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Costs and Financing For a Room Addition

by | Mar 30, 2023 | Room additions

room addition

 

Adding Rooms To Your Home

Whether you need extra space for a growing family or simply want a bigger living area, a room addition can be an ideal way to increase your home’s square footage. However, a room addition is a major remodeling project and requires the services of a contractor to complete it properly.

A room addition is a new structure built on top of an existing structure, typically on the ground level or second floor. The new structure may add a bedroom, bathroom, or even a master suite, and it can be designed to enhance the aesthetic of the house and boost the resale value.

Costs & Financing

When planning to add a new room to your home, you need to carefully consider your budget. Many things can affect the overall cost of a room addition, including its size and the kind of room it will be.

Micro additions, also known as bump-outs, are a cost-effective option for homeowners who want to expand the space of their homes without adding a new structure. These projects are generally less expensive than more extensive ones, but they still require building codes and permits, along with new foundation work to protect your home from damage during construction.

Cantilever additions are another popular option for expanding a home’s livable space without encroaching on the yard. These additions usually are constructed using angled beams that support the added structure and do not involve any significant excavation, making them much less expensive than traditional room additions.

Sunrooms and laundry rooms are other common types of cantilever additions, which can be attached to the side of a home or used as separate areas. These additions are ideal for homeowners who don’t need an entirely new living area but instead just need some additional square footage for a designated laundry or patio space.

Adding a bathroom to your home is one of the most common room additions. This is because a bathroom can be easily expanded to suit a growing family’s needs and can also be designed to increase the resale value of the home.

A bathroom addition can get expensive fast, so it’s important to be prepared for that reality. 

If you are thinking of adding a bathroom to your home, it’s best to consult with a real estate professional before starting the project. A professional can assess your home’s current resale value and suggest the best ways to maximize that resale potential.

In today’s housing market, it’s a lot more difficult for homeowners to sell their homes than in the past. It’s hard to find a buyer for a property that is outdated or lacks the features a family desires.

When a homeowner has enough equity to build an additional room, they should consider taking out a mortgage to finance the project. This can be done through a second mortgage or home equity line of credit, which allows a homeowner to borrow a certain amount of money against the equity that they have built up in their home over time.

How To Choose The Right Room Addition For Your Home