultimate reason for an addition is to create additional space in the home. Building additional internal rooms, a garage or enclosed porch adds living space to address issues such as storage, organization or a growing family. Disadvantages of building an addition include:
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Reduced yard – If you are building your home upwards this is not a concern, but for many who are expanding outwardly, an addition will consume valuable yard space.
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Possible losses – Even though additions retain value well, you may not always recover the full expense upon selling the home.
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Emotional expense – The constant upheaval in daily life caused by construction can weigh heavily on the mind of the homeowners.
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Increased costs – An addition that doubles the size of a home in turn is likely to double ongoing living costs such as electricity or heating.