The idea of adding an addition to your home is simple in theory and even increases the comfort of the people living inside your house. Especially if you are looking for more space to accommodate a guest, family member or start that in home gym you’ve always wanted. By investing in a home addition, you are customizing your home to your liking while also maintaining the same level of comfort. Whether you are a new or experienced homeowner, there are key components you should understand before committing to a home addition. Realistically, home additions can cause unforeseen problems that would make them unfavorable to some people.
Good or Bad Investment?
One of the most prevalent questions regarding a home addition that should be in the forefront of your mind is, “Is this considered a good or bad investment?” To determine if a home addition is a wise investment, you should compare your home to the sales price of other local homes with similar characteristics to yours. If the cost of your home addition exceeds the new property value of your home, it would be considered a poor investment. If you are unsure of how to calculate this, our dedicated team of seasoned professionals will provide an accurate assessment on the costs associated with your Los Angeles home addition project. If it’s a good investment that improves the value of your home without exceeding the cost, we will provide you with a multitude of financial options best suited to your needs. This may consist of utilizing a home equity line of credit, an extended mortgage, etc.
Property Taxes Will Increase:
A home addition will most likely raise your property taxes. But the question is, “by how much?” Before committing to adding on, homeowners should evaluate the enhanced value of their home, included with the addition, to accurately assess the new tax liability based on current tax rates. At RL Remodeling, we are normally able to make a logical prediction based on the current property value of your California home and the current tax ramifications associated with it.
When investing in a home addition, energy efficiency is something to keep in mind. Such as energy efficient fixtures, windows and construction. For example, windows that are able to successfully prevent hot and cold air from escaping the room would be considered energy efficient. Also, low energy consumption appliances will exponentially decrease the costs associated with an addition. These things will lower energy bills and overcome negative impact on the environment. As an energy efficient construction company, our main focus is to provide maximum value to homeowners while lowering the environmental burden and excessively high energy bills, due to poor planning and lackluster home improvements.
Additions Take Time:
While the thought of an addition can be exciting, that doesn’t take away from the time required to provide the best results. There are a number of problems that can occur, such as bad weather conditions that cause unanticipated delays, damaged areas of the home, unexpected challenges within the construction process, and possibly reassessment of the property. As a homeowner, it’s imperative to understand the normal timeframe for project completion, so you can decide if an add on is the best option for you. This process can take weeks to months depending on the complexity and challenges presented in the project. If a homeowner wants expedited results, buying a new home might be the better alternative option.