3 Factors That Increase the Cost of a Home Addition Project

A home addition will certainly be one of the most important undertakings that you will ever take in your life. This means that you will want the home addition to go smoothly and without any delays. So, seek the help of an experienced room additions or remodeling contractor and share your ideas with them.

The next step in the process of home remodeling is to determine the budget. If you are not able to do this on your own, consult with your remodeling contractors to reach a decision. However, you should take note of the fact that hidden costs can turn any exciting home addition project into a sour one. Therefore, it would be better to have an understanding of what could possibly increase the cost of a home addition project. Below are a few things to keep an eye on.

Preexisting Home Damage                                                                      

Some houses will start to reveal unseen damages once the demolition begins. If your remodeling contractor identifies a bad foundation, then you will have to fix them before you make a new addition to the house. So, conduct a proper inspection of your home before estimating a budget. If you detect any damages or issues in the house, then it is wiser to fix them as soon as possible. Proceeding with a home addition without addressing the existing structural issues of your home can bring more troubles to you in the future.

Construction & Housing Permits

You will probably have to acquire a few permits for the home addition project. For instance, if you are planning to add a new bathroom to your existing home, then you will need to get not only an electrical permit but also plumbing permits. If you have no idea on what are the permits you need to have for a home addition project, get in touch with your remodeling contractor for assistance.

Raised Insurance Premiums & Property Taxes

Your homeowner’s insurance premium will most likely increase between 20 to 50 percent because the value and size of your home will increase after a successful home addition project. This means that your property taxes will also increase in the next tax year as a part of your new home valuation. It is hard to estimate the exact costs, as they will depend on the scope of your home addition project and on your tax deductions and insurance plans. You can consult with your insurance agency to get an estimated number.

 


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