An extra guest bedroom, a man cave, a new kitchen, or an office can be great new additions to your home. A new room can boost the property value of your home and can help you get more out of your investment. Before you go full send on a new room addition, here are five things our team here at HBK Constructions recommend you consider.
1. What is Your Budget
Much like when you were buying your home, having a set budget in mind is a must when considering a room addition. The average cost of adding a room or house addition is $40,942. However, costs do vary greatly from project to project so it’s very likely your bill doesn’t run up that high.
Start with a plan and square footage estimate. Once you have that it makes it easier to get an estimate from local professionals. Your budget should plan for things going wrong and additional money needed to be spent elsewhere in case of emergency.
2. Will it Pay Off in the Long Run?
Even though the cost of a new room addition may seem high, it can pay off in the long run. This is a great way to not only boost the property value of your home but its appeal as well. Here is what you may expect to get back on popular home addition investments:
- Sunroom addition – 49% return
- Bathroom addition – 53% return
- Master suite additions – 63% return
- Two-story addition – 65% return
Even if you’re not planning on selling your home in the near future, these additions can still pay dividends down the line.
3. Are There any Building Restrictions?
Before you make any final decisions on room additions, it’s crucial that you make sure there are no building restrictions that will prevent the new room addition from happening. Restrictions vary from neighborhood to neighborhood. Reach out to your city and county officials for a breakdown of rules in your area.
Local governments put in place ‘cutoff lines’ that prevent you from adding past a certain point. These lines are to prevent house fires from spreading and to protect the aesthetic of the neighborhood. Some neighborhoods also have height restrictions which may prevent you from building up.
4. Should You Remodel Instead?
The cost of adding new rooms to your home can add up very quickly. This is why you should consider all of your options before making a decision one way or the other. Room remodelings are a cheaper alternative and home remodeling companies are creative enough to turn a hardly used room into almost anything.
If you have rooms in your house that get no use like a basement, an extra bedroom, or the garage, perhaps you could turn one of those into a new room. If every room of your home is in use and you’re looking to add new space, then a room addition may be the best choice.
5. Should You Build Up or Out?
Building up could help you save money because you will not need excavation and foundation work. However, you may need an architect because it is more complicated than staying on the ground. If you do plan on growing out, a detached addition can help save you money.
These additions include guest houses, home offices, and garages.
HBK Constructions is Here for Your Home Renovation Needs
If you’re looking for home renovation services in Melbourne, our team at HBK Constructions is here to help. We have over many years of experience helping the people of Melbourne add new rooms or remodel old rooms in their homes. Give us a call today to find out how we can help you!
If you are in Dandenong South, Victoria 3175, and looking for a home renovation or kitchen remodeling and bathroom remodeling service in Melbourne, this is the best way to visit us.
HBK Constructions – Home, Bathroom & Kitchen Renovations Melbourne
50 Fitzgerald Road,
Hallam VIC 3803
(03) 7038 3595