Have you been putting off your dream of adding on to your home? Do you constantly think about how that new space could work wonders for making daily tasks more efficient? Here are a few reasons to get moving on your home addition sooner rather than later:
Inflation – Costs for building and materials aren’t going down any time soon. In fact, they’re rising and will probably continue to increase in the coming years. Building now will save you some significant cash.
Interest Rates – Despite the escalating cost of building, interest rates are relatively good. You can check with your banker to see what the rates are on home equity loans or construction loans, but financing a home addition is easier than ever before. The money you save on interest rates might even boost the level of your remodel.
Tax Break – Some of your building and remodeling costs may be tax deductible. Check with your accountant or tax professional about possibilities and how the tax laws may change in the future.
Custom Remodeler Availability – There is a national shortage of workers in the construction industry. The lack of skilled contractors means that the builders who are already in the business will become busier, and homeowners will be on waiting lists for experienced builders. Delivery time will be longer, so the earlier you make a decision and move on it, the better.
Material Price Increases – The price of building materials is constantly on the rise, because materials are made and shipped from all over the globe. That Italian marble for your bathroom renovation has to be manufactured and shipped from Italy, where prices may be quite different. Invariably, cost of materials goes up steadily year after year.
Life Changes – So many things in life are unpredictable. A home addition in the form of an in-law suite or a garage apartment allows you to be prepared for some of life’s unexpected twists and gives you a resource to fall back on in an emergency, and you will have already made the wise financial choices with a calm head.
Empty Nest Come-back – While we all hope our adult children will graduate from college and find a job and a home of their own, the fact is that many college grads are turning to mom and dad for temporary living quarters until they get on their feet. A home addition featuring a separate apartment suite with bedroom, bathroom, living area and kitchenette can give both you and your adult child privacy, yet contact.
In-law Move-In – Using your home addition for its name sake is not at all unusual. An in-law suite gives your in-laws the luxury of home and the peace of mind that help is nearby if needed. It also allows you more access to check on them and affords you more time in your day because you can stay at home instead of visiting your in-laws.
Nursing Care/Rehabilitation – <p=align”justify”>Surgeries, injuries and debilitating diseases can render people unable to stay in their own homes. If you have an addition where a 24-hour care nurse could stay, or if you want to rehabilitate after a surgery without imposing on others in your household, an additional suite is ideal.
Nanny Care – Your children’s nanny will be close by and available if you have the space to accommodate them.
Entertainment – This whole-house addition can be an entertainment room or “man cave.” This idea works whether you have young children or teenagers. You can host an adult gathering and be free from children by sending them to the entertainment room, or vice versa – you can utilize your new space and tuck the children safely into bed!