Does your house feel small and cramped? You probably need a bigger place. One of the solutions you can look into is a home addition. With a home addition, you can improve your living situation while increasing your property value.
If you choose to stay long-term, you can use the space any way you want. A study, a gym, or a small art studio – it can be a place for your hobbies and interests. If you plan on reselling the house, you can get a 65% to 74% return of investment (ROI) for the project. With a higher sale price, finding another house shouldn’t be a problem. Regardless of your plans, a home addition comes with plenty of benefits.
A home addition is one of the best remodeling projects you can do, but it isn’t easy. It is a long-term project that can take 3 to 6 months. You also need to have a generous budget. With so many moving parts, getting a home addition isn’t an easy choice for most homeowners.
If you want to have an affordable home addition, here are 5 tips you can apply:
There are two ways you can build your home addition. You can either build outwards and expand on the ground floor or build upwards and add a new level. One isn’t necessarily better than the other. The pros and cons depend on the design of your house.
Generally, adding a 2nd story is cheaper than building a bump-out, and in some ways, it is less complicated. When you are building outwards, you have limited square footage. You have to negotiate how much you want for indoor living and outdoor living. Besides that, you also have to consider your neighbour’s setback.
With all the zoning concerns, it might be difficult to have space for a useful home addition. When you add the 2nd floor, you can double your square footage with little to no complications.
Another factor you have to consider is the materials and labor involved. Building out is more expensive since you have to lay the foundation. You can spend around $8,478 for that step alone. If it is possible, settle for a second story home addition.
Home improvement projects go over budget all the time. People in the industry expect it, and you should too. To better control your budget, plan your custom home addition well.
Before you meet with your home addition contractors, figure out what you want. How much space do you need? What kind of materials do you want to use (natural vs. synthetic)? How do you plan to heat/ cool the space? What do you want to use the room for? Are there any customizations you want built-in? When you answer these questions, you can avoid making rash decisions.
Besides identifying what you want from the build, you should look into the project’s common problems. There is no such thing as a perfect construction timeline. Something will change, and that delay will cost you. When you have quick decision-making skills, you can reduce the impact of that delay. For a fool-proof plan, work closely alongside your home addition contractors.
While you plan your home addition, don’t forget to create a budget. A budget is a great way to control the cash inflow. You need to have one in place if you want to keep the costs low.
There are several ways you can create your home addition budget:
- Figure out what tier your project falls under and create a budget around that number. The average cost of low-end home addition is around $20,707, a mid-tier one is at $46,273, and a high-end one is $71,840.
- Find out the cost of materials and labor in your location and do the math – old school. See how much you can use for construction without compromising your security.
Use whatever method best works for you. The key thing you have to remember is that it should be generous.
There are parts of your construction that you should never skimp on, no matter what. Foundation, plumbing, electric, insulation, windows – some of the things are for long-term use. Find the best options in the market.
Cabinets, flooring, hardware fixtures can be more budget-friendly. There are plenty of affordable options that can be functional and beautiful at the same time. Instead of maple cabinets, try recycled wood. Instead of hardwood floors, try vinyl flooring. Instead of fancy doorknobs and cabinet handles, go with a mid-tier option.
When you are smart about mixing and matching expensive and cheap items, you can get the look you are going for at a fraction of the cost.
A home addition is a major project. You need the right partners on your side. No matter how hard you work to keep the costs low, it isn’t effective if your contractors aren’t any good. Damaging materials, building mistakes, timeline delays – there are so many things that can go wrong. When you hire cheap inexperienced crews, you get substandard work.
When you hire the right home addition contractors, they do the job down to the letter. They will suggest affordable but quality alternatives. They can work with your budget. Everything they will be in service of your dream home. They might be more expensive at first glance, but they make up for it with a hassle-free experience.
It all boils down to research and planning. When you follow these 5 tips, you can confidently get a home addition within your set budget. Get your new custom home addition today!