There are plenty of reasons why you may feel like it’s time to upgrade your home. Whether you’re starting to outgrow a smaller space, or simply feeling like you’ve been there for too long, it’s inevitable at some point to feel like you need a change. Even new home buyers get the itch to start a renovation project right off the bat! Home additions are a fantastic way to fill that need. There’s an array of ways to approach a home addition, such as renovating a room that already exists or adding new rooms to your house.
Deciding on what home additions you want can be both exciting and stressful. There are so many options of what you can do to your home to make it more your style. Following this step-by-step guide to home renovations may be helpful when you’re feeling overwhelmed and unsure of where to start. Determining a budget for your project and how to finance it is a great place to begin the process.
Figuring out a way to afford these home additions doesn’t need to be stressful. If these are additions you have in mind for a home you’re about to purchase, consider lowering your monthly mortgage payments by choosing a 30-year fixed mortgage. This way you can spend less every month in order to use the remaining money for large investments to your home like renovations or additions.
Another option to help finance your home addition projects is by taking out a loan specifically for the endeavor. Loan options can range from a typical construction loan to taking out equity on your home in order to support your renovations.
The past two years have sparked an interest in home additions since the pandemic. The following additions are known to be the most popular in 2022. Prices vary depending on the extent of your project and will be listed for each addition shown. You may choose to undertake multiple of these so be wary of what your budget looks like!
Build a Home Gym – average cost is $2,000
Since the pandemic forced many of us inside and without a regular fitness routine, home gyms have become extremely popular and now seem to be a must-have in a home. Choosing where to build your home gym is the hardest part. Many choose to build it within a garage or unfinished basement. This way you may only need to spend money on a fresh coat of paint and equipment. Others may build an entirely new room off of their home in order to create their dream gym. This by far will cost more, but if you have the means to do so then why not?
Expand Your Kitchen – average cost ranges from $5,000 – $35,000 depending on the extent of the project
Of course, this is a huge range but a kitchen renovation budget really does depend on how much you want to do with the space. If you’re aiming for a lower cost, you can choose to remodel your kitchen by adding new cabinets, new paint, and maybe updating an appliance or two. If you’re okay with spending more, you can choose to add a bump-out for more square footage in your kitchen, or do a full revamp of every appliance, counter, and cabinet.
Adding a Suite Over the Garage – average cost is around $35 per sq. foot
Incorporating a suite-style room above your detached garage can be extremely beneficial when you have guests in town. This gives them their own space to make them feel more comfortable, especially if they’re visiting for a long period of time. You can choose to just add a bonus room or create an entire studio apartment depending on how much space you have. Keep in mind that the more you want to add to this garage suite, the more it’ll cost you.
Buying a less pricey home means you may have more to spend on those home additions you’ve been dreaming about. Fortunately, Atlanta BeltLine, Inc. has surpassed its goal of providing affordable housing in 2022. The number of affordable homes is increasing in the Atlanta area, so if you’re looking to buy soon, this may be the spot to check out. Mark your budget, do your research, and get to building!