Thinking of Building an Addition?
Your family is growing. You decide it’s time to build an addition on to your existing home. Before you build, get an appraisal. Ask the appraiser if it’s a good idea to add onto your home or is it time to move to a bigger home.
When your home was originally built, it conformed to the neighborhood. It likely was not under built in size. The majority of times, the cost of addition will never be recouped when you do decide to sell the home.
I just left a home that was given back to the bank. It was so grossly over built, they not only added on a 25 x 25 addition, they also converted the 2 car garage into living area. The home no longer has a garage, nor the ability to have a garage built on the site. This home appeared to be an ongoing project that apparently was never finished. The family may have realized the nightmare they created and decided to walk away from it. I have seen far too many projects that never seem to get finished.
Another type of addition made popular in the 1970′s are “pop tops” . 2nd floor additions built onto ranches. This is usually another expensive mistake made by people with good intentions. Again, before you do anything, get an appraisal.
When is a good time to build an addition? If you are in a unique area such as water front property, this might actually be a smart decision. An appraiser has the ability to look at your home “as is” and “as proposed per plans and specs.” He or she will do their best to provide you with comparable homes.
The appraiser will estimate what it would be worth if built regardless of what it will actually cost.