House expansion, also known as home expansion and room addition home remodeling, is a popular topic in Poway CA. That’s because people who live in Poway tend to have a great sense of classic values in home ownership.
Unlike smaller projects such as paint or landscaping, a house expansion project is a larger permanent change to the home. Therefore it’s important to carefully consider the pros vs. cons of this process, from all angles, before hiring your home remodel contractor.
House Expansion Pros
You Get What You Want
Unlike buying an old home and remodeling with paint and fixtures, a house expansion is more encompassing. You, along with your house expansion contractor, are starting from scratch. That way you get what you want right from the beginning.
For example, you might have an older house that was built one way then changed over the years by other homeowners. So this way you get what you are willing to accept.
But in contrast, a home expansion gives you space that you can claim as your own unique creation. Expanding your home is like designing a whole new house without the problems, time, and expense of building a whole new house.
Cheaper than Buying New Home
Assuming you have a decent cost basis, home expansion may be cheaper overall than buying a new home. Especially when you figure in moving costs, home expansion makes good sense.
Additionally, if you still love your current home but just need more space, then home expansion is the way to go. Imagine leaving your lovely comfy home and moving to a new cold sterile house. Wouldn’t you rather “stay home” than move your home? For many people the emotional impact of moving outweighs the cost and process of expanding a home.
Easier than Moving
During a house expansion project expect some displacement of available space. It’s only a short term minor inconvenience of less space and some work crews doing their thing. This for most people is so much easier than the moving process; which includes but is not limited to the following:
- Throwing yard sales and parting with belongings
- Sorting, boxing, and packing
- Not knowing where your stuff is when you need it
- Driving, flying, moving to new home
- Remodel home to suit taste and/or function
- Unpacking, setting up entertainment center, beds, furniture, etc.
- Opening new utilities accounts, meeting techs to set up or install of services
- Making new friends with neighbors
- Kids starting in new schools
- Starting new jobs, meeting new people
As you can see, sometime moving upsets the lifestyles and long term friendships of everyone in the household. So therefore staying put and remodeling your existing home is by far an easier choice.
Great High Cost-Value Ratio
House expansion usually pays for itself in the long run. Since adding more floor space (square footage) increases your home’s market value, then given enough time for real estate prices to rise then selling at a market peak, you could reclaim all your money and maybe even make a tidy profit as well.
House Expansion Cons
No Guarantee of Higher Resale Price
While some home expansion projects will increase your home’s value, others may not do quite as well on your local market. You should always consult with a home remodeling expert, such as HK Construction, prior to starting big projects to make sure if they’ll add monetary value.
House Expansion Uses Property Space
Unless you are adding a second story, you will lose yard space by expanding your home. So if you have young children or pets that play outside, then they’ll have less space to enjoy outdoors. However, by making the yard smaller, you might recover time and resources due to maintaining less landscaping.
Cost of Funding
Unless you can refinance your home, or have cash ready, then interest on a home expansion loan will probably cost more than a mortgage loan. What that overall cost is depends on your interest rate, time, and amount of loan. Do the math and see if the cost pans out for you.
If you want a house expansion for enhancing your family’s enjoyment of your current home, then this is a good fit for you. Since the cost of financing a house expansion via home loans is very affordable with current interest rates as low as they are (at time of writing). Basically, you can focus on what would please your family the most. However keep in mind that when you eventually sell that home, certain expansions and improvement can either increase or detract from a future resale.
For example, a home theater room, or a swimming pool, or a massive workshop might be great for you, but not so great for some other home buyers. So definitely get what you want and enjoy it; just be aware that perhaps not everyone else will want that same thing too.
An HK Construction house expansion professional consultant can guide you with these selections and decisions. We’re happy to give you the benefit of our long experience, and help you decide what’s best for you, your family, and for your budget.
Call for a free in home expansion consultation and price quote.
Company: HK Construction, Inc.
Owner: Marc Gieselmann
Location: Poway, CA.
NARI Member and BBB A+ Rated
HK Construction is a long time NARI member in good standing. So you know we are the real deal. Additionally we maintain an A+ Rating with the Better Business Bureau. Because we believe your satisfaction as a customer it our top priority!
HK Construction is Member of NARI and BBB