Making Financial Sense of Remodeling Your Home

| April 22, 2013 | 0 Comments

Home Finance

While there is a lot of fun and excitement when you buy your first home, the odds are pretty good that as you get older your needs will change and you will most likely find yourself looking for a little bit more room. This could be because of a business you have started and the need for a home office, the family you have just begun and the addition of a nursery, or any one of a million different reasons –but should you start thinking about buying a new home or are there other options that make more financial sense.

Well luckily there are, a home addition is a fantastic way to accomplish just that without having to move, the first thing you should be looking at is how much space you’ll need for the new addition and how much value that extra space would add to your home, the value would vary between neighborhoods and the type of space added, meaning a bathroom addition in some situations could be more valuable than a plain room.

There are a couple of different things that will play a role in how big your new room addition should be, one is obviously the amount of square footage needed to make the home a comfortable place for everyone for years to come. The second point to consider is whether it is cost effective to build an addition that size, again, depending on the type of the addition, extending the home by another 400 sq ft may only cost 10 – 20 percent more than expending it by 200 sq ft while getting double the space and double the additional value to your home. This is due to the contractor’s room addition cost, because for example, weather the addition is 200 or 400 sq ft, the contractor would have to rent a dumpster, there are many such flat costs that require a contractor to charge nearly just as much for 200 sq as they would for 400 sq ft. that is an important point to keep in mind.

Making the decision to move forward with the right room addition will add value to your home and the ability for a more flexible lifestyle for you to enjoy, but only if it is planned and executed properly. A good room addition should be able to help you through the entire process to get the results you are looking for!

Category: Home Loan

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