From Concept to Construction ™

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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