If you’re thinking about making an addition to your home, there are a few things you should consider before breaking ground.
Building an addition to your home could be a good idea for a couple reasons, but you need to be careful in regard to where the market is at, where interest rates are, and your return on your investment.
First, there will be additional costs. You’ll obviously have the initial costs of the addition, but you also have to consider possible raises in your property taxes and monthly utility bills.
You also need to consider the investment value. When factoring how much an addition is going to cost, you’ll also want to figure out if you’ll recoup your investment if you sell the home in the future. Make sure you pay attention to the homes that are similar in size to your home after you make the addition.
The stress of doing an addition needs to be taken into account as well. Is the stress going to be worth finding a contractor that you trust, making sure the work is being done right, and the time it’s going to take out of your life? Or, is it a better idea to find a home that already has everything you want?
Finally, one thing Realtors see all the time is enclosures and additions that don’t add value because of the way the project turned out. If you do decide to do an addition, you need to take design aesthetics into consideration before you start to avoid adding valueless space.
If you have any questions or if you are looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you!