In today’s buyer’s market, many are choosing to move to a new home when they find they need more space. However, for those who love their current property but wish it was a bit roomier, or had an extra bedroom or a spacious family room, choosing to add an addition or remodel current space may be the best option. According to Connie Ray, President/Owner of Coldwell Banker Platinum Partners, updating your current property can not only improve the appearance of your home, but also enhance its value, add to your quality of life, and appeal to future prospective buyers.
A survey by the National Association of Home Builders found that the top four reasons homeowners remodel is to obtain more space, avoid buying a new home, enjoy more amenities, and adjust to lifestyle changes. However, Ray suggests that before you dive right into an extensive remodeling project, you thoroughly asses your current space. “People often overlook unused space that they may already have in their home,” says Ray. “That empty attic, space above the garage, or the side porch your family rarely uses can be transformed into an extra bedroom or family room for a fraction of the price of a complete addition.”
Looking for a larger kitchen or a first floor bathroom? Reassess if you actually need that huge formal dining room. “By knocking down and repositioning a kitchen wall, or carving out a corner of the dining room, you can add extra space where you need it by drawing from what you already have,” suggests Ray.
“However, if adding a completely new space is what you want, make sure that it is financially feasible,” cautions Ray. Figure out if you have enough in the bank to finance an addition, or if you will need a loan. If you need a loan, take a look at your existing equity. “If you have a good amount of home equity, it will be easy to get a home improvement loan,” says Ray. “But check with your local zoning and building laws before you set your heart on that new sunroom or three car garage.”
After you have sifted through the financial details and building codes, there are a few things to keep in mind that could save you money in the end. According to Ray, building up is cheaper than building out on the ground level, as it doesn’t require a new foundation. If you are adding another bathroom or washroom, it’s less costly to extend existing plumbing as opposed to installing a new system.
After you have figured out what you want and where you want it, look into contractors. Be sure to conduct interviews, compare prices and make sure your chosen contractor has done similar home projects before. It may even be a good idea to ask for references from similar jobs so you can be sure previous customers were happy with the end resut.
