Building home additions
Building home additions is a cost effective way to gain more living space, without the hassle of moving or building a new home. Home additions have become a common way to upgrade your home without losing anything you love about it. Even more, you'll be adding value to your home at the same time.
Once you've decided to add to your home, you're probably first going to look into what you can do and how much it will cost. There are several factors that determine what types of home additions you can make, including local by-laws, your local permit office, the size of your property, the type and shape of your current home, as well as your budget and your ability to finance your home addition.
Home Addition Plans
A quick internet search can provide you with hundreds of different home addition plans. Once you've got this list of hundreds, though, how exactly are you going to know which is best for your home addition job?
The best way to tackle your home addition plans is to hire (or at least consult) a contractor. While you're probably attempting to save some money by completing a home addition, it's best to get an expert opinion before you waste a bunch of money by diving in when you don't know the ropes. A good contractor will be able to help you choose the best plan of attack that will follow local by-laws, satisfy your local permit office, as well as make your new space beautiful, useful and cost effective.
Think of a contractor as a good source of advice. Even if you plan to do the work yourself, your home addition plans will be what makes or breaks the project.
Financing Home Additions
Financing home additions isn't as hard as it sounds. Many times, you're looking at a much lower cost than is required if you were moving or rebuilding, so you may not be searching for as much money as you think. You can also use the value in your existing home to contribute to the costs of additions. Most lenders, especially if they already hold your mortgage, are willing to use your home as collateral to give you the cash you need.
You can often get first or second mortgages to help support your project.