Considerations Before Starting a Home Addition
A custom home addition is, by definition, a big improvement project, and it’s important to make the right decisions. But what exactly should you think about when adding new rooms to your house? Is it even necessary, or would you be better off with a different long-term plan, like buying a new home? These are common questions, and we have significant factors you should think about when deciding.
Consider the Low Home Inventory
If you are still deciding between a home addition and moving to a new home entirely, it’s important to consider the real estate market in your area and how the national average home inventory is at a very low point right now. Partly due to the general conditions of 2020, there are very few people trying to sell their homes now compared to other years, so finding a new home that works for you could be difficult. However, individual markets can vary, so we suggest comparing some numbers for your local real estate scene.
Know the Costs of Selling/Moving to a New Home
The costs of a home addition are fairly straightforward, especially if you are planning on having contractors do most of the work. You get an upfront estimate and make individual decisions as you go. Sometimes you have to pay fees for permits or blueprints, but this happens early on, and the costs are clear.
Selling a home and moving to a new house, on the other hand, has more hidden costs that can creep up over time. Moving costs for furniture, agent commissions, upgrade costs for things in your new home that need to be replaced, and, of course, the payments for any home loan you take out will all have an impact. Compare costs carefully!
Think About Plans for the Future and Your “Forever Home”
If you are having a tough time deciding on your house, ask a couple of simple questions to clarify matters. First: Is your current home your forever home – the place where you want to stay as long as possible, preferably until you can no longer live there? Second: If it isn’t your forever home, what changes would make it so? If the answer is more space, a better living room, a dedicated game room or den, a sunroom, a second story, etc., a home renovation is probably a good idea. If the answer is a different neighborhood, more yard space, or being closer to loved ones, then buying a new home is likely a better solution.
Make Sure You’re Creating Enough Room
What kind of addition do you need to really make your home feel, right? It’s important to compare your budget with your dreams here. A sunroom big enough for lounging is great, but if that sunroom needs an outside deck to feel complete, then you should add the costs of that deck into your budget. Likewise, there’s a significant difference between adding a new bedroom or bath and expanding your living room or creating a finished basement. Think about if your plumbing or HVAC needs will change and how that affects your project!
Consider if You’re Adding Enough Value to Your Home
If one of your goals is to add value to your home for the real estate market, take a look at which projects tend to add the most value to a home. You also want to avoid overspending on improvement features that don’t actually add much market value to your home (unless you really want them).
For more information or estimates, contact Quality Craftsmen today: We’ll be happy to help! We specialize in interior and exterior renovations throughout the East Cobb area that are perfect for aging in place. We’ll help you create a space that you’ll love for many years to come.