Adding an addition to your home can offer you extra space for guests or a live-in family member. It can also give you an additional entertainment or relaxation area and boost the market value of your home. A wooden deck addition can bring in an 85% ROI, and a garage addition can yield close to 70% ROI on your project. When starting an add-on project, begin by creating a realistic budget and thinking about your goals for the space. If you plan to handle the project yourself, invest in superior quality tools to do the job. Alternatively, hire a professional to help you with your addition. Explore our five tips for adding an addition to your home to give you the best results.
#1 Create a Realistic Budget
Successful home additions require homeowners to set realistic budgeting goals. It is key to organize your renovation projects into subcategories and price each element individually. Next, list the projects by their priority. Set aside 10% of your budget for unforeseen costs. Issues arise, and your project plans may change. A small buffer in your budget can prevent you from having to stop your addition halfway through the process. Generally, homeowners spend 5 to 15% of their home value on renovations and additions. This is specific to each area of the home addition and project. If possible, request cost estimates from contractors to estimate what you’ll spend on your project. To help formulate an accurate budget, you can also reference online resources that offer common home renovation project costs for a general estimate.
#2 Hire a Contractor / Ask Professionals
Once you know your budget and projected expenses, you can look for a professional contractor to help you realize the project. A key element to choosing the right professional is understanding that this individual and their staff will work in your home for as long as it takes to complete the project. Aim for amiability and strong reviews. A good place to start hunting for contractors is within your social circles. Ask friends and family for references.
Know the difference between a home renovator and remodeling specialist versus someone who works in construction. A remodeling contractor specializes in restoring and remodeling commercial or residential spaces. Pick someone who knows how to handle renovations in residential homes that are currently occupied. Tips for finding a contractor:
- Look for licensure and special certifications. Each state differs in licensing requirements, but it’s still wise to ask. Search in The National Association of the Remodeling Agency for the best in the industry.
- Ask to view their portfolio and see if they have completed projects such as this before. Try to look at their previous work and identify if it aligns with your project goals.
- Ask how they handle change. If you decide the bathtub is too extravagant and need to go back to the drawing board, how will they handle this type of request?
- Ensure they carry insurance so you are not stuck footing the bill if someone gets injured.
#3 Use Existing Space
While your goal may be to gain more space, consider using existing space in your home. If you have a basement, consider finishing it to provide ample living space without the costs of a large-scale construction project. Some attics can also be turned into finished areas to provide additional space without the added costs.
One of the most expensive parts of a home addition is pouring a slab. By using space already part of your existing structure, you will not have to front this added cost. The same goes for the roof; although you could choose to raise or extend your roofline, it may not be necessary, depending on your circumstances. The goal of using existing space is to minimize costs and disturbance to you and your family. But it can also be important if your property is not large enough for expansion. Completing an unfinished part of your house can spare you many headaches and help you stay within your budget.
#4 Make Current Layout Functional
Consider your reason for wanting an addition. If you have a new baby on the way, then you may need another bedroom. If you feel that your closet is not big enough, consider alternate layouts that provide better functionality. You can typically move the walls in your home easier than doing an expansion. If you don’t love your current layout, consider talking to a contractor who may have some ideas to make your existing blueprint better fit your style.
The garage is another part of your house that you may consider expanding. If you do not use your garage, it will provide a considerable area for expansion that already includes a floor, walls, and a roof. The main things you need to consider are getting rid of the door and installing an HVAC system.
#5 Add Something Outside
Improving your backyard can significantly enhance the atmosphere of your entire home. Adding some landscaping or a patio will make the area more inviting. Best of all, you can do some of the work yourself. If you don’t mind getting your hands dirty, pick up some professional concrete tools and pour a small patio or sunroom. You can also buy flowers and mulch to brighten up the area. Create space for a social gathering by adding cozy seating and space for a firepit. A high-powered generator provides ample energy for fun lighting sources to keep the party going all night long.
Backyard additions can add curb appeal and value to your home. If you plan to sell it in the next few years, an outdoor addition with a kitchen can bring in an ROI of between 100% to 200%, making it an excellent investment.
Enjoy Your Home Addition
Adding to your home should be a fun and creative process. You can ensure a smooth addition project by carefully crafting a realistic budget and hiring a skilled contracting team to help you achieve the look and feel you want for your addition. You can provide your home with the new look you desire by taking the right steps and considering all options.
