Some homeowners are convinced that they need more space, and glance through their walls with visions of new rooms dancing in their heads. The trigger-happy subset of these folks jumps into these projects with abandon, certain that the addition will “pay for itself” by upping the value of the home. But in a housing market like this, such assumptions can be faulty.
Appraisal Today provides some thoughts for homeowners to work through before they go ahead with their add-ons:
* Decide why exactly you want the addition. Tailor the room to your needs. Make sure you’re not needlessly overspending by making the room too large, and determine whether or not a move would make more financial sense.
* Realize that doing this could make your life hell for a while. Your privacy will be invaded by a crew of workers who make a lot of noise, forcing you to adjust your routine. Don’t commit until you know how long the project will take, and whether or not you can stomach that length.
* Survey the red tape. You may need to contact the county, city and neighborhood association to get approval, and the length of the process could put a crunch on your desired schedule.
It also wouldn’t hurt to speak to a real estate agent to get an idea of how much value the addition might add to your home before going through with it.
How to make the most money on your home addition [Appraisal Today]