Interest rates are seeing record lows making it affordable for more homeowners to obtain a home equity loan. Finally contractors are finding themselves taking on expansive home addition projects for clients. Below you will find a few items to think about as you tackle any sized home improvement project.
The real estate market is ever changing. It is important to remember that every investment that you make to your home has a different return on investment. Some renovations are done purely for your own satisfaction and it is important before you invest thousands of dollars that will never be recouped that you fully wrap yourself around that idea.
Whereas other renovations not only recoup their value when your home sells they add substantial value to the homes equity. To make sure that the renovation makes sense consider the cost to value ratio verse buying a new home. Of course other factors will go into this such as the location of the home, home available on the market and such but overall does it make sense to put money into your current home?
There are a number of ways to increase the space within your home. Not all home additions are viewed the same when it comes to the real estate market. For instance, many buyers view a sunroom as a liability. You may however consider a sunroom the ideal way to bring the outdoors inside. Consider this when investing in the renovation. If you will not be able to recoup your investment in the long run how much are you willing to spend to get what you want so that you can enjoy the space while you own the house?
Finishing a basement however is seen by most buyers as a viable use of space. If you are finishing a basement to offer additional bedrooms and living areas make sure that they function as such. If the current basement lacks natural light it is important to plan the renovation to include additional natural lighting and windows. The space should function just like an addition onto any other part of your home. You are not adding additional square footage to the home per se however you are adding to the functional space of the home.
A major benefit of creating an addition out of spaces that already exist in your home like with attic and basement renovation is that although you aren’t adding square footage to the house you also aren’t eating up valuable landscape space. It is amazing how an addition to an existing home can really transform the space. With the constant noise, presence of crew and other distractions it can be hard to remember why you chose to renovate. Keep in mind that all home improvement projects have a bright light at the end of the dark tunnel; the enjoyment that you will find in having additional functional space without the hassle of selling a house, buying a new one and moving your household.
Many homeowners consider moving for one reason or another but the lack of money or motivation to pack everything up stops them. Logically the next thought is to renovate their current home with a home addition. That’s a whole lot easier than moving, right?
The truth is that there are pros and cons to both options. Renovating your home has a different set of issues to consider. Homeowners will need to consider whether they will proceed with the renovations on their own or if they will hire a professional contractor. Remodeling projects also need to be budgeted for as the expenses can quickly get out of hand. Homeowners should also consider the time and mess that comes along with a home addition. It may be that in the end the idea of moving isn’t so bad after all.
In all seriousness however, most homeowners will choose adding on to their homes over moving nine out of ten times. There are a number of reasons that staying in your home is a top choice over moving. The most common reason for this is the location of the current home. For most of us change is uncomfortable. We become comfortable with the neighborhood and the routine of life all which would be disrupted substantially if we chose to move.
To begin any home renovation or room addition project homeowners should start by scheduling a meeting with an expert in home construction. Be sure that the contractor that you choose is bonded, licensed and insured. It is also a good idea to choose a home contractor that has built a solid reputation within your community for new construction projects and room additions.
After you have a general idea of what to expect the project to cost it is time to sit down and realistically figure if the addition is something you can afford. Will you be able to pay cash for the renovation or will you need to look into financing options. The cost of the renovation will mainly be dependent on the size of the space to be added along with the purpose of the space. Certain rooms like bedrooms and home offices are cheaper than renovations where there are a great deal of additional material expenses like bathrooms, kitchens and living rooms.
One way to safely decrease the expense involved in adding on to your home is by utilizing the homes existing floor plan. Another option is to utilize an existing space for the additional room such as a basement or attic. Understand that with any change comes some inconvenience. Whether you move or choose to add on to an additional home get ready to be flexible and focus on the light at the end of the tunnel.