Quite often dissatisfaction with our present living arrangement strikes and we fee the need to undertake some home improvement project. Needless to say, it can be quite exciting to jump into a plan for a new home addition. Did you know that adding a new bedroom or living room can add value to your home while improving your quality of life? Although renovations can be an excellent investment, the cost-per-square-metre can end up being more than building a new home. Here are a few considerations on what to consider when adding to your home.
Define your needs
In the first place it is prudent that you define your needs and wants and then determine if they make sense for your particular situation. Defining your needs is essential to helping identify your core needs. This will ensure that you do not get carried away with your upgrade project and over capitalise. In addition, it is very important to be precise and specific with your renovation project.
Types of additions
Let us start by looking at bump-out additions. Most homeowners consider bumping-out walls to create more space at one stage or another. However, a lot of homeowners receive the shock of their lives when they realise just how expensive such an undertaking can be. Before you start a bump-out project carefully consider the expense and space actually created with such an undertaking.
One of the most common and effective means by which to achieve addition space is to add a room to the first-floor of your home. Bear in mind that adding an extra room to the first-floor of your home will typically come at the cost of yard space.
If you have a home with a steep roofline then you can consider adding a dormer to not only improve the curb appeal but also create additional space.
Another great way to add space to you home is to adjoin a second story. Although this will be quite expensive it is undoubtedly double the size of your home without reducing your yard space.
You can also consider creating extra space by adding another room above your garage.
Any homeowner looking to undertake an addition will require a building permit to construct. It is also paramount that your building project adheres to the latest building codes. Any additions to your home must not be too tall or positioned too close to the property line.
The cost involved with an addition depend on a variety of factors. For example, the quality of materials used in your project will have a bearing on your total costs. In addition, the type and size of the project will have an impact on your costs. Whatever the case it is essential that you do not overcapitalise. When you overcapitalise the valuation of your home will be more than its real value.