You may be exploring the benefits of staying in your house rather than buying a new house, because of the interest rates, the neighborhood, and many other factors. If you need more space in your home, you may want to consider room additions to your home. If you are thinking about home additions, there is information you will want to have in hand before you grab a hammer. You need to know the home addition cost, and how to decide whether or not a home addition is right for you.
The Cost of Addition
Calculating the home addition cost can be difficult. There are several factors you need to consider. Here are some of the most important questions to address.
How Much Space Should I Add?
The first step you need to think about is how much to add to the square footage of your house. Calculating the square footage helps you determine the home addition cost. You need to take some time to figure out how much square footage you need to add on to your house. For example, if you are thinking about adding a sunroom to your house, you should know that the average sunroom is 14 x 16 feet. Rooms are also calculated according to the size of your house. You wouldn’t want to put a 20 x 35-foot sunroom onto the back of your house if you have a small house, for example. Depending on how large your house is overall, you need to calculate so that your new addition doesn’t overwhelm the size of your house overall.
Cost of Addition for Your Area
It is a little hard to get a precise cost of room additions by calculating the square foot. However, you can get estimates by calculating the average price per square foot for your area. Each area of the country is different. The cost per square foot of a house is different in San Francisco than the cost per square foot in Green Bay, Wisconsin. You need to consider this when you’re figuring your cost of addition.
Here is a cost estimator resource you can use to help you once you have calculated the square footage. There are many options to consider, and so many choices that it can get overwhelming. In the end, it’s best to get a quote from your local contractor at Ace Construction and Remodeling. They can answer all your questions, put your mind at ease, and give you a straightforward answer to help your budgeting decisions. In addition, Ace contractors are experience at knowing the pitfalls and what to watch out for, so contact them for help.
Compare Home Addition Cost Calculations to Bid
Finally, you need to consider home addition cost in light of a bid for your home addition project. After you have calculated the price per square foot, you also need to consider the bid breakdown for contractors. When contractors bid on a project, they usually split the bid into three areas. One third of the cost of the bid goes for the materials needed to complete the project. This would be materials such as lumber, concrete, bricks, plywood, insulation, and other building materials. Another third of the cost of the bid would be labor. Labor is the number that calculates the cost of the workers who will be building your addition. The final third of the bid is usually contractor profit and overhead.
Some contractors will not give you a breakdown of the bid, and that is ok. That doesn’t mean they aren’t reputable, but at least you can still compare their bid to the general price per square foot for comparison sake. The price per square foot is not a hard number to stick to but instead a guide for good judgement.
What Else Do I Need to Keep In Mind?
You should know that if you are worried about the home addition cost, there are loan programs to help you create room additions in your house. The Department of Housing and Urban development has loan programs for qualified homeowners. You can look into loans that are guaranteed through the government. You may also be able to qualify for home equity loans or a line of credit to pay for an addition. Rates for loans are at historic lows, so this is a great time to look into a loan to add to your home.
When you are ready to look for a contractor, be sure to do your homework. Ask your friends and relatives who have had work done on their houses who they used. You could ask your neighbors as well. Your state should have a list of all contractors within the state that have met their licensing and bonding requirements. This is important, because there are a lot of contractors who are not licensed, yet who are in the community working.