Homeowners around Chicago and Michiana regularly contact us at Milmar about adding on to their home. This is obviously a decision not to be taken lightly, and much consideration should be made before a commitment is made. Here is the first of a two-part series in what you should consider before a major build-out.
Conceptualize Without Limits
If you could start over, what would your home look like? Although the eventual answer to that question lies between getting what you want and staying within budget, it’s important to fantasize about all your options before adding on. You likely won’t be satisfied without exhausting all your options. To begin, outline your dream home with zero thought about what’s currently inside. Sure, concessions will be made, but it’s most important to ‘see the forest for the trees’ before moving forward. You never know what you can afford without thinking of it first!
Additional Value?
One inevitability of home ownership is that, eventually, you will sell. Renovation projects can greatly impact the selling price of your home, but return varies from project to project. So, when assessing the costs vs. benefits of a home addition, it’s important to clearly understand the value the project will truly add. Room addition costs skew towards very high, and a 100% return on your investment isn’t realistic. In fact, the baseline expectation is to receive roughly a 62% return. The intrinsic value of a room addition, though, is felt on a daily basis when utilizing your new space – and you can’t put a price on that.
Consider Renovations
It’s always wise to second guess yourself when planning a project as large as a room addition. Homeowners often ask themselves if it’s better to allocate their resources to upgrading an existing part of their home. If you’re worried about the financial commitments of a home addition, price out redoing floors, painting, or adding windows or lighting. The totality of all these ‘smaller’ projects will cost less, completely rejuvenate your home, and will help you avoid a large-scale construction process under your roof.
Milmar Pole Buildings and Construction is more than just agricultural, residential and commercial pole barns. We help homeowners in our area by building everything from garages, sunrooms, and ensuites. Contact us today for a no obligation estimate.