Adding onto your home is a rewarding investment in the quality, functionality, and comfort of your space. However, before construction begins, it’s important to have a realistic budget in place. Home additions can vary widely in cost, and understanding what goes into the price can help you plan with confidence.
Here are some key factors to consider before you begin working on any home additions:
- Size and Scope: The biggest factor is square footage. A small bump-out for a bathroom will cost far less than a full second-story addition. The general rule is that the more structural changes that are needed, such as plumbing, electrical work, or roofing, the higher the price tag will be.
- Materials and Finishes: The flooring, windows, cabinetry, paint, and other finish work will all impact the final cost of your home additions. Choosing premium materials or custom finishes will drive cost up but add to the custom feel, whereas standard options have a lower price point but may not feel as personalized.
- Labor and Permits: Skilled labor, permits, and inspections are all necessary for home additions and should be factored into your budget from day one.
- Unexpected Expenses: While we plan to the best of our ability, some things cannot be anticipated. It’s wise to set aside 10-20% of your total budget to use for surprises. For example, older homes can present unique challenges, like outdated wiring or structural issues, that you may not know about until you uncover them.
While home additions can be significant expenses, they also add long-term value to your property. More living space, updated features, and improved functionality will often increase resale potential, making the process a worthwhile investment.
If you’d like to learn more about budgeting for home additions, reach out to us today!