3 Compelling Reasons to consider Home Additions
Are you tired of the cramped living space in your home? Why not opt for a home additions project? Not all home additions break the bank. Your cost depends on your requirements. And, it is definitely lower than the expenditure...
Home Additions: Your Key to a Beautiful House
By undertaking a home additions project, you will be able to address your problem of limited space. You will be able to enjoy a stylish home that satisfied all your needs without being too cluttered and disorganized. Do not consider home additions to be extravagant. Not every home needs a full-size addition that includes several areas such as the dining room, bathroom, bedroom etc. A simple bump-out addition can deliver better results at lower costs.
Top Reasons why a Home Addition is the Answer for You
Whether you decide to build up or build out, a home addition will definitely create a well-conditioned living space for you and family members. It means you will have a beautiful home without having to bear the burden of buying a new home. Still unconvinced?
1. Higher Home Prices
According to a report in Star.com, the average sale price for a detached home in Toronto was $1.31 million in October 2018. And for similar properties in the rest of GTA, the prices were $914,179. If you consider the average price of a condominium in Toronto, it was $603,153 which is up 8.6 percent in comparison to 2017. Even after introducing several measures to cool down the prices, the real-estate market is hot because of stronger demand and limited supply.
The numbers reveal that even though you will be able to get a good price for your home, you will have to exhaust your savings on buying a new property. It is not possible for everyone to spend a fortune on a new home. So, in such a situation, home additions prove to be a more affordable option.
2. Low Cost of Home Additions
Typically, buying a new house that satisfies your growing needs is expensive than adding on to your existing home. If you want a larger home with better amenities, consider making changes to your current home and increase your living space at a reasonable price.
The approximate cost of adding a bedroom or a dining room is $80 to $120 per square foot. If you are looking to add a new bathroom or a second cooking area, the price can escalate due to plumbing. You may have to spend $200 per square foot on a comprehensive additions project. Usually, homeowners in Toronto spend anywhere between $20,000 to $80,000 on home additions. Overall, the cost of home additions is far lower than buying a new property and upgrading it to suit your needs.
*Note: As there are multiple factors that affect the cost of a home additions project, you need to consider your needs, your budget and the area of your property before obtaining an estimate from a home additions contractor.
3. Growing Families and Changing Needs
Your need for living space increases with a growing family. As your kids grow up, your home may start feeling more chaotic than ever. When new members are added to the family, you will definitely need a large home. If you do not want to sell your family home, consider home additions to create extra functional space. You can create a bigger kitchen or bump-out the living room to accommodate more people easily. Even second-story additions (https://www.thehomeimprovementgroup.ca/
Growing need of families is not the only reason for undertaking a home additions project. Sometimes, you may outgrow the rooms in your home and need more space for new hobbies and additional work responsibilities. If you are looking for a place to focus on your work, you can add a small room and build a home office. You can create a playing area for your kids; affordable sunroom addition (https://www.thehomeimprovementgroup.ca/
Build an Addition: Make a Well-Thought Decision
Home additions offer a simple solution to your problem of limited space and budget. But it doesn't mean you should make a hasty decision. Even if you are not going to sell the property anytime soon, your family may want to list your home. And, if you opt for exorbitant home additions, it can get difficult to obtain profitable returns on investment.
Also, you may be interested in applying for a home equity loan or a home equity line of credit (HELOC). If the lender doesn't consider the home additions of any value, you may not be able to borrow a decent amount. So, when it comes to choosing between different home additions project, spend some time thinking about the future. Consider your current and future requirements before making the decision.