As exciting as it may be to consider what an addition can mean for a home, the reality is a labor-intensive, often expensive project for homeowners take on. For those who are mulling over the possibility, there are a few things to keep in mind. Whether it's a third bathroom or a luxury sunroom, consider the following facts before calling local contractors for quotes.
Is It Necessary?
From the basement to the garage, homeowners often have more space than they realize. It's typically less expensive to convert space than it is to add more to the home, which is why homeowners should take a hard look at how they're utilizing the current square footage of the home. Additions are often the result of a homeowner feeling as though they don't have the room they need to breathe. A finished basement can be enough to satisfy that craving if they design it correctly.
What's the Point?
There are a few key reasons why homeowners may insist on an addition:
- The morning congestion for a single bathroom in a home gets crowded. People might be late for work or otherwise inconvenienced practically every day.
- A family is growing and they need the extra space to accommodate new members.
- The neighborhood is rapidly shifting to larger homes. A home addition is the best way to improve the home's area in a high-demand area.
If a homeowner just wants more storage space or if they're just tired of their home as-is, it may not justify the cost of this extreme home renovation.
How Much Will It Cost?
The vast majority of homeowners take out a home loan to finance their addition, which will mean checking in with a financial professional. For those who qualify, the 203k loan may be able to help. This loan is available to homeowners who want to fix up homes in lower- or middle-class neighborhoods. They offer extremely competitive rates—typically far lower than people would find on their own. The idea is to help boost the condition of certain areas one home at a time. Homeowners who plan to perform much of the renovation themselves are allowed to list this as one of their assets on the loan application. This kind of commitment can improve their chances of approval.
What Does City Hall Say?
City Hall is usually the place where people get the permits and official approval they need to proceed. Every area has their own regulations regarding safety and building methodology. For example, some homeowners may only be allowed to hire certain contractors. Others may need an inspector approving each step of the process. If taking out a 203k loan, there will be more regulations governing how the work is completed.
Taking the Plunge
If there are no other options for a Big Lake AK homeowner than an addition, then homeowners are encouraged to embrace their new project. This is a great time to have a little fun poring over magazines for inspiration and asking friends for decorating advice. Go to Open Houses and see how the designer put together colors and showcase amenities. The more examples homeowners see, the more likely it is they'll find the configuration that works for them.
Home additions are as complicated as they are exciting, but they're not for everyone. Homeowners are highly encouraged to answer these four key questions before they make their final decision.