Ever picture your home with an extra guest bedroom, a cozy new nook in the kitchen, or a bright and airy sunroom? You’re not alone. Strong housing market conditions are encouraging more and more homeowners to invest in projects like room additions in Minneapolis.
The right addition can transform a MN old house into a dream home. But before you start, ask yourself these questions to set yourself — and your bank account — up for success.
1. How much do I want to spend?
Hold on to your chair: The average cost of adding a room or house addition is $40,942. That’s one hefty chunk of change! Costs vary from project to project, but every successful addition project starts with a plan and square footage estimate. Once you have that, you can formulate a budget by getting estimates from a Plymouth Remodeling Contractor:
2. Is an addition going to pay off in the long run?
Even if you have no plans to sell after your sparkling new space is complete, a new addition should pay for itself in the long run. Here’s what you might expect to get back on a few popular home addition investments:
Sunroom Addition: 49% return
Bathroom Addition: 53% return
Master Suite Addition: 63% return
Two-Story Addition: 65% return (an upstairs master suite and a downstairs living area)
3. Are there building restrictions I should worry about?
The answer to this one is almost always yes, but restrictions vary from neighborhood to neighborhood. Reach out to your city and county offices for a breakdown of rules in your area.
What can you expect? The buildable portion of your land generally doesn’t stretch all the way to your lot lines – and for good reason. These “cutoff lines,” which are enforced by your local government, may give you less space for an addition, but they are in place to prevent house fires from spreading and to protect your neighborhood’s aesthetic. There may also be a height limit, which would restrict floor additions.
4. Could I remodel an existing space instead of adding a new one?
The costs of adding onto your home add up, so it’s wise not to jump in without thinking of alternatives. Remodels are generally more affordable than additions, so start by taking inventory of every room in your house to see if any could be updated to meet your goals of an addition. Maybe you could finish the basement or renovate the attic to create extra living space. Instead of adding on to your kitchen, you may want to remodel your existing kitchen to increase space, or even install custom cabinets to make things more efficient.
5. Is it smarter for me to build up or out?
Building up can save you money because it does not require excavation and foundation work. But going up may require an architect since it can be more complicated than staying on the ground.
If you decide to build out, a detached addition can save you money. Detached additions are often used as garages, guesthouses and home offices. Homeowners report spending an average of $15,000 to $24,658 to have a detached addition built. Work with a Minneapolis remodeling contractor to find out what is possible in your area.
Leave a Reply