When you’re considering putting an addition on your home, it’s easy to get caught up in the excitement of the moment and not think things through sufficiently before plunging into the project. But before you start, there are a few reasons why you should – or should not – put an addition on your home. Here are four important things to consider:
Will it increase the value of your home?
Even if you’re not planning on moving anytime soon, eventually your home will probably be sold. Does the addition increase the value of your home sufficiently to make it worthwhile? Though if adding an awesome music studio works well for your hobbies, there’s a very good chance the next owner may not see the value in it.
Another thing to consider is property values in your area. If there are a lot of larger homes around yours that command a higher appraised value, putting an addition on your home may help you catch up with those higher values. If, on the other hand, you live in a mid-century neighborhood with a lot of postage-stamp-sized homes, making a big addition to your home may not make enough of a difference to make it worthwhile.
Can you afford an addition right now?
If you’re considering getting a home improvement loan, what are your other expected expenses in the next few years? If you’ve got a child going off to college, need to buy a new car or are anticipating a downsizing layoff at work, this may not be the best time to add on to your home. Carefully consider these potential future income-limiters before signing a contract for your home addition.
If that part works out, have you considered other expenses related to the addition? Beyond labor and materials, putting in a new kitchen may require eating takeout or restaurant meals, while parts of the process may make you want to book time at a hotel for a week while the worst of the work is underway. Materials prices may go up or you may change your mind abut something in the plans. Make sure you have money available beyond the bare minimum.
What is it zoned for?
If you’re considering adding a massage studio to your home with its own entrance, you may want to see if you can have a business in your home. Are you considering adding an extra bathroom or two to your home? If you’ve got a septic system, it may not be rated for the additional capacity.
Beyond legal zoning, there can also be concerns in your homeowner’s association rules. If you haven’t read through the latest set of rules, now would be a good time to take a look. You may find regulations about construction and what’s allowed in an addition that limits what you can do.
Have you thought through the design?
That second-story master bedroom suite looks awesome, but will it when the joint replacements that run in the family start kicking in a decade from now? What about the door that swings in the wrong direction? Does the ductwork in the basement make the exterior entrance require a special out-swing door?
These questions are vital to determine how well the addition functions. Take a couple weeks to mentally “walk” through the addition and determine what may be problematic. Put out paint, floor and cabinet door samples and figure out if they’ll work well together. This helps save significant money down the road by preventing avoidable mistakes.
When it comes to additions, having a professional look over your ideas helps minimize avoidable mistakes. Contact us for details on how we can help you avoid these issues in your addition design.