Thinking of having that new addition built onto your home? It’s a great investment, to be sure, but one that you should prepare for. As with most things, it’s never quite as simple as it might seem.
Cost Versus Value of Adding Onto Your Home
If you haven’t looked into it yet, one of the best first places to start is the Cost Vs. Value Report. This is a report that’s updated regularly based on data from the contracting and remodeling market. It’s a handy calculator that allows you to search regionally and specify your project type. It will give you realistic numbers on what you can expect to spend and (hopefully) earn back in value.
Still with us? Let’s move on to the things you should consider before having an addition built on your home.
1) Understanding Your Return on Investment
It’s important to be realistic about your return on investment. Not every addition is an in-law apartment (or Accessory Dwelling Unit, as they’re now called). That said, adding an extra bedroom is going to cost far less than creating a small new home adjacent to your living space!
Here are some general figures you can expect, based on the Patch website. These figures take into account the efficiency benefits of having a new space, but they don’t note that, quite often, additions pay for themselves in the event that you sell your home.
Sunroom: 49% return
Bathroom: 53% return
Master Suite Addition: 63% return
Second-Story Addition: 65% return
Any sort of addition adds to the square footage of your home and typically improves the property value.
2) Building a Second Story Vs. a Side Addition
In the industry, this is referred to as “up or out.” Here are a few things you should consider, all of which will impact whether your best option is to build a second (or third) story, or build out on the side.
Building on the side requires lot space, foundation work, and excavation. Because of this, the cost can be a bit higher. However, building up has its own caveats. There’s the process of dismantling and raising the roof, as well as all the extra weight that addition will add to your foundation.
The best solution is to do your research, ask your neighbors what they’ve done in terms of additions, and have a contractor visit your site to help you determine the best possible path.
3) Build an Addition That Complements Your Home
Nobody wants an eyesore addition, whether it’s inside or out. You might be thinking, “It’s brand new construction. What could be unappealing about it?” But the fact is, it’s far better to have an addition that matches the current feel of your home.
If you have an old Colonial style home, having an ultra-modern side addition can be jarring and may seem out of place. If you do add to an older home, be sure to match the existing siding, flooring, and paint as best as you can. It’ll improve both the visual appeal and value of your property.
Here’s a tip to remember: sometimes, renovation might be a better option than an addition. If it means the difference between staying within your current zoning and avoiding hiring architects and excavators, renovation is a viable option.
If you don’t need the extra space, renovations can be less expensive than complete additions, and can still add value to your home. There’s also the potential of renovating an unfinished basement or attic, which adds to the livable square footage of your home!
Need a Quality Local Contractor to Build Your NH Addition?
We’ve been in the industry a long time, and we’ve encountered all the challenges that come with building additions on New England homes, both old and new. Whether you have a quirky-shaped farmhouse or a contemporary prefab, we’ll help you determine the most affordable and feasible way to have your addition built.
Contact our office today, and let’s discuss your project!