In today's housing market, if you sell your current home, you may not be able to afford to buy a new home. Housing prices are on the rise making homeowners think twice about selling. So what do you do when more space is needed or you want a new look?
Homeowners with enough property to expand should consider adding a room to your house. Renovating or remodeling is a great option if you love your existing home and neighborhood. It's beneficial to those who have paid off their mortgage or have equity built-up.
When you remodel your current home, you can move at your own pace. Plus, if your credit is good, the existing home can secure the financing needed for the project.
Are you looking to remodel or add a room addition? Keep reading for a guide to room additions, remodeling, and increasing square footage to your existing home.
Adding a Room to Your House Requires Planning
Doing a room addition or renovation requires a good thought out plan. Be realistic about your expectations. Major changes to the home can take months to complete.
There are many items on your to-do list. Before getting involved emotionally, ask a real estate professional if the investment will be worth it in the long run. You do not want to put a lot of money into remodeling a house if it is not going to increase the homes resell value.
What Type of Room Addition?
Home remodeling and room additions are big business. Oftentimes the need for more space arises when a family is growing. Other times it is after the kids are gone and the parents want to knock down walls or add a dream space.
Knowing what type of room you want makes planning easier. Is it a bigger kitchen, a cigar room for dad, or a yoga space for mom? Maybe you need a home office to work remotely.
The type of room you're adding will play a role in what part of the house you will be working with. A home office can go on the front of the home. A bigger kitchen is more likely to be at the back of the house with access to a patio or lanai.
Are You Looking to Increase the Size of an Existing Room
A room remodel doesn't always mean increasing square footage of the house. Your existing home could already have the needed spare footage for a room expansion.
There is no better way to ensure adult kids don't consider returning home than doing away with their bedroom.
Imagine creating the master bathroom and designer closet of your dreams. Or maybe you want to turn your living room into a great room with an open kitchen. Utilizing unused rooms can give you the space needed by simply knocking down the walls.
Is Going Up an Option?
Code restrictions and available land may make it impossible to build-out your existing home. The only option could be to go up instead. This could add to the cost of a remodel but will give you more footage to work with.
You'll need special clearances to ensure you're not impeding power lines or having to cut down a protected tree. Building up may also mean temporarily relocating.
Before making a decision consider the other homes in your neighborhood. Will your decision to create a second level add to the houses already in the neighborhood, in terms of variety and styles? Or will it make your home stick out like a sore thumb?
How Will You Pay For It?
In a perfect world, homeowners would be able to save money for big expenses. This isn't always the case so getting someone to loan them money is what needs to happen.
Financing is a major concern when it comes to remodeling a home. The cost of adding a room to your house is less expensive than buying a bigger home. However, it may be more difficult to secure a loan than getting a mortgage.
If you have a great relationship with the financial institution that financed your first mortgage, they will be your best bet. The two options are taking out a home equity loan, or refinancing to cash-out. Borrowing against an annuity or retirement account is an additional option.
Otherwise, you'll need to ensure your credit is in good standing and you can handle a sizeable loan in addition to your current debt.
Hiring a Contractor
With planning and finances out of the way, it's time to research general contractors. Some homeowners will try to be their own contractor. It's doable but will require a lot of time and expertise in the construction industry.
A general contractor knows how to read building plans, get permits, understand codes, and more. The contractor has industry contacts and will be better able to schedule subcontractors for electrical, plumbing, roofing, and other skilled positions.
This can save you money in the long run because hiring individual craftsmen can add up.
Working Out the Details
Getting down to the details is the fun part...not really. If you are increasing the square footage of the house, you'll also need to increase your existing roof. Depending on the age of the roof, it may be time for a replacement. It is better to do the entire roof than just the addition.
Your new room addition should match the exterior siding. You'll need to decide on the windows. Do you replace all of them or find ones that match what you already have.
Other considerations are flooring, lighting, heating and air conditioning.
Getting the Extra Space You Need
Adding a room to your house can resolve your need for extra space. A decision to renovate will have you falling in love with your home all over again. The changes and added space will also add to your homes resale value.
Is it a good time to start planning your room addition? Contact us to schedule your FREE in-home estimate.