Building an addition to your home can be both an exciting and harrowing process.
If you are considering a home addition, here are some pros and cons that you should be aware of before you start.
Pros of a Home Addition
Your Own Design
When building an addition, you can design it specifically to your needs. A home addition is a custom-tailored solution to an issue with your current home. Perhaps you need more kitchen space, more storage, or maybe an in-law suite. Whatever your needs, with an addition you get exactly what you want.
Increase the Value of Your Home
When done correctly, a home addition can be a financial investment that increases the value of a home. Adding square footage to your home like an extra bedroom or bigger kitchen will make your home more attractive to buyers. However, be sure not to over-improve beyond the average value of your neighborhood. Hire the best contractor you can afford to ensure the new space is sturdily-built and well-designed.
No Stressful Move
Perhaps you have one or two issues with your house, but otherwise you love your home, your neighborhood, and your current life, and you don’t want the stress of uprooting everything for you and your family. If this sounds like you, it’s probably better to consider building an addition rather than moving!
Depending on the scope and budget of your home addition project, it could be cheaper than buying a new home.
Cons of a Home Addition
Home additions are an investment. Depending on the project, you can expect to pay at least $30k-80k and possibly more. You can often make some of this money back when you sell, but it is not guaranteed, a real estate values are always fluctuating. You should also be wary of over-improving your home beyond that of the average house in your neighborhood, as this can actually devalue your house or make it a tough sell.
Let’s not forget unforeseen additions to the budget that inevitably arise. Projects on your home could uncover previously unknown issues that are costly to fix and delay the process.
Building a home addition can come with a lot of stress. You have to share your home with a building crew for weeks or months. Sometimes you might even lose access to an important room (such as a kitchen) while construction is underway. Alternatively, you can choose to live off site at a hotel or with family, but this too can be costly and stressful.
Making sure you hire a reputable, professional contractor is an important step in alleviating some of this headache.
Loss of Yard Space
Unless you’re building an addition on top of your current home, you will inevitably lose some yard space. This could be a downside for your family, and is something you will need to take into consideration.
A home addition is a huge decision and likely one of the costliest a homeowner will ever make. Before beginning a renovation, the pros and cons of such a project should be carefully considered.
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