If your family is growing and you are suddenly feeling cramped in your home, you have several options: move to a new home, build your own family home, or expand your home to fit your growing family and its changing needs. However, with house prices skyrocketing in the U.S., moving to a larger home with a growing family is not always the best financial move.
Whether you are expecting a new baby or having an elderly parent move in with you, expanding your family home can provide the much-needed space without the disruption of moving to a new home. And as a bonus, expanding your home can also work out cheaper than moving while giving you the luxury to design your home to suit your specifications. Before you start the expansion, here are a few things to consider for your home extension.
Creating More Storage
If you are looking for more space in your home, installing better storage solutions may be a critical part of the solution. In a past survey, 21 per cent of households said their homes were somewhat cluttered. With an expanding family, you will need more space for added clothing and personal belongings. Start with decluttering your current home to get a glimpse of the living space you are working with. You can then begin designing built-in storage options for your expansion, like a sliding closet under the stairs.
Match Your Budget To Your Extension Plans And Your Needs, Not Vice Versa
While it may be nice to imagine what your ideal home expansion would look like, undertaking such a project can quickly become expensive. The last thing you want to happen is to plan inaccurately for the financial costs of your expansion and be unable to finish your plans. This is why it is important to sit down with an architect or contractor before you finalise your plans to understand the pricing behind your ideal extension plans. You can then amend your plans based on your affordability.
Don’t forget to account for supplementary costs in the renovation process like applying for planning permission, making amendments to your proposed plans, and the retention fees for an architect. Extending a home can cost between $86 ad $206 per square foot. If you are worried about paying for your home renovations, use the price quote from your contractors as a starting point for your home addition budget. You can also get the average price of planned extension projects from HomeAdvisor’s True Cost Guide. You can then explore your financing options like a home renovation loan, a line of credit, or refinancing your home. You can precheck the financing costs with remortgaging tools to compare the options and choose the most affordable one for you and your finances.
Add Value And Versatility With A Finished Basement
Adding a finished basement to your home can greatly increase your living space and home’s value. According to Remodelling Magazine, it is estimated that a finished basement can provide up to 79 per cent return on investment. A finished basement is versatile enough to be remodelled as a bedroom, an additional bedroom, or additional storage space.
If you are looking for more space for your expanding family, a finished basement can act as a great building canvas for your new needs. For instance, if you are welcoming a new baby, using a finished basement as an additional bedroom can provide space in the home for a nursery. Alternatively, a finished basement can provide great income potential down the road if you renovate it into a self-contained rental unit. Remember that turning a basement into an apartment (with added kitchen, bathroom, and amenities) can be quite expensive and costs between $50,000 and $75,000.
There are many ways and options for renovating your home to accommodate a growing family. Finding the one that works for you will depend on your family needs, finances, and your vision for your home. Using these tips as a baseline is a great starting point to build from and create the perfect space for your expanding family.
