From Concept to Construction ™

4 Tips for Building an Addition to Your Home

May 10, 2022

Are you thinking about building an addition to your home? Here are tips you should consider as given by home addition companies: Do you need the addition? This is the first question to ask yourself. Some people think that they need to enlarge their houses often because they deem them too small or have some disposable income. In most cases, they don’t need the extra space. Before you begin your project, you should take your time and find out whether you genuinely need the home addition. If you are adding the addition because you have some money you have no use for, you don’t need the addition. On the other hand, if your family is growing and there is no extra space, it’s time to get a new addition. Have a budget If you have determined that you genuinely need an addition, the next thing to do is determine the amount of money you need to complete your project. The last thing you want is stalling your project midway. Thankfully, plenty of professionals can help you come up with a more accurate budget. As you are coming up with the budget, be honest with yourself. Can you afford the said addition? Unless you are remodeling the house for sale, the addition isn’t an investment, so it’s senseless to get a loan for it. The logical thing is to add the additions from your savings. From the money that you make, be honest and determine whether you can afford the addition from your savings. If you can’t, you are better off building a smaller house. Determine the type of addition you need What type of addition do you need? It’s vital you determine this as it affects the contractor you hire and the amount of money you set aside for the project. If your family is getting large and you need more space for them, you should add an additional bedroom or sitting area. If you are looking to sell the house later down the block, add a bathroom or kitchen. Remember, that the materials you use in your remodeling shouldn’t be too expensive that you fail to recoup your investment. For example, don’t use high-end countertop materials such as marble and granite. While they might be attractive to a potential buyer, you won’t get your money back. Find out who will do the project. It’s vital that you know who will handle the project. Of course, this depends on the nature of the project. If you are looking to add a kitchen, you will need to hire a kitchen professional. You can do some remodeling work by yourself, especially if they are minor projects such as replacing a door or window. Unless you have the skills, avoid doing the large projects by yourself. Instead, let a professional help you out. When it comes to hiring a professional, you can find one in plenty of places. A great place is to ask your friends and relatives. Is there a relative that recently hired a contractor? Ask them to refer you to them, especially if you like their work. You can also […]

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What to Consider When Building a Home Addition

June 22, 2021

Home additions are an excellent way to add extra space to your house, so you need to be cautious when building them, so you get ideal results. To help you out, here is what to consider when building a home addition as given by home addition builder: Your budget This is vital, and almost everything pegs on it. As you are budgeting for the project, you should know that home additions are expensive, so you need to be fully prepared for the project and ensure you have a large enough budget. Of course, your budget should match the addition you are looking to build. If you want to add a room outwards, you have to add a room at the ground level, so you will need to factor in the site work, excavation, new foundations, new exterior walls, new roofing and plenty of other things. If you want to add a second story to the house, you will need to strengthen the existing foundation or bear the walls to support the added weight of another story. You should note that the costs don’t stop after you have added the extra room. Remember that the larger the size of the house, the higher the expenses. This means that the lighting expenses will go up, heating, cooling, maintenance costs, and even sometimes, your property taxes will also shoot, so you need to budget for this too. Home addition design We all have different tastes, and for you to be proud of your new addition, the addition should match your design. When you are building a new house or remodeling the entire house, you have more freedom when it comes to styling it according to your tastes and preferences, but when you are adding a new unit, you don’t have the luxury, and you have to work with the existing style. You should work with an experienced professional to help you come up with a design that complements the already existing design and, at the same time, meets your tastes and preferences. Remember, you need to use the same materials, aesthetics, colors, and other features as the existing house for you to blend your new addition to the existing house. As you are coming up with the design and how everything comes together, pay attention to the roofing, tile, windows, flooring, doors, trim, and paint colors. If your house is old, you can have a more modern design, but you need to ensure that the above-mentioned aspects come together. The most important thing to do is ensure that the new house addition doesn’t feel like it’s tacked on. Local planning and zoning regulations The other thing you should consider is the local planning and zoning regulations. Each municipality has its regulations regarding height limitations, setback requirements, and floor area ratios that give guidelines on how high and how big the house can be. Remember, you risk a heavy fine or even the house torn down if you build your new addition without considering the regulations. To avoid this, take your time, visit your local municipal offices, and familiarize yourself with the regulations. If […]

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How Do You Finance A Home Addition?

May 20, 2021

As much as many people want to have a home addition project, there are is always the money issue as many don’t know how to finance the project. Are you wondering how do you finance a home addition? There are plenty of options you can go with. They include: Cash-out refinance The cash-out refinance option is a highly popular financing option when you are building home addition. How it works is that you refinance a new mortgage loan with a bigger balance than the one you currently owe, then you pay off your existing mortgage and keep the remaining cash. The money you receive from the cash-out refinance comes from the home equity, and you can use it to fund your home improvement projects. This option works perfectly when you can reset your loan at a lower interest rate than your current mortgage meaning that you can easily adjust the loan term and you even complete paying your home sooner than projected. To tell whether this financing option is for you, compare the costs over the life of the loan, including the closing costs. This calls for you to look at the total costs of the new loan and compare them to the current loan costs. As you are making the comparisons, keep in mind that the cash-out refinances tend to have higher closing costs that apply to the entire loan amount—not just the cash out. Due to this, you need to take your time and find an interest rate significantly lower than the current one. Pros of this option You will continue paying one mortgage payment You can spend the cash you get on anything The cash out comes from the home equity You can lower your long term and your interest rate at any time Cons of this option The new loan tends to have a larger balance than your current mortgage When you refinance, you start the loan over The closing costs apply to a large loan amount Home equity loan Also known as a second mortgage, the home equity loan allows you to borrow against the equity you have built up in your home. When you visit the lender, he calculates the equity by assessing the value of your home and subtracting the outstanding balance due to the existing loan. You should note that unlike the cash-out refinance, the home equity doesn’t pay off your existing mortgage, so if you already have a mortgage, you will continue making the monthly payments and at the same time make the payments of the new home equity loan. This loan makes sense if you have plenty of home equity built up or need funds for a big, one-time project. After approval, the loan is dispersed as a single payment, and your home is used as collateral, and due to this, you attract lower interest rates. Home equity loan pros It’s long term where it can last for up to 30 years It has fixed interest rates You can borrow up to 100% of your equity Perfect for large projects such as remodels Home equity loan cons If you already […]

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