The home you love is now a little too small for your growing family or your expanding home-based business. Moving is not an option, and after all you have plenty of space for that home addition. You’ve planned it out in your mind for years. Now it’s time to get those dreams on paper and see them come to life. Before getting started though, there are several things to consider before taking the leap.
Avoid These 3 Pitfalls and Stay Within Your Budget
Many times, when beginning a project like this, there are some hidden costs that are not factored into your initial budget. With some planning, you can research these before you start the home addition process and make sure you have taken everything into consideration when building your project budget. Here are the top three cost pitfalls to avoid so the construction process goes smoothly and stays within your budget.
- Permits for housing and construction
- Increased property taxes and insurance premiums
- Home damage
Permits for Construction and Housing
Most cities will require you to obtain permits for construction work. If you’re adding a bathroom, there may be a plumbing permit. There may also be additional electrical permits depending on the size of the home addition. A great tip is to have your contractor’s bids include the fees for obtaining the proper permits in their estimates. This will also help you decide on which contractor to use, as you will want to have someone who is experienced with the city’s policies when it comes to home additions/construction.
Increased Property Taxes and Insurance Premiums
You should also plan for the future. Your home value will increase, so you should expect that your insurance premiums will increase 20-50%. Property taxes are also likely to increase due to the additional size; the new valuation will be considered for your property taxes next year.
Many times, there will be some unseen damage to your home. A rotten foundation can be a hidden cost driver to your new addition, since it must be repaired before starting construction. While you are getting estimates, it is best to have an inspector come in and take a thorough look at your home. If you are a fairly new homeowner, you may want to research past construction or repairs to your home. Taking these steps will help you properly plan your budget. Additionally, fixing the problems in your home as soon as you encounter them will help you save money in the future.
By avoiding these 3 hidden costs, you’re more likely to have a smooth construction process and stay on budget. And the dream of your home addition will not be a nightmare!
Contact us (513-560-2195) for more information or a free quote!
About RK Renovations
RK Renovations provides professional and affordable remodeling services to home and business owners in the Greater Cincinnati Area. We have the capabilities and the crew to provide full attention to small and larger projects. We have gained an excellent reputation by going the extra mile for our clients, year in and year out.
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