If you love your neighborhood, but have outgrown your current home, adding on might be a good option for you—especially in today’s tight housing market. But before you start your home addition, here are some important considerations.
1. Set a realistic budget and discuss it with your builder.
One of the biggest roadblocks to a successful home addition is the lack of a clear, realistic budget. Once you’ve set your budget, share it with your builder. “Many homeowners are hesitant to discuss the “B” word. Without a budget, it’s impossible to know what your project options are,” says Alyssa Mendez, project manager at Cormack Construction. Once you share your budget, your builder can help you best allocate your funds so you can get what you want out of your renovation.
2. Choose the right contractor for your home addition.
A home addition requires both a financial and emotional commitment so you want to make sure you choose the right company for your project. Get three bids so you can make a competitive comparison, but don’t select your contractor on price alone. Check Facebook and Google reviews, and ask the Better Business Bureau if there are any complaints against them. Request a few references, and be sure to check out their project portfolio. Finally, find out who your main point of contact will be and make sure you’re comfortable dealing with this person.
3. Don't “overbuild" for your neighborhood.
Look at the properties that have sold in your area. It will give you a sense of how additional bedrooms, bathrooms, or other spaces may add value to your home. Be careful about "overbuilding" your home. Should you ever decide to sell it, you don’t want your addition to make it the most expensive home on your street.
Home Additions and Remodeling in NH’s Lakes Region, White Mountains, and Western ME
Are you thinking about adding on to your home? Contact us to schedule a free, no-obligation consultation. We’ll help you explore your options and develop a home addition plan that maximizes your budget and return on investment.