Things to Know When Adding an Addition
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Building a home addition can be a good alternative to buying a new home or building a house from scratch. Besides saving money, it can be a means of investing in your home and customizing your home to serve your family’s specific needs and desires. But additions also bring up potential problems that may not make them the best option for everyone.
It Will Change the Appearance
An addition can drastically change the way a house looks from the road or yard. An addition that isn’t well planned can look like it doesn’t belong or doesn’t match the rest of the house in terms of style or overall shape. Planning an addition carefully with a skilled architect is the best way to ensure that the house looks as good, or even better, than it did before the addition. An architect should be able to produce sketches that give a sense of how the finished addition will look. To minimize the appearance of an addition, homeowners can usually choose to build onto the back of the existing house, thereby hiding the new construction from the road.
It Will Take Time
Depending on the size of the addition and the construction schedule, it may take weeks or months before addition is completed. Bad weather can cause unanticipated delays, and working with an unreliable contractor can prolong the process even further. If a homeowner can’t afford to be patient during the planning and construction process, moving into a new, larger home may be a better option.
It Should Be an Investment
An addition can be a good investment because it helps to increase the value of a home. Use a home equity line of credit or getting a new mortgage that includes money to pay for the addition can be a wise financial decision. However, if the expected value of an addition–which a homeowner can estimate by studying the sale prices of nearby homes with similar characteristics. It is less than its cost, it may be a poor investment.
It Will Raise Taxes
An addition is likely to raise the value of a home. After the addition is completed, a new assessment will raise property taxes. Prior to adding on, homeowners should estimate the value of their home with the addition and compute a new annual tax liability based on current tax rates.
It Should Save Energy
Building an addition is an ideal time to invest in energy-efficient fixtures and construction. Windows that prevent hot or cool air from escaping and low-energy-consuming appliances can minimize the cost of addition by reducing energy bills and their environmental impact.
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