When you first purchase a home, you are basing your investment criteria on your current income and your amount of space needed. Maybe you just got married and aren’t sure about kids yet, but you want to stop throwing your money into the wind with rent and instead invest your hard earned money into something substantial.
Before long, though, your family begins to grow and you need more space. The two questions you have to mull over are whether or not to sell your current property and buy something bigger, or expand your current square footage.
Adding on a room to your home is a great option depending on the potential for increasing your spread, but other concerns would be assuring access to the new room, securing it to the current structure, and including the utilities to connect it all together.
Another question is will an addition bring value to your home? Read more about this factor in the next post:
Questions to Ask Before Adding On | HGTV
Will the addition add value to your home? Even if you have no plans to sell anytime soon, you (or your family) will sell someday—and you might also refinance or take out a home equity line of credit, for which you’ll want the best possible appraisal of your home. So always consider the resale value of your project. It’s not that you’re going to turn a profit on your investment. So you might as well go into the job with realistic expectations about payback.
See the original post here: Questions to Ask Before Adding On | HGTV
Planning an addition has to start with a budget parameter, and if you live in the Denver area it can be a pricey endeavor. If you don’t consider every aspect of adding on, such as lighting and windows, your project might go over the amount you can afford to spend.
Other aspects such as needing an architectural engineer and a plumber will add up quickly. You also need to have targeted goals to manage the whole process and stay on schedule.
This video is by a home contractor explaining what has to take place as you consider a remodel:
Which is a better direction to expand: Up or Out? The cost difference is the one factor, but available real estate is another consideration.
When building up, you don’t need to include foundation plans as part of the cost, and that is a pretty big ticket item. However, building out is typically easier and and less likely to necessitate the need to include architectural design to assure stability. Labor costs are generally lower when adding a ground floor addition as well.
This post explains the key concepts to consider:
What Is Cheaper — Adding a Second Story Addition or a Ground Floor Addition? – Budgeting Money
Ground Floor Additions
If you’ve got the yard space for it, ground floor additions are generally easier. There’s far less disruption of your house than when adding a second story. Depending on the configuration of your house, an addition might be built off an existing doorway, lessening the expense of taking down walls. You might also save on architectural design costs that would be required for building up. If you have to move power lines or work around sewer lines, that can add to the expense.
Adding a second story means there’s already a foundation in place. You must make sure the existing foundation and the footings are strong enough to carry a second story. If your building inspector finds the foundation can handle it, this can be a cheaper way to go. If you need to reinforce the walls or foundation, building an addition is likely less expensive. Going up rather than out can save money for heating and cooling ducts, pipes and other necessary materials. Up rather than out tends to be a shorter route for ducts or piping, although it all depends on the home’s construction. However, the more involved work of building up means higher labor costs.
Another option is adding what is called a bump out addition, which is a combination of both. It is an addition that hangs off the side of the house and requires no foundation and very little roof work. You can save 15 to 30 percent as opposed to a full-blown addition.
Budgeting for an addition is critical, as there are always costs that you might not initially think of. The following graphic from Home Advisor shows the average cost, including the potential low and high end amounts for the United States. If you want to know more about your specific area, you can enter your zip code.