Is your family growing too fast for your current home? Instead of going through the hassle of selling and moving to a larger home, consider adding an extension.
It can often be more cost effective to build an extension onto your existing residence than buying a new home. Not only does it cost to make the move, but you might be pulling your kids out of their familiar schools and away from their friends and neighbourhood. A few common home extensions include family rooms, master bedrooms, sunrooms, bump-out kitchens, and conservatories.
A home extension is not a decision to be taken lighting. Even if you are not moving, there will still be disruptions to your family life, and it can be an expensive construction project. The cost of an extension includes demolition work so the new construction can be seamlessly added to the old, so a house addition is often more expensive per square foot than new construction. You will also need to complete a great deal of planning before you get started and any home extension project must be carefully managed.
One of the first steps is to sit down and determine what type of space you want and your budget for construction. The type and objective of your new space will determine what types of materials you will need and the cost of building the project. Another possible cost is moving your family out of the home temporarily during construction. Depending on the size and location of the house extension, your family may need to temporarily relocate. A house addition can be a loud, messy project, so if your family does not like all the noise and debris, a temporary move may be the right choice.
Before you get too deep into your house addition plans, check with your local building inspector to ensure you are meeting all local ordinances and requirements. These professionals are also good sources of advice on construction and can tell you about any easements or setbacks you must have. You can either hire an architect to draw up the plans or work with a contractor to develop the plans for the house extension.
It is important to hire the right contractor if you are not going to oversee the construction. Interview and get bids from at least three contractors so you can compare costs. Ask for references and then check them. Visit sites of previous work and ask the customers about their experience with the contractor.
Once you have quotes for construction, labor, and materials, you will need to determine to finance. Unless you are paying cash, you will need to take out some loan to pay for the construction. This is usually done through a home equity loan or a refinance of your mortgage to pull out equity. Either of these will work, but it is important to visit several banks to get the best interest rate and loan package.
Building a home extension is a great way to stay in your neighbourhood and leave your kids in their schools. With upfront planning and some legwork, you can end up with a nice additional space in your current home.