The idea of a home addition is appealing for those that are in dire need of extra space but realize the costs of purchasing an existing structure with the needed square footage. Below are a few considerations to make that can help save money and determine if an addition is what you need.
Cost-Conservative Ways to Increase Space
Before making a final decision on home additions, explore the possibilities you have already to increase usable space within the home. A porch or patio area can be fully enclosed and made into a bright sunroom. A full unfinished basement can have walls added and all of the finishing touches to nearly double your living space. Using already existing areas of the home can save time and money while giving you the extra space you need.
Single Room Additions
You may suddenly find the need for two extra bedrooms. Building two rooms will be nearly double the cost of one. One option is to have a one-room addition built and look for an area in the home to turn into an additional bedroom. It will cost far less to create one brand new room and add a wall or two to end up with the needed bedroom space. Adding a bathroom can be done more affordable if you seek out placement in an area close to existing plumbing.
Interior and Exterior Space Adjustment
Home additions become a permanent part of the structure. The added space will increase your heating and cooling costs, property taxes, and general maintenance. Beyond this, you will also be losing a portion of your yard. A home addition may not be the path you want to take if you have children that enjoy use of the yard, or the outside area is limited. You can either wait for the children to grow a few years or look for internal alternatives, such as basement finishing.
Practical Use and Resale Value
The fluctuations in home prices, interest rates, and overall costs of maintaining the home mean that there is always the possibility that you do not see an actual return of the money for the investment. There is no doubt that the addition will increase the value, but a sudden need to sell may not provide a complete return on your investment dollar. You will still greatly benefit from the use of the additional space. Determining the need for balance with resale value will help you reach the right decision for you and your family.