An addition to a home is an exciting way to improve the resale value and potentially the quality of life for everyone inside. Whether it's a sunroom, a second bathroom, or a full second story, homeowners have so many options from which to choose. However, there are also a few important things to note before calling a remodeling crew. For a better idea of how to navigate a new home addition, keep the following in mind before moving forward.
The Hard Truth
Not all homes need an addition, but homeowners may ignore this because they're caught up in the fun of remodeling. Homeowners may be able to satisfy their need for change by rearranging furniture or rethinking their layout. For example, finishing a basement or a garage may be far more practical than adding more space. Because the foundation and the bare bones of the room are already there, homeowners can save money while finding better practical applications for their space.
State the Problem
Unless this addition is purely to make the home more opulent, it's time to for homeowners to state the problem they're trying to solve. Here are just a few common statements that would merit a new addition:
- The congestion for the one upstairs bathroom is so heavy that people are late for school or work
- Storage is so limited that items are being stacked precariously in every nook and cranny of the home
- The children have nowhere to play but the living room, and it's disrupting everyone's routine
Before finally deciding on an addition, homeowners should first look for ways to solve the problem without taking drastic measures. For example, turning a child's bedroom into more of a playroom setting.
Funding the Addition
Those who are looking at an addition for their home will first need to assess both their collateral and credit score before taking out a loan. For those living in neighborhoods that may need some TLC, a 203k loan may be possible. These loans may offer homeowners a better interest rate in exchange for improving the quality of their home. For those who are handy with drywall and hammers, they can list their own labor as an asset when applying for a loan. This can actually help a homeowner's odds of approval.
Not all work or additions on an existing home may be allowed by the city, county or neighborhood HOA. Homeowners should check with local authorities or the HOA before taking action on an addition. It's not always easy to predict the scope of work on an addition until workers are in the thick of it. They may need to disrupt the home's general plumbing, which could affect other neighbors sewer or water delivery when working on the street. Local authorities and HOA's generally make building codes, rules and regulations - which may vary from town to town and even sometimes street to street.
Once a homeowner has all their ducks in a row, they can start looking at their favorite magazines and books to decide the color and decorating scheme of their addition. Homeowners can attend open houses or consult different websites to start piecing together the look they want. Once a homeowner has an idea of what they want, they can start adjusting their approach to meet their budget.
Additions on homes in Northeast Calgary don't have to be complicated, but they do require some degree of forethought before owners can make the commitment. From loans to permits to the color of the walls, there are countless details that need to be taken care of.