Northern Virginia home additions require a significant investment in time and money, but they also deliver massive paybacks in terms of space and interior design. Hiring the right home addition contractor plays a major role in the process. It helps to weigh the pros and cons of this home improvement project before taking those first steps, as you may discover that another type of home reno can fulfill your needs for less cash.
Pros of Home Additions
Building an addition comes with three major pros, including:
- High Return on Investment in the Long Run – in most cases, homeowners make back the money invested in home additions. Many people realize a profit, depending on the type of addition and their local real estate market. Although several factors go into the risk versus return calculations you can safely assume that this home improvement investment will increase the value of your home significantly.
- Interior Design and Decorating Opportunities – because you’re adding large amounts of living space to an existing home, building a home addition requires an interior design overhaul. This provides homeowners with the chance to completely redecorate their homes and achieve the look and feel they dream about. While redecorating on its own may cost less, the demolition and construction processes required in a home addition project provide the ideal opportunity to change flooring, architectural features and paint colors.
- Less Expensive Than Moving – although this may not be the case in every neighborhood, Northern Virginia home additions often cost less than selling your existing home and buying a house with the additional floor space required. If your family plans to relocate across the country or move from an urban center to the rural areas, moving may seem a more viable option. But if space remains the major issue, building beats buying almost every time.
Cons of Home Additions
Just like any other major investment, home additions come with a list of three common cons, including:
- Inconvenience and Mess – this home improvement project will inevitably disrupt your lifestyle. As most home additions require the demolition of an exterior wall, the construction mess spans from dirt to building materials and everything in between. Consider moving out during construction, but be sure to incorporate those costs into your budget and make arrangements for transportation and potential schedule disruptions.
- Risk of Over-Improving – adding square footage onto your home or upgrading existing features could push your home beyond the value limits of the neighborhood. Think of it this way–property value incorporates location and features, but the lowest factor presents the greatest limitation. A large, custom built home in a less expensive subdivision will be difficult to sell in the long run. Be mindful of this balance when designing your home addition.
- Utility Costs Increase – common sense tells us that larger homes cost more to heat and cool. Since home additions often increase the size of your home, the size of your utility bills also rises. Upgrades to windows and doors, as well as insulation and roofing may affect this trend, but remember to expect significant changes to your monthly heating and cooling bills.
Smart homeowners weigh the pros and cons of Northern Virginia home additions before signing the contract. Talk to your contractor about all of the options and take each factor above into consideration.