23 Oct Planning a Home Addition that Won’t Break the Bank
A new addition increases the function, beauty, and value of your home. However, home additions are a major undertaking–they require proper planning before you actually break ground. If you want to tackle the project without substantially denting your budget, a plan of action should be laid out so you can approach the work in a practical and cost-effective way.
Spare your bank account as you plan for an upcoming home addition by following the steps below.
Locate Property Lines
Determine your property lines and come up with a plot plan that includes landscaping, location of utilities, and the home itself. Doing this step is crucial because local codes have restrictions on how close to your neighbors the addition can be constricted.
Create a Design that Matches Your Existing Floor Plan
Check the floor plan and structure of your property. Get advice from an architect or residential designer with regards to the planning process so you can create a functional yet still economic addition to your home. Instead of just focusing on how you will live in the home addition, think about how it impacts the home’s overall look from the exterior.
Start Laying Out the Plan
When planning home additions, be sure to have detailed descriptions of the materials to be used and the scope of the work. It’s easier to save when you have multiple options, so make a list of all materials and your first, second, and third choices.
In case your preferences are way over budget, this guide will help you quickly decide on what should be used instead. Find out what’s really important to you, areas where you can compromise, and where you can really settle even with a low budget.
Related Content: 5 Things to Consider When Planning for a Home Room Addition
Think about Financing Options
The simplest way to pay for home additions is by saving enough money for it. Saving thousands of dollars can take years for most homeowners unless you’re a high-income earner. If the addition is needed as soon as possible, you may have to think of other payment methods to get funding for the project,
Credit cards would be your next option but they may not have enough limits to cover all costs, including permits and other necessities. At this point, you may want to consider taking out a bank loan. Most banks offer home improvement loans–just be sure to do your research first so you can find a lender that offers reasonable repayment terms and a good interest rate.
Home Additions: Higher Costs Don’t Always Mean Better Results
Besides offering extra living space, home additions are an excellent way to increase the value of your property. You can save more if you decide to act as your own contractor, but going DIY on this kind of project does come with risks.
No home construction project goes off without a hitch, so you’re bound to encounter some ups and downs along the way. With a contractor by your side, you can be sure that someone will help you keep everything in line. And by following the above tips, you should be able to construct a home addition and meet your growing family’s living space needs without spending more than your budget.