SYNOPSIS: When you have outgrown your home
but don’t want to move, what options do you
have? Adding-on is a popular option that homeowners
choose instead of uprooting.
When you need more rooms in your home,
you can either reconsider how existing space is utilized
or you can add more space with an addition. According
to a recent National Association of Home Builders
survey, buyers in all regions of the US are seeking
homes with more than 2200 square feet of living space.
So, although building an addition seems like a great
idea all around, do not make the mistake of believing
adding on is just a case of making the decision and
hiring a contractor. As a Realty Times article shows,
there is a lot more to consider before you start building.
First, you have to consider the legal aspects of
the addition. Think about what kind of addition you
want. Then evaluate whether you have enough property
to do it while still staying in compliance with local
zoning and planning regulations. Also, be considerate
of others. Do not forget that your neighbors may not
be happy if you build a two-story addition that blocks
their great view or affects their taxes, resales and
property values.
Property value is also something to consider for
your own home. You may think that more space equals
more money, but that is not always the case. For instance,
if your neighborhood consists of three-bedroom homes
that are attracting small families, how will your
five-bedroom house fit into the market? Also, you
should be sure to make the addition look as if it
is integrated with the original structure. If it looks
like it was tacked on as an afterthought, you may
not get a good return on your investment.
The initial cost and feasibility of the addition
should also be heavily considered. If your house is
built of stone, for example, the material may be extremely
difficult to match, as it varies greatly. Brick is
easier to match, but is more expensive when building
an addition because the old mortar has to be removed
from the surfaces of the brick. The Cost vs. Value
report, sponsored by Remodeler and Realtor magazines,
shows that building an air-conditioned bedroom in
the attic costs an average of $22,840! According to
the report, only 84 percent of that cost is recovered
at resale.
If you decide that an addition does not work for
you, you still have the other option of better utilizing
the space you have. For instance, if your basement
remains unfinished, consider finishing it. Not only
will it boost your home’s resale value, you
will have an additional room to use as a bedroom,
exercise room, storage room or office.
