More for Your Home

Published by cravat | Filed under Miscellaneous, Real Estate, Shout Outs, Uncategorized

Other than giving your home with additional space, more space, an addition to your home can be a good investment. But before you enter on such plan the owner must consider a lot of important aspects. These items are home market values in the neighborhood, size, finances and scale of project, architecture and the target of completion and your commitment level to go through all these.

Area of extension and addition on property value

Before you jump on ground breaking for your home addition, it is best to know what you want in your additional area. Like how big? What kind of rooms? Once this is understood, know the importance of how much it would to your property value. Find the value in your local area with similar size and features to an improved home. With this data the owner can then compute the difference between their current home market value and the new and improved home market value. This difference should represent the maximum budget for an extension if a positive investment is desired.

Financing

The next significant to ask involves how to finance this addition. Unless the project is being financed on savings then funding will be required. If present mortgage rates are higher than the existing mortgage, then a home equity loan will probably make the most sense. If current mortgage rates are lower than the existing mortgage, then refinancing the entire home, including the cost of the home addition project, will definitely make sense.

Considering Architecture

When you have addressed your financial concerns it is then time to focus on the scale and size of the project. The architectural and aesthetics of the new addition, it must not be that big or really small. Usually owners get carried away and big spaces of the new living space without sufficient thought on the outer appearance. From a market value, there is more to a home than just pure living space. A home needs to maintain its exterior aesthetics as well. It is necessary to consider such items as siding, doors, windows, rooflines, and elevations. All should bond into the existing home exterior seamlessly and aesthetically.

If an architect is not planned for the project, then the homeowner should at least make some sketches of the home exterior with the new addition. The building inspector will probably require them anyways during the permit process. Also, there are so many Home Design software packages on the market today that can assist you to create any drawings.

Timetable and Commitment

You need to consider the timetable for the completion of the project and the home-owner level of commitment. A lot of homeowners think that they can do a lot more than they are either skilled to do or have the time to do. I suggest contracting out the site/ground work, rough framing, roofing, siding, heating/cooling, and the drywall. These works require skill, time and strength. Sometimes, local laws permit, electric and plumbing can start from the homeowner. You need to honestly assess, your skill and all your available for this expansion versus on the project schedule. If they don’t match, hire the contractor.

Limits of all the Hassles and Disruption

Lastly, a homeowner must know their limits for all hassles and disruption. A home space addition can be very disruptive to any lifestyles. It is dusty, dirty and a lot of noise and add the dilemma you deal with subcontractors which will take a couple of months for inconvenience for a simple addition.

If after all the assessment all these concerns and you are still willing to move on with the project, contract your subcontractors, gather all your permits and start getting excited. For several homeowners doing a home addition is a valuable experience that gives both new space and quality investment.