Many homeowners look to expand their property’s square footage with new home additions. An addition is a popular home renovation project owners take on with a skilled contractor. Common home addition projects include sunrooms, patios, porches and even second stories. It’s important to plan accordingly when moving forward with a home addition, as these tend to be more expensive than other home improvement projects. Work with your contractor to get the best build and best value for your home.
Consider Your Financial Situation
Before embarking on home additions with a contractor, consider your financial situation. Decide if the addition project will add value to your home’s investment potential. Talk to your financial advisor to see if it’s feasible to finance your home addition project through your contractor or explore other ways to help make it happen, such as a home equity loan.
Make the Decision as a Family
Another key part of a successful major renovation is that everyone in the family is on board with the project. If you have a spouse or partner, ensure your other half is in agreement about going forward with a home addition. Be honest about what you want from the project and be reasonable about the budget. It may take some serious discussions and compromise to come to an agreement about how to move forward with the renovation.
Cut Back on Expenses
Most important, you’ll need to budget for a home addition. Choose to cut back on unnecessary expenses, such as daily trips to the coffee shop, eating out at restaurants and going to the movies. Consider cutting back on driving your car to work by carpooling or biking to work if it’s close. This could help lower your monthly gas usage and give you extra room in your budget from the money savings.
Home additions can be a great way to invest in your property, but the initial cost may be pricey. Carefully evaluate if an addition is the right choice for you and work with a professional contractor to plan and build the project.