Expanding your home can be a great way to get the space and functionality your home needs without moving, but it may not automatically add value.
The value of a home extension depends on each individual case. return on investment depends on how well the new expansion matches your environment, as well as the quality of the work. “More square footage doesn’t [automatically] mean more money, especially if a renovation makes your home the largest house in the neighborhood.”
Do not plan to expand your home if you plan to move in the near future. If you plan to stay in your home for at least five years, however, expanding may make sense.
1. Does your extension match the style of the neighborhood?
Expanding your home can provide the space your family needs now, but it can also end up being a “hyper upgrade” for the neighborhood, Lawton cautions. Instead of building an extension in a first-time home and renters neighborhood, buying a larger home elsewhere may be a better investment. Those who build too much may find it difficult to sell later.
Adding spaces that meet very specific needs can also make selling more difficult. For example, one of Lawton’s houses, in a large residential area, has a huge suite added for the mother-in-law. “Many [potential buyers] who walked through the house weren’t quite sure what to do with that extra space,” he recalls. The owners eventually lowered their price and did not get back what they expected from the expansion.
While indulging yourself is important, you should consider resale value even if you don’t plan on moving ever again. A well-planned home expansion may not pay off, but if it allows you to meet neighborhood standards, it can be beneficial when refinancing a mortgage or applying for a home equity loan later.
Before planning an extension to your home that is unique to the neighborhood, consult a real estate agent or home appraiser. Their perspective will help ensure that your plans match the style of your neighborhood, and can guide you in managing your construction budget. “Limit your search to the last six months,” advises Lawton, to keep the values relatively up to date. Look beyond your nearby neighborhood, if necessary, to determine the average cost per square foot of recently sold homes. Use that value as a rough estimate of what you should spend on the expansion and how much you can expect to get back.
2. Does your extension match the rest of the house?
Making an extension perfectly match the existing structure of the house is difficult. The style of siding, masonry, or windows may be difficult to match, and the roof may need to be modified to accommodate the new space.
“Instead of trying to combine the new extension with the older structure, consider innovating by using a new, complementary material,” advises Lawton. Contrast stone or cladding are two possibilities that can help make the enlargement look like it’s always been there. The same recommendation is valid for ceilings. “More and more, houses are mixing tile and metal roofs,” he says. Steel or copper laminate in the annex of a clapboard house is one example.
Making the enlargement look harmonious is a fundamental part of its aesthetics. For example, making an elegant glass and steel extension in a Cape Cod bungalow neighborhood can be visually striking. However, in neighborhoods with a wide variety of custom homes, uniformity is not as important.
However, you do need to pay attention to neighborhood standards for square footage and interior and exterior finishes. That will help you get the best value for your home extension without overbuilding. To find the right combination, consider hiring an architect to visually harmonize the new addition with the current structure.
3. Have you planned enough the new extension of your home?
When designing your extension, don’t limit yourself to what you have and what you think is possible. Instead, determine what you really want. There are solutions for virtually every construction challenge, and what you really want may be achievable.
“Plan, plan, plan” is the catchphrase of remodelers, just as “location, location, location” is that of buyers. Make construction plans several months before the date you’d like to start work; this way, both you and your family will have enough time to make changes.
Before finalizing, check with your local planning department to make sure your plans meet the zoning requirements of your city or county. Buildings may be restricted by their height, distance from property lines, streams, and wetlands, and the percentage of land that can be covered with hard surfaces such as buildings, driveways, patios, or sidewalks. The homeowners association will also need to approve your plans.
When you are ready to apply for building permits, turn your sketches into plans that will be drawn to scale and indicate floor plans, elevations, footings, cross sections, and other relevant details as required by your local planning department. Consider consulting with an architect or builder to make sure you’ve considered details such as wiring, location of outlets and switches, plumbing, ventilation, and structural issues that may affect the form or function of your new space. Also think about how to structurally integrate the new and old section of your house.
While you’re in renovation mode, think about whether other aspects of your home need improvement. For example, if you are adding a new electrical panel for your extension, it probably makes sense to upgrade the circuit breakers to meet the latest building codes. Or, if you’re remodeling the kitchen, it might be a good time to add a prep sink in the old part of the kitchen. Also consider if your old air handling system is sufficient for the load that the new expansion could represent.
4. Have you considered going green?
Now more than ever is the time to choose greener materials and items when remodeling homes.”
“Everything from power generation to appliances can be greener,” adds Merrill. “Sustainable materials can reduce operating costs while helping to provide a healthier quality of life and take care of the environment.”
5. Have you thought of other ways to save space besides adding a room?
Building a new room is not the only way to save space. Often times, an annex can provide the space you need at a fraction of the cost of adding an entire room. An annex is a good solution to add a walk-in closet, install a bathtub in a tiny bathroom, or save space in a small kitchen. Cantilever beam construction installs the addition on one side of the house, usually without disturbing the roof or foundation. Therefore, installing an annex can be a cost-effective way to increase functional space.
As an alternative, “finishing the basement or building in the attic (even if that means raising the roof) may be smarter options than taking space out of your yard,” says Lawton. These options even allow homeowners to expand their living space.
6. Does your contractor have experience building the type of expansion you want to do?
Just because a contractor has an excellent reputation doesn’t mean he or she is a good fit for your project. Choose a contractor who has experience in the type of expansion you want to do. That person will be more likely to be aware of potential problems hidden within your walls (asbestos insulation or inadequate structures, for example). “Choosing the best contractor for your project is the most important decision you will make when expanding your home.
When interviewing contractors, We advises asking them to:
- Recommend a local designer or architectfor the project
- They tell you if the extension must be approved by the planning commission
- Inform you if it will be necessary to hire a structural engineer
- They confirm if the septic or drainage system will be sufficient for the new extension
- Tell you how the expansion will affect the existing air handling system
- They tell you the approximate duration of the project
- They inform you of the estimated cost
Sign a written contract before starting work. Read the document word for word (even repeated text) and understand the details of change orders, additional fees, payments, and contractor responsibilities. Clarify any unfamiliar terms.
7. Have you set aside part of the budget for possible additional costs?
Invariably, all construction costs more and takes longer than anticipated. Anticipate this, and manage your time and money accordingly. It is advisable to reserve a contingency budget of between 15% and 20% of the estimated costs.
The real cost of home extensions North London is not just about construction costs. For example, new extensions add acreage in square feet that increases property taxes. Adding in amenities like fireplaces or spas can also increase taxes, along with utility and maintenance bills.
Plan to upgrade your insurance, and additional premiums, as a result of the larger size and replacement value of your home.
8. Have you considered financing your home extensions with a home equity loan?
A Home Equity Line of Credit (HELOC) is a great way to help finance the renovations you long for. A HELOC is a home improvement line of credit that is awarded to you, in part, based on the value of your home and offers you flexible payment options.
House extensions North London can be of all sizes, from simple annexes to complete rooms. Only you can decide if an extension will really meet your needs and, if so, which option is right for you. With intelligence and meticulous planning, you can turn your home into the home of your dreams.
