Why Build a Home Addition
Four Excellent Reasons for Building a Home Addition
By: Mark J. Donovan
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One of the best answers to the
question “why build a home addition” is that your family simply needs more room.
Many first time homebuyers purchase small homes or starter homes when they are
getting established. After a few years, and a couple of children later many find
themselves faced with the hard decision to either move to a larger home or build
a home addition onto their existing home. |
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Frequently buying a new home
involves uprooting children from schools and neighborhoods that the family
is comfortable with. Consequently the decision for many on why build a home
addition boils down to a desire to continue to live in their same town or
community.
The question on why build a home
addition is also answered by economic conditions. Buying a home is typically
more expensive than building a home addition. |
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When buying a home there are closing
costs and stamp taxes associated with selling the old home and buying the new
one. In addition, there are new mortgage fees, higher property taxes and moving
costs, even if the move is local. So for many homeowners the decision on why
build a home addition comes down to the fact that building a home addition makes
more economic sense then buying a larger home. |
Another major reason on why build a
home addition is the freedom of design and creativity. Unlike purchasing a spec
home, or existing home, building a home addition allows homeowners to design and
build custom living space that is tailored to their family’s needs. In addition,
with the right architect a home addition can be designed to complement both the
home’s interior and exterior.
Finally, a home addition typically
increases the value of your home. Most home additions pay for themselves in a
short period of time in increased property value. Though a higher property value
means higher property taxes, a home addition also means more living space and a
higher market valuation for the home.
To help insure a positive return on
investment for building a home addition, make sure your home addition is
functional, aesthetically attractive, and does not significantly exceed the size
of homes in your neighborhood. The market valuations of neighboring homes
significantly play a role in the market value of your home. Building a new home
addition that increases the size of your home by 2 times the size of neighboring
homes is a recipe for a negative return on investment, even over a long period
of time.
So when asking yourself why build a
home addition, see if you’re family and economic conditions meet one or more of
these criteria. If so, then chances are your house is an excellent candidate for
building a home addition.
For more help on building a home addition, see HomeAdditionPlus.com's
Home
Addition Bid Sheets.
Our
Home
Addition Bid Sheets
provide you with the knowledge and information on how to plan a home addition project,
and what to look for when hiring contractors. They
also include detailed cost breakdown tables and spreadsheets for estimating
your own new home addition building costs.
How to Finance your Home Remodeling Project -
can help provide funds for your new home improvement project if financing is
required.
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