The ABCs of Getting a Mortgage Loan for First-Timers

Posted on: 2 August 2017

Have you longed for more space in your home, but don't want to move? When you're planning out a great home addition, make sure you follow these steps for maximizing your home addition-- and minimizing the upfront costs.

Consider Resale Value

Many homeowners feel confident in their home additions because they can recoup a lot of these costs when the home sells. The final value add to the home depends on a few things, though. It depends on your home's current layout and how much the addition is really needed. Adding a second bedroom to a 1-bedroom house is a great addition, while adding an additional den or common room may not pay off as much.

It also matters whether the features are ones that other people will value just as much as you do. When you're updating old finishes, that can add value. But is your sale 20 years away? Those finishes will probably be outdated by then. By contrast, adding a fireplace is a feature that's pretty universally appreciated by buyers, as long as it is well-maintained.

Choose a Knowledgeable Manager

There has to be some central person who is managing the order or renovation steps, controlling the cost, and managing the timeline. If you go through a construction management firm, that person may be a general contractor or even an architect or dedicated construction manager. It will depend on the size of your project and the number of people you need working on your home. Often, an architect drafts up the plans and hands them to a construction manager who hires contractors for you and oversees completion of the project. 

For smaller projects, you may be tempted to take on that role on your own. Just know that there's a lot that goes into construction management, and you'll want to do some reading, from tips on minimizing disturbance to your family and neighbors to pushing back on a contractor who isn't doing a good job.

Choose the Middle Ground

So you have many options for finishes, contractors, and fixtures. How do you choose which ones to go with? Striking the middle ground is always a good idea. Some finishes may be more premium, while others you plan to de-emphasize by drawing people's attention elsewhere. Consider that buying good fixtures is usually a better investment than buying nice finish materials, if you can only afford one. And certainly be sure to hire licensed contractors, so as not to face more trouble  down the road with maintenance costs.

Contact a company like The Schueler Group for more help.