How to Plan for Building a Home Addition
With land prices continuously increasing in expense, sometimes it may not benefit a home buyer to build a new home. If a buyer has a budget of $400,000 (which is above average), property could cost $90,000 and a new home build could plummet them over that $400,000 mark. However, just because you may not be able to build your home from scratch, does not mean that you do not have the option to slowly renovate room-by-room, or build a home addition. All My Sons wants Kansas City residents to be aware of the many options that you have for remodeling and building a home addition.
Building a home addition is a great way for you to finally add that extra space that you have always wanted, and really make you feel as if you had a part in building your home. If you are moving to Kansas City and do not quite have the funds to build your own home, be optimistic about renovating and/or being able to build an addition in order to turn an older home into your dream home.
Local moving companies suggest waiting until it is feasible to renovate or build an addition. As a property and home owner, you should continuously check interest rates. When interest rates drop and home equity loans become more affordable, this is when you should start planning a remodel or addition. From this point on, the most important step will be thorough planning.
Of course, the first thing that you want to make sure that you account for is space. If you want to build an addition to your home, you will want to figure out whether or not you have enough land to build out, or if you will have to build up on the existing foundation. When it comes to remodeling, figure out the many ways that you can work with the current space in order to make it more efficient for your family and your home. If you have extra space in one room and not enough in the room next to it, see if it would be optimal to knock a wall down and conjoin the two rooms.
Once you figure out space, you will want to research or consult with a contractor to see what the market value per square feet is in your area. This will give you an estimate on how much your addition will cost.
After you figure out how much money it will cost you, you will want to see what funding option will be best for you. If current mortgage rates are lower than your existing mortgage, then refinancing your entire home, including the cost of the addition or remodel, will most likely be the best option. Or, you can wait until you have the funds saved and still refinance your home when interest rates are low, this will be a win-win for you.
Timing is going to be everything when it comes to remodeling or building an addition to your Kansas City home. All My Sons suggests that you research when material costs will be low and stock up on supplies then. Also, a tip to keep in mind is that contractors are easier to hire during winter. Since most people are spending time with their families and spending their money on Christmas gifts, they are not typically spending their money on home remodeling and building. Since the winter months are slower for contractors and home builders, you may be able to set a timeframe that will actually be adhered to and not postponed. If you can figure out when interest rates will be low enough to refinance, when material costs will be low, and set your timeframe for winter, you will have the most optimal results with your build.
If you need to move belongings or put anything in storage while your home is under construction, All My Sons of Kansas City can help package, move, and store your items so that they are clear from construction damage. Our facilities offer sealed storage units that are available for one month or however long you may need until your home remodel/addition is complete.