“Adding A Home Addition Will Be Fun!” They Said…

Weighing The Pros & Cons Of A Home Addition

Adding a new addition to your home is a great idea for various reasons. But interest rates and property values can change the effectiveness of your investment. If you are considering building a home addition, you’ll want to consider the following information as you make your decision.

Cost

Possibly the greatest consideration regarding home additions is cost. Generally, many homeowners opt to build or renovate when interest rates are low and they can take advantage of home equity loans. When budgeting for your addition, it’s important to plan for the costs that are often associated with major home improvement projects. The heft cost of a new home addition is something that homeowners need to consider closely before embarking on this type of construction. It’s also important to consider the additional costs of utilities and taxes that will affect your annual budget.

Investment Value

Experts suggest that you can recover the cost of a mid-range home addition at the point of sale. This is the main inspiration for many homeowners investing in extra square footage. Even though extra square footage should drive up the value of your home, sellers don’t necessarily recoup their entire investment due to other variables associated with property values.

Enjoyment Factor

Cost and investment aren’t always the main considerations for homeowners who opt for new additions. Many people simply want to enjoy the added space or a significant need for expanding their home. Whether you’re considering extra bedrooms or an expanded kitchen, an addition will improve the functionality of your home and increase your overall enjoyment.

 

Stress

From conflicts with contractors to the inconvenience of living in a construction zone, home renovations and new additions can be fraught with stress. While stress is a con, it’s also likely to be a temporary problem. Moreover, selling your home and buying a new one may prove no less stressful. By working with skilled reputable contractors and planning carefully, you can avoid many of the headaches associated with residential building projects.

Design Aesthetic

A poorly designed addition can detract from the appearance of your home. It’s important for homeowners to work with an architect who has the experience and knowledge to create an addition in keeping with the aesthetics of your home. An addition that’s mismatched with the main structure can detract from the visual appeal of the house and ultimately turn off buyers.

Other Pros and Cons of a Home Addition

Unless your new addition is a second-story addition, a home expansion is going to swallow up some of your property. Less yard space could prove to be a turnoff to some home buyers. On the other hand, staying in your home allows you to keep your great neighbors and reside in the community you love. Adding on to your home also allows you to customize the entire project to suit your household’s needs.

Conclusion

Consider all of the pros and cons when it comes to making a decision about a new home addition. Talking to other homeowners can also help you gather advice and enhance your decision-making process.

 

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About thenoelteam

As a Broker with RE/MAX Alliance, I work energetically for my clients whether they are a buyer or seller. I help you achieve your goal of owning a home or getting the best price for your home in the shortest time possible. After graduating from UCLA with a degree in communications and finance, I was licensed in 1977 and since then I have sold over 3600 properties amounting to over $1 billion in sales. I currently rank in the top 10 in home sales for Colorado. I offer the same quality of service and superior communication to all clients, ranging from starter homes to multi-million dollar estates, commercial and income properties, relocations and foreclosures My goal is to provide you with the best representation possible whether you are buying or selling. Over the years, one of the things that I've discovered is that there is a difference in the way individual Realtors do business. For me, I have always felt that honesty and personal integrity are the foundations upon which a successful business and career are built and sustained. I have an extensive background and knowledge base in real estate, including financing, which has enabled me to provide outstanding, quality advice and service not found with many agents today. My commitment to communication creates a positive relationship between my client and myself that results in a successful property sale or purchase. My passion for real estate, commitment to my clients and personal integrity has helped me to achieve success placing me in the top 1% of all brokers in nationwide. In my career, I have earned a number of awards and received considerable recognition for my success but the most significant recognition comes from the fact that over 75% of my business comes from past clients. My success is a true measure of my client satisfaction.
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