Your Question: What Should I Consider When Thinking About Adding On to My Home?
Professor Tate Answers:
Many homeowners who feel confined in their homes consider the idea of building an addition, rather than selling and buying a larger house. Of course, this requires careful consideration and research before making a committed decision.
One thing you’d do well to consider is how long and costly the addition or renovation may be. Depending on which areas of the home are being renovated, your lives could be in an upheaval until the completion of the project. Also know that nothing ever goes perfectly. There will almost definitely be some snags along the way that may cause the project to take longer and maybe even more costly.
1. The very first thing you’d want to do when considering the expansion of your home is to speak with an architect. He might be able to suggest some renovations to you that will fit in with your neighborhood, and should you decide to sell in the future, appeal to prospective buyers.
2. Next, find out what your local building regulations are. You can do this by heading to your building inspection or municipal office. This will ensure that you are able to keep your renovations in line with safety codes and laws.
3. You’ll need to figure out how you’ll pay for your renovations. Keep in mind that they can cost between $200-$600 per square foot added. It’s possible that you may need to finance your home to cover the cost. Also keep in mind that home renovations will most likely increase your home insurance coverage needs, so you’ll want to talk to your insurance company about estimated charges or restrictions.
Expending your home is a BIG process and a big decision. Make sure you consider your options and think about the renovation process carefully before making your decision.
You asked, now you know!
-Professor Reel S. Tate