How To Budget for Your Home Addition Project
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Contemplating how to create more space in your home without having to move? The answer you’re looking for might be as simple as a carefully thought-out, planned, and executed home addition project.
However, while a home addition is the simple overall solution, the planning portion of the project is anything but if you have no idea how to approach it. When considering adding a section to your home, the elephant in the room is the cost structure of the undertaking.
More precisely, you need to be precise in your estimates of how much the entire project will set you back. That is where the professionals come in. Reputable contractors such as Bluegrass Haven offer a full range of budget services and consultations on how to do the math before you begin.
What Impacts the Cost of a Home Addition?
If you’re to estimate the expenses related to your home addition project, you’ll need to consider all the moving parts that come together to form the final price range. There are a handful of crucial factors that you have to take into account when determining the scope of your project.
Your Project Idea
Depending on your creativity and experience in similar projects, you might be humble and down to earth or try to design a masterpiece of a project. In either case, the limiting factor is going to be the price range.
The size and complexity of your project are the key determinants here. Adding a new room to your property is notably more expensive than, for example, expanding your kitchen area or patio. Going overboard with custom features will also drive the price up quickly, so bound your creativity with your bank account balance.
Home Addition Category
Selecting the exact part of your home that you’d like a home addition contractor to expand matters significantly, as not all home parts require the same attention and effort.
Namely, different types of home additions result in variable prices, with sunrooms costing the least ( $15,000 to $35,000) and adding a story to your house representing the end range (80,000 to $150,000). Structural adjustments such as adding a bedroom or bathroom ($20,000 to $60,000) are in between.
Materials and Design Selection
Next on your budget estimate for a home addition checklist are the materials costs and the designs you’d like to feature. Depending on the addition category, either an architect or an interior designer (or both) are your go-to sources for reliable price range information that will help you narrow in on the optimal materials.
Contractor Expenses
Since there is no viable DIY way of executing a home addition on your own, the price of a reliable contractor is an inevitable part of the home addition project math. With contractors like Bluegrass Haven, you get a complete range of services, from kitchen remodeling to custom home build, and the option to discuss budgeting and adjust according to your financial capabilities.
Legal Aspects
Let’s not forget the one thing that can easily sneak through and ruin your entire plan – permits and inspection costs. Depending on where you reside and the size of your project, the associated permits will add to the total expense tally. A solid contractor, though, will solve this for you—just ask Bluegrass Haven for assistance.
Creating a Realistic Budget for Your Home Addition
You need to add a few extra things to the initial estimate you make when planning for a home expansion project. Some introduce more potential expenses, but others might come in handy to help you get more than what you bargained for.
Putting Together a Realistic Estimate
Everything covered about the estimates regarding a home addition project remains the most important aspect of launching such an endeavor. A key piece of advice to add is to try to keep your math as realistic as possible, using narrow margins of error so that you don’t end up surprised at the end.
Expect the Unexpected
A good rule of thumb during major home remodeling projects, such as addition, is to be prepared for unexpected expenses once the project is on the way. As well-intended as they are, contractors might run into structural or other type of unforeseen obstacles that might require more funding to resolve. While this is not the standard, it is better to be prepared than caught by surprise.
Essential vs. Optional Features
This falls under the scope of realistic planning, but it does merit specific mentioning. It is easy to get carried away with the opportunities for multifunctional elements that add flair to your home addition but come at a price that doesn’t truly justify them. Stick to the practical over the flashy, as you can always add these elements later.
Financing Opportunities
Saving the best for last, you can manage to take some of the financial strain off your back by exploring different financing options that might be available in your area. Different types of home equity loans or credits, such as the HELOC or home addition contractor financing, often offered by reliable professionals such as Bluegrass Haven, go a long way in helping you realize your desired project.
The Value of Professional Home Addition Contractors
- Quality Execution: Contractors such as Bluegrass Haven, who have more than a decade of experience, stand behind the quality of their execution of your project.
- Knowledge of Local Building Codes: Hiring a local contractor ensures that you won’t have to bother about the legal aspects of your project, from acquiring permits to adhering to building codes.
- Professional Project Management: Expert services take your project from an initial vision, through the design process to complete the build without including additional contractors.
- Experienced & Specialty: Always consider hiring experts with a proven background, such as Bluegrass Haven, with over 250 5-star reviews. In addition, contractors who specialize in budget projects are exactly the ones you want when financial constraints apply to your project.
Making Your Home Addition Affordable with Bluegrass Haven
Thinking about adding on to your home? Bluegrass Haven is here to help you through every step of your home addition project. We understand how to manage your budget and make the whole process clear and straightforward. By working with us, you’re not just making your home bigger; you’re improving its value and making it work better for your needs. Let’s work together to turn your current home into the dream space you’ve envisioned, all while keeping things affordable.