When you start thinking about adding an addition to your home, there are tons of choices that need to be made, and for most people, it can be very overwhelming with all the selections from the size, location, contractors, design, and more.
The number of questions you might have normally will outnumber the answers. The main question people often have is will an addition affect my resale value? What are the building codes that I would have to follow? Can I do it myself or should I hire a contractor?
Whether you’re thinking of adding a second floor to your house or just creating a new patio on the backside of your home, all of these are questions to consider before deciding to add on to your living space.
Here are 4 frequently asked questions:
Whether it’s a small mudroom bump-out addition in Arvada, or a full-blown addition project such as a guest house in Golden, just about all home additions are seen as investments. If you do not plan to move from your home anytime soon, then you have more incentives to make it the way you want.
The physical value you receive from a home addition or new room can be enjoyed for many years and when you are ready to sell, you will enjoy the benefit of the added value you created to the house as well.
However, if you plan to sell the house anytime soon, you then need to think about the resale value. Make sure the add-on you want to have done will be cost-effective. This way, the value of your home will increases from the addition, investing money into your home could have a nice return on investment.
Before you get started, you will want to consider these three questions.
How cost of the project will depend on many factors such as what exactly it is you are seeking to get done, how nice you want it, how many square feet or is there a basement that needs to be dugout. Size matters, but everything is not black and white, for example, you can add a 500 SF room on the back of your house and that will cost more than finishing a 1,000 SF basement.
If you’re hiring a contractor, you will see a wide range of bids from many different contractors. If the project is small, you may be able to DIY, but you must be confident in your skill and understand the time and processes involved.
When it comes to doing any home improvement project, you will need to set some hard limits before you start on the project. It’s extremely easy to say you want to double your home’s square footage, but will your bank account support that choice?
Maybe you are adding a 1000 SF patio, and as they start you are like, hmmm, maybe we can make it 1,400 SF instead, it not that much more space so it should only cost a small amount more correct? You have to remember, it’s not just about building the space, you have to heat and cool that space, light that space, so it all will play a role in the ongoing cost down the road.
Yes, some residential home improvements yield little to no value or could hurt your home’s value. For example, if you add a mother-in-law wing, that will add value if you are on a large enough piece of land to support it. But if you decide to extend your living room and push it out by 400sf so you can have a 4,000-gallon aquarium built with steel walls, then you more than likely will not see the return.
Yes, you might want that 4,000-gallon reef tank and it might set your house apart and be the talk of the neighborhood, that is what’s called personal value not financial value, so remember, basic/typical additions will increase the value of your home, while extreme ones will only increase the value if you find someone who is into the home improvement you added.
Building a home addition requires an investment of your money and time. You can expect it to also disrupt the quietness you are used to during the construction. At Prospect 30 Eight we minimize this disruption and complete your project on time and on budget.
The next big question you need to ask yourself is who is going to doing the work? For most people, this is not even a question, as it’s not going to be you, but a contractor. Some people have the time and would love to have the task of doing this themselves.
If you still are thinking about doing this yourself, you’ll have to make sure you, and whoever you have working with you, has the skillset and know-how to do the job right. Remember, 99% of all additions will require some sort of inspection from your local city inspectors. We always assist our customers by taking care of the permitting process for their home addition.
The last thing you want is to start on the project and fail your inspections for something like using the wrong material, at that point you would have lost time and money from the products you purchased and used that you can’t take back now, then you might give up and hire a contractor and they might charge you more if they have to remove what you did to do it the right way.
Taking on a project like this means you’re on the hook for every single mistake you make. What’s worse is the mistakes you make might not come on until you flip on a light switch.
Take it from us, it is always better to hire a contractor for large remodel projects like home additions.