For many homeowners, a house addition can be a great way to give your current home new life, a new look, and expand your living space without the hassle of moving. Perhaps your family has grown, and you need more bedrooms and bathrooms, or maybe you love your neighbourhood and don’t want to leave. Whatever the reason, home additions are great for many people.
This article will explain what a house addition is, why it can be beneficial, and other information to help you start your home addition journey.
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🤔What Is an Addition?
Simply put, a house addition goes up and not out. It will not take its square meterage by building onto your yard or other property.
One of the most common forms is a first floor or second storey addition. This involves adding an entirely new level to your home. Again, you’re expanding up and not out. Your new level might be over all or part of your existing living space.
Another type of home construction that some people consider to be an addition is filling in a garage space.
This involves insulating and installing wall, windows and redoing floors and ceilings. A finished garage is sometimes, but not always, considered when calculating square meterage. All this said, adding the new level is the most common.
One thing that a home addition is not is a type of extension. An extension involves extending the home, taking up valuable external real estate, “typically your back yard,” renovating an existing part or parts of your home and does not increase floor or living space. Therefore, it is an entirely different entity. An example of a renovation would be replacing the floors and knocking out a wall in your living room.
🏡Benefits of a House Addition
Let’s look at some of the potential benefits:
- Increase your square meterage and/or living space
- Raise the overall value of your home
- Avoid the hassle of moving and stay in your current neighbourhood
- More eco-friendly than a new build
- Very often, you can stay in your home during construction
💲 Costs of House Additions
The costs associated with a home renovation vary widely, depending on the size of the construction, the complexity of the project, the finishes in the new space, and more.
Typically, homeowners can obtain “construction loans” or other types of low-interest loans to finance their renovations. Some people will also refinance their entire mortgage to roll the expansion costs into one monthly payment. Check with your mortgage broker, an online bank such as Athena home loans or a local bank to determine your available options. Generally speaking, the better your credit rating, the more options you will have (and the less it will cost you).
In the end, construction cost might end up saving a lot of money, especially overbuilding or buying a new home. You increase the value of something you already have without paying all of the fees and expenses associated with selling and purchasing elsewhere.
In terms of cost and how to pay for your home addition, hiring a good builder is crucially important. For one thing, they can help prevent avoidable or unexpected costs. But for another, they can give you an accurate estimate that your entire construction to be, so you’ll be confident in taking it to the bank. That means you’ll be better equipped to navigate options and make an informed choice about how to pay for the construction costs.
👷How to Find a House Addition Builder
There are likely several builders in your area who market themselves as addition builders, but you certainly want to hire someone experienced in this type of work. An Internet search will give you a place to start. You can also read reviews of building contractors on the Gold coast before narrowing your choices.
Be sure to ask potential builders about similar projects they have done in the past, and make sure they are fully licensed and insured.
A home addition could cause a few headaches along the way, including unexpected delays and additional costs. Everything from discovering termites, water leakage to an unanticipated load-bearing wall to inclement weather can cost more time and money.
In renovation terms, unless you have relatives nearby or can afford to rent somewhere to stay, you will be living in a construction zone for some time. You may need to vacate certain parts of your home entirely, and you will almost certainly deal with dust and noise. Take all of this into consideration when you schedule your addition; try to arrange a time of year when you and your family can be most flexible.
Throughout this process, keep talking to your builder – remember they have done this a lot and will help you and the family navigate the best outcome for your construction, your budget and above all, your sanity. All of that being said, once your addition is complete, you will thank yourself every day for going through the process and getting your beautiful new space.
You may be interested in reading further on What’s the difference between Home additions and home extensions? A great article worth a 6-minute read 🙂