Whether you're seeking extra space or looking to bolster the resale value of your home, renovating your house to include an addition can be an excellent investment. But a home addition is not something to simply dive right into without the benefit of research and planning.
Here’s a look at some of the factors for homeowners to consider for this major decision:
Is it necessary?
According to the blog of home improvement TV network HGTV, the first question you must ask yourself is whether the addition is genuinely going to benefit your home and its value. Additions are more expensive than other forms of renovation. That makes them more likely to have a lower return on investment. So be sure you're embarking on an addition as a project to add value both immediately and for the long term. On the other side of the equation, note that if neighboring homes have additions that yours does not, putting an addition on the house could be crucial if you intend to sell.
Consult family
Unless you live alone, building an addition will affect people other than you ─ namely, your family. They will have to endure the noise and other inconveniences. Home improvement and design blog The Spruce recommended making a decision about a home addition alongside your family, not against their wishes.
Budget carefully
Money doesn't entirely make the world go 'round. But it will certainly be a major factor in your house's would-be addition. HomeAdvisor, a home-improvement information resource, surveyed more than 3,000 of its members. It found that homeowners spent $41,624 on any substantial addition, on average. Some experienced only four-figure project expenses, while others edged into six-figure territory. The majority of respondents to HomeAdvisor's survey spent between $21,000 and $65,000 on additions. But even a final bill under $10,000 can be significant.
Cost is largely dependent on the type of modification. An elaborate sunroom or two-story addition will be a great deal more expensive than a small addition or new bathroom, for example. Size is another huge factor, as you can expect to pay between $80 and $200 per square foot of added or modified home space.
Be mindful of laws
HGTV noted that zoning ordinances can restrict the building of additions. Cities and towns differ. But most of these rules demand that homeowners build within a certain distance from their property line. There may also be restrictions on structures' heights and the use of materials, so check with your municipal building authority.
Here’s a look at some of the factors for homeowners to consider for this major decision:
Is it necessary?
According to the blog of home improvement TV network HGTV, the first question you must ask yourself is whether the addition is genuinely going to benefit your home and its value. Additions are more expensive than other forms of renovation. That makes them more likely to have a lower return on investment. So be sure you're embarking on an addition as a project to add value both immediately and for the long term. On the other side of the equation, note that if neighboring homes have additions that yours does not, putting an addition on the house could be crucial if you intend to sell.
Consult family
Unless you live alone, building an addition will affect people other than you ─ namely, your family. They will have to endure the noise and other inconveniences. Home improvement and design blog The Spruce recommended making a decision about a home addition alongside your family, not against their wishes.
Budget carefully
Money doesn't entirely make the world go 'round. But it will certainly be a major factor in your house's would-be addition. HomeAdvisor, a home-improvement information resource, surveyed more than 3,000 of its members. It found that homeowners spent $41,624 on any substantial addition, on average. Some experienced only four-figure project expenses, while others edged into six-figure territory. The majority of respondents to HomeAdvisor's survey spent between $21,000 and $65,000 on additions. But even a final bill under $10,000 can be significant.
Cost is largely dependent on the type of modification. An elaborate sunroom or two-story addition will be a great deal more expensive than a small addition or new bathroom, for example. Size is another huge factor, as you can expect to pay between $80 and $200 per square foot of added or modified home space.
Be mindful of laws
HGTV noted that zoning ordinances can restrict the building of additions. Cities and towns differ. But most of these rules demand that homeowners build within a certain distance from their property line. There may also be restrictions on structures' heights and the use of materials, so check with your municipal building authority.
