|
|
|
A Look at Electrician Training
Once you’ve selected the school you wish to attend, gone through the application procedures and started to train you’ll get a better idea of what area you’d like to specialize in as an electrician.
At some point in time you may want to consider...
Building Your Dream Home - Part 3
Exterior Framing Continues
With the home’s sub-floor down and the exterior walls framed and up, the framing crew was on to the roof. Though the roof was rather simple in structure with just a 12/12 pitch and no valleys it was a significant...
External vs. Submersible Pumps. Which one should you Use?
For many people, it's never been a question of whether to use a submersible pump vs. an external pump because most people have smaller ponds and are used to just using a submersible pump. They're easy to install, and are pretty reliable - so why...
Flipping Houses for Profit: Start with the Right House
Many real estate investors enjoy "flipping houses," or buying and selling houses quickly for profit. Not all flips are fixers; however rehabbers make millions turning ugly houses into dollhouses. On the other hand, some inexperienced investors...
Pump Up The Value Of Your Rehab Real Estate Investment
There are two legal ways to increase your wealth.
1. Keep more of what you have (e.g., tax strategies, rehab efficiencies, cost savings)
2. Add value to something (e.g., a real estate investment, stocks, bonds)
Let's focus on adding value to...
|
|
| |
|
|
|
|
Building a Home Additon
Besides providing your home with more living space, a home addition can be a terrific investment. However, before embarking on such a project the homeowner should first consider several important items. These items include: home market values in the neighborhood, financing, size and scale of project, architecture, timetable for completion, personal disruption/inconvenience threshold and the sweat equity commitment level.
Size of Addition and Market Value
Prior to actually breaking ground on a home addition, it is best to first determine what you are looking for in terms of additional living space. For example: How many square feet? What types of rooms? Once this is understood, it is then important to find out the market value of homes in the local area with similar size and features to the new and improved home. With this information the homeowner can then calculate the difference between their current home market value and the new and improved home market value. This difference should represent the maximum budget for the new addition if a positive investment is desired. For example, a homeowner would not want to spend $50,000 on a new home addition that provides only $25,000 in increased market value to the improved home.
Financing
The next important question involves how to fund the home addition. Unless the project is being funded via cash/savings then financing will be required. If current mortgage rates are higher than the existing mortgage, then a home equity loan will probably make the most sense. If current mortgage rates are lower than the existing mortgage, then refinancing the entire home, including the cost of the home addition project, may make the most sense.
Architectural Considerations
Once the financial items have been addressed it is then time to focus on the size and scale of the project, as well as the architectural and aesthetics of the new addition. The addition should be of size and scale such that it aesthetically melds into the original house. It should not be too small or too big. Frequently, homeowners get carried away and add large amounts of new living space without sufficient thought on the outside appearance. From a market value, there is more to a home than just pure living space. A home needs to maintain its exterior aesthetics as well. It is important to consider such items as siding, doors, windows, rooflines, and elevations. All should meld into the existing home exterior
seamlessly and aesthetically.
If an architect is not planned for the project, then the homeowner should at least make some sketches of the home exterior with the new addition. The building inspector will probably require them anyways during the permit process. Also, there are many Home Design software packages on the market today that can help create such drawings.
Schedule and Sweat Equity Commitment
The next two items that should be considered include the timetable for completing the project and the homeowner sweaty equity commitment level. Many homeowners assume they can do a lot more than they are either skilled to do or have the time to do. From personal experience, I would suggest contracting out the site/ground work, rough framing, roofing, siding, heating/cooling, and the drywall. All of these tasks require skill, time and brawn. If local laws permit, electric and plumbing may be tackled by the homeowner. However, both require skill and can be life threatening if not performed properly. Other tasks that a homeowner could tackle include installing interior doors, finish trim, painting, cabinet installation, tiling and hardwood flooring. Prior to a homeowner signing up to any specific task however, they should first honestly assess their skill and available time, and compare them to their project schedule. If they don’t match, hire the contractor.
Threshold of Inconvenience and Disruption
Finally, a homeowner should consider their threshold for inconvenience and disruption. A home addition, particularly if it involves the kitchen, is very disruptive to today’s busy lifestyles. It is also a dusty, dirty and noisy endeavor. In addition, dealing with subcontractors can be challenging at times. For a typical addition anticipate several months of effort and inconvenience.
If after assessing all these issues you are still willing to move forward with the project, contact your subcontractors, pull your permits and get ready for an exciting time. For most homeowners tackling a home addition is a positive experience that provides both new living space and a great investment.
About the Author
Me_Donovan@comcast.net
http://www.homeadditionplus.com
http://www.homeaddition.blogspot.com
Over the past 20+ years Mr. Donovan has been involved with building homes and additions to homes. Mr. Donovan's formal education and profession have been as an Electrical Engineer and Marketing Manager.
|
|
|
|
|
|