When interest rates decrease, it’s also the time that home equity loans are more affordable. Also, this is the period wherein you can hear saws and hammers all over the country. One of the most expensive home remodeling ideas that a homeowner can make is a house addition. Generally, this is probably the only time that the homeowner will spend a six-figure amount on a single project. Compared to landscaping or interior paint, a house addition is something that cannot be undone. Hence, this process is something that you must consider carefully since it can be both taxing and rewarding from every angle.
Advantages
A House Addition Is Your Own Creation
Your old house was originally created by a builder and was continuously changed by other homeowners through the years. When you paint the walls, change the floors, or renovate the bathroom, you are merely adding your creativity to this collage.
However, when it comes to a home addition, it is something that you can rightfully claim as your own unique creation. Constructing an addition is just the same as designing an entirely new house. There are few remodeling projects that are as creatively satisfying and exciting as working with a blank space.
Home Addition Tops Other Methods of Adding Space
When you compare the different methods of adding space to your house, you will find that there is no other space-creating technique that can compete with house addition with regard to emotional and financial value.
Most often, sunrooms can be considered as poor investments since buyers might view them as liabilities that need to be destroyed rather than quality spaces. Rather than investing in a six-figure well-constructed sunroom, you might as well create a house addition, which is is a better investment.
Refined basements are feasible spaces that are perfect for entertaining and living. However, basements can be bleak spaces with only a few or no windows at all, except if you are having a daylight basement with a ground level on one side. Additionally, there is no additional square footage added to your home.
Room additions can be best portrayed as mini house additions. These are only one-room additions rather than multiple. An ultimate house addition is composed of several rooms. Room additions might be the cost-saving alternative to home additions, but they can invade your privacy and will require a considerable amount.
Excellent High Cost-Value Ratio
The Home Advisor’s True Cost Guide suggests that at least 65% of the expenses of a two-story addition might be recovered at the time of future sale. However, the phrase “might be recovered”, means that it is impossible to predict the real estate market years. Typically, it would be much cheaper to construct an addition rather than purchasing a new home that has the same space as your current house plus an addition. Ultimately, building a home addition would be a good option rather than selling your old house and purchasing a new one.
Disadvantages
Higher Resale Cost Not Ensured
Since peripheral costs have the tendency to increase, you might still lose money if you choose to sell your house. House additions mean more space; so you will have more windows and gutters to clean, increased cooling and heating costs, higher property taxes, and an additional house to clean.
Although house additions are very promising when it comes to higher cost-value ratios compared to renovation projects, there are still chances that you might not be able to recover the entire cost of the addition at the time of sale. It’s a gamble that many homeowners are risking. Constructing a house addition with the prior knowledge that you will be selling your home within a year or two means that you have a greater risk of losing money, except if you are in a hot real estate market.
House Additions Take Up Property Space
Except if you are creating a second story, you could likely lose your yard space when constructing an addition. If you are building a ground-level house addition, then you could never recover this space.
If you have small children and you want them to play outside, then you might want to delay the addition until they get bigger and are no longer interested in playing outside. Nowadays, the yards of large-sized homes are getting smaller and smaller. Some communities have adverse reactions when it comes to home additions which have resulted in some modifications in zoning and permitting.
Home Additions Can Be Emotionally Taxing
During the first few days of constructing your home addition, it can feel so thrilling. In fact, you can’t wait until the workers will show up. Then one day you suddenly wake up to the loud noise of the generator which is just a few feet away from the windows of your bedroom. During this time, you have realized that your love for home addition has hit the rocks. The worse thing is your relationship with your partner could also hit the rocks. There are a lot of reasons why this is happening such as the constant dealing with the contractor, dust, and noise, invading one’s privacy, having workers in your house almost every day, money worries, etc.
How to Build a House Addition
Among the home improvement projects, there is no other more expensive and complicated than constructing a complete room addition. This can likely change the actual floor plan of your home after installing foundations, framing, and painting the new living space. There are rare cases wherein the expenses of a spacious room addition could cost more than the cost of your current home. Despite the huge scope of this project, home additions could be highly-priced since they can improve livability and increase the real estate value of your home.
However, constructing a house addition is usually done by a contractor rather than the homeowners themselves. The skills needed in completing a room addition include a wide range of abilities, and it’s quite rare to find a homeowner who can do it by themselves.
However, it does not mean that the homeowners cannot do anything. On the contrary, homeowners can get involved with the process by making informed decisions and ensuring that the works meet their expectations. If you want to manage the project yourself, then it is important that you understand the steps. This can help you in scheduling and supervising the work of the subcontractors who are working on your project. Additionally, as a homeowner, you might choose to perform some aspects of the project yourself, for instance, painting the walls or doing the final finish of carpentry works.
Regardless of the extent of your participation, it can help you in observing the project to help you in understanding how contractors work. At the same time, you can supervise and evaluate their activities so you can plan your involvement.
Before You Start
The tools and materials needed may vary from project to project, however, as a rule, the elements needed in home additions are just the same as building a new house. There are various tools and materials needed in the construction of home additions, such as concrete tools, excavation equipment, varnishes for cabinetry, and many more.
It is very rare to find building trade professionals who have all the skills and tools needed in accomplishing a major home addition. Typically, a general contractor will be overseeing the project. He will bid on your project, then supervise the subcontractors who are working on the project. The project should be completed based on the agreed-upon specifications. While it is possible that you will plan the project yourself, hire and supervise the subcontractors yourself, this can be a daunting task. Unfortunately, most homeowners end up regretting it. The process of your home could run smoothly if you choose to hire a general contractor.
Be prepared since home additions could likely take more time. Although the actual labor time could take two to four weeks, there could be a few downtimes in between such as waiting for the next subcontractor or the arrival of inspectors. If you started your project in late spring, then most probably your project could be completed sometime in the fall.
Figure Out the Scope and Budget
If you want your project to be a success, then you should spend some time doing some research and determine the accurate scale and size of the work. Home additions are just like constructing a house. It involves budgeting, applying for permits, designing, hiring contractors and subcontractors. The structure will be constructed from the ground up.
It is necessary that you must be realistic with your budget and be prepared for the work required. A few homeowners reveal that they spend between $50,000 to $75,000 for their house addition with multiple rooms. Most probably, the cost is below six figures.
Obtain Funding
Although there are a few homeowners who can afford to pay the complete home addition in cash, there are others who can’t. That is why they might require a line of credit or loan. Usually, this involves securing a second mortgage, a home equity loan, or a line of credit.
If you are planning to have a home addition in your current property, then Casci Design Works Inc. can help you. We offer a wide range of contracting services, including architectural designer services, room additions, and project management services. For more details, you may call us at 916-216-2786 or send us an email at sfcasci@gmail.com.