When meeting homeowners about home additions, one of the first questions most people have is “how much is this house addition going to cost?”. It is important to find good savings while still enjoying a great end result. Keeping in mind that the average cost of a home addition can grow pretty quick, the cost being the first concern is a very natural reaction. However you try, unless you have an unlimited budget, most projects end up making compromises and cutting extra costs. This is why it is important that when getting a home addition done, unless money is no concern, to keep in mind that sacrifices and cuts will happen.
The typical cost of home additions can vary, they go from approximately 10,000 on the low en to 200,000 on the high end or more. It all depends on the size of the addition, the scope of the project, the finishes being chosen and labour costs. Another big factor is the location. You want high end finishes? Add some extra cost. Want a simple new room without anything special on it, reduce your cost. A good conservative average for a house addition project is about the 40,000 range.
These days, buying a new house is a jungle fight. With ever raising house prices and more competitive offers out there, buying a new house can be pretty daunting if not a bad investment. And while the cost of doing a home addition may sound big, the reality is that the cost of a new home and moving expenses are far greater. Various studies state that in general you can expect the cost of moving to a new house to be around 10% of the house value, with current home values over 400,000 your moving expenses (including costs of selling and closing) can be around 40,000 dollars. An awesome home addition of 30,000 can give you what you want, done the way you want it and you save the trouble of moving, especially when you like your neighbourhood.
Time to call in the home renovators
Armed with these numbers, you are ready to start asking for work bids from contractors. Get in contact with different home renovation companies and request for an estimation, most are willing to do it at no cost. It is a good idea to hire an architect to design your home plan, this ensures that when you compare contractor quotes, all are on the same playing field. Hiring an architect is not mandatory, but if your budget has room for it, it is definitively a good idea. Remember to take it into account as part of the project costs, otherwise it can turn into a hidden cost. So, seek an architect and the cost of the architect add it to the total budget for your home renovation.
Additions for your home
Most of the time, homeowners work hard at getting a home addition that becomes into a beautiful oasis, getting great furniture, amazing finishes and wall décor, etc., and not until all is said and done they notice that their addition does not match the rest of their home. At Woodridge Construction Home Renovations, we work hard at giving you the home addition you want and also make sure that it fits with the rest of your home, improving the look instead of fighting with it. Remember this when getting your home addition done, not all contractors care about this, but you should.
It is not a bad idea to consider a small renovation along with your home addition. For example, if your new flooring won’t match your old one, it is not a major cost to extend the new flooring to the old space. This will add continuity with the house and give the sense of a full new home!
Are you thinking of doing a home addition? Contact Woodridge Construction, our experience, ability to create additions that are coherent with the rest of your house and client references will help you enjoy your renovation and your home for many years to come.