Worth a whopping $122 billion, the home remodeling industry is one of the fast-growing industries in America. And without a doubt, the most popular remodeling project is the home addition.
While building a home addition is an extremely rewarding experience, it’s a home remodeling project that you cannot take back.
Home additions take careful planning, budgeting, and several weeks, if not months to complete. It’s not as simple as a repaint job if you don’t love the outcome. This blog outlines what you really need to think about, first.
Initial Considerations
Before you sign with a contractor, there are a few essential factors to consider. All of which determine the type of home addition you choose.
Some of these include:
- How big do you want the project to be? Keep in mind that the more square meterage you add to your home, the more it will cost
- Are you able to obtain all the necessary permits you need to move forward with the job?
- Will you be able to find the right contractor and laborers for the specific home addition you have in mind?
- What about materials? Are they available in your region? Depending on where you live, you might not have access to the materials you need
- Your location also plays a big role in the cost of your home addition project — prices will vary by region
There’s no denying that building an addition can add incredible home value. But this doesn’t come without the upfront cost. Your personal budget will most likely play the biggest role in the extent of your home remodel.
Aside from these factors, let’s take a look at what goes into choosing the right home addition:
1. Add Your Own Unique Touch to Your Home
Depending on how old your home is, the property might have already undergone a few changes over the years. With a home addition, you get to leave your own, unique mark.
As mentioned earlier, you can’t go back and ”undo” the work of a home addition either. That’s why you need to take the time to carefully consider what type of mark you want to leave.
It’s a good idea to work with a skilled and experienced home designer or architect if you’re unsure of what type of addition to add. With their expertise, they can advise on the best (and most realistic) remodel project for your property.
2. Consider How Much Existing Space You Have
There is no other home renovation project that can physically add, and also subtract space from your property like a home addition.
It’s imperative that you think about the available space you have before you actually add to your home. Yes, home additions are often about creating more space, but you’ll need some legroom to work with, first.
Then, you’ll need to consider home addition options that work best with the available space you have and how they can add value to your home.
Think about your home addition from the perspective of a homebuyer. Does the remodel add functional space? Is it worth losing property square meterage over?
3. What Does Your Home Lack?
Whether you’ve built the home you live in or bought from someone else, there are always things about a home we wish we could change.
The longer you live in a space, the more you realize what you need in order to increase the functionality or the comfort of your home.
When you’re thinking about your addition, take into account what your home might lack. Often, this way of thinking makes for the most valuable addition to your property.
Many prospective homebuyers view the functionality of space as far more valuable than having extra space they might not need.
4. Will You Recoup What You’ve Spent?
A True Cost Guide by Home Advisor states that you could recoup up to 65 percent of the cost of a home addition. However, the keyword in that sentence is ”could”. It’s not always guaranteed.
This is why it’s essential to do some research on the best types of additions that offer a decent return on investment (ROI). While a brilliant ROI is never fully guaranteed, you want to recoup at least some of what you spent.
In general, building an addition is cheaper than buying a new home or home building from scratch. You can’t exactly predict what the housing market will do in years to come. But you want to invest in an addition that will age well with your home, too.
5. Don’t Forget About Increased Utility Costs
Like it or not, life tends to get more expensive as the years pass by. Hello, inflation. This means that you can almost expect an increase in peripheral costs when you build a home addition.
This includes an increase in utilities such as heating and cooling costs, property taxes, and home cleaning costs. Before you dive into your renovation project, consider whether you’ll be able to cover these costs going forward.
6. Prepare Yourself Mentally and Emotionally
Sure, the prospect of designing a new section of your home is exciting. But it’s no secret that home renovations can take their toll on you and your family, both mentally and emotionally.
A big part of making it through the many weeks or months of renovations is preparation. Try and face the reality early on that you will have contractors coming and going, 5-6 days a week. Your home will become dusty, noisy, and littered with potential hazards.
This is just the reality of home renovations. Come up with a game plan of how to tackle budgeting, noise, mess, and project hiccups before you kickstart the project.
Interested in Building a Home Addition?
At Higgason Homes, we are your go-to experts on building the right home addition to suit your needs.
If you’re interested in adding your own unique touch to your property, we have the expertise and portfolio to support your goals.
Take a look at some of the outstanding work we’ve completed and transform your home with us!