Building an addition to a home is a great way for the homeowners to customize their home, and change it to better suit their tastes. It’s vital to think long-term about how the addition may impact the market value of the home. Home additions are expensive, so another important factor to assess is the homeowner’s mortgage rate, which can lead to refinancing as a funding option if the mortgage is low. If the mortgage is high, the smartest option may be a home equity loan. Beyond that, an ambitious homeowner also needs blue-prints of the home, a timetable for the construction, and, of course, noise-canceling headphones.
- Putting the effort into proper research before purchasing a home will make a large difference
- The existing structure of your home needs to be a large focus of any remodel or addition
- Creating a timeline for all aspects of the project will help you minimize life disruption during construction
“If current mortgage rates are higher than your existing mortgage rate, then you’ll probably want to go with a home equity loan.”