3 Reasons a Home Extension Might Actually Be a Smart Move
Most people shudder at the thought of the construction, cost, and hassle that comes with building a home extension. However, there are instances in which it's actually a smart and fiscally sound idea to do so.
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A home extension can take many forms. You might extend upwards by adding more stories to your property. You might extend downwards into your cellar or basement spaces. And you might extend outwards, perhaps by adding a conservatory or porch to add square footage to your home.
However, what all of these extensions have in common is the fact that they promised to give whatever spouse handles the budgeting a stress ulcer.
Most people shudder at the thought of the construction, cost, and hassle that comes with building a home extension. However, there are instances in which it's actually a smart and fiscally sound idea to do so. You just need to know when the right time it was and not do it for the wrong reasons.
There are all kinds of options available to you. Here I’ll try to lay out some excellent reasons when the act of considering a home extension isn’t actually as crazy as it sounds.
#1: You Need More Living Space
if you just had another child or have been noticing things in your house have been getting pretty cramped, it might actually be a smart idea to add on to your existing home rather than moving to a new one.
This isn't always the case, but if you love your neighborhood, if your kids are settled in their schools, if you have some extra room on your property to build your extension, and you have done the budget and calculations to see if it's more expensive to add on to your home or move to a new one, you might decide that adding on to your home is actually the financially smart option in some circumstances.
You might also consider taking things one step further by bringing in some professional help (something like granny flat builders comes to mind). By extending your property with actual living accommodation, you would have something that could be multi-purpose. You might not actually be updating to provide your elderly relatives with a place to stay, but the nickname persists...
#2: More Storage Space
If you have too much clutter in your home, I would definitely check out some of my other ways keep a clean house before you consider adding on.
However, there are some home extensions or add-ons that are relatively cheap and might solve the storage issue. Adding things like a storage shed, a free-standing garage, or a pool house might be an absolute godsend if you are drowning in a specific variety of clutter that just doesn't fit in the rest of your house.
Of course, you want to do the cost-benefit analysis before you do any major construction, and you should really consider whether it is something that is necessary or something that is just easier than tidying up. Finally, it should go without saying that your expansion shouldn't take away from the aesthetic appeal of your house or take up too much real estate on your property.
These caveats aside, sometimes a small addition can really help a large storage problem.
#3: Add Value to Your House
If you are ever planning on selling your home, then you need to know that adding square footage to your home will increase your property's value.
First off, there are certain features that are going to attract home buyers, so by adding an extra bedroom, bathroom, or conservatory, for example, you will be able to raise your house price as your home should be well-sought after.
Of course, you do need to make sure the extension is cost-effective as you need to profit and not make a loss from it, so use an extension cost calculator and speak to local contractors in your area for an idea of pricing.
For this one, I will also add that you should never add an extension that you don't actually want to live with. If you're just doing it to improve the value of your house, but you don't actually feel like you need it, it might not be the best idea. However, if it's an improvement you really want and it will add value to your house in the long run, it might help tip the scales in favor of renovation.
Finally: Don’t Do It for the Wrong Reasons
We all get bored with our houses every once in a while.
It's important that we don't engage in unnecessary renovation or expansion project just because we are bored with our current house or want something new. Whenever you're considering an addition to your house, you want to do a cost-benefit analysis in terms of time, money it would cost, and the inconvenience to your lifestyle. (No one likes workmen in their living space.)
However, a well-thought-out expansion or add-on can drastically increase your standard of living, solve some major problems, and even add value to your house in the long term.
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