How to Budget for a Home Addition

12/16/2015

Category: Home Addition
Tags: budget money pricing

Holidays are a wonderful time of year. But they also make you realize how cramped your space is when the guests come over for the party. There are lines to the only bathroom on the main floor, elbowing in the tiny dining room and not enough seating in the living area. Is it time to move? Or maybe all you need is an extension added to the back or side of your home? How much will it cost? At Archway Remodeling, we’ve built many home additions and we know that it’s a serious undertaking. Today we’d like to talk more about setting a budget for your home addition in Maryland.

Understand What’s Involved

Adding more space to your home is not that simple. It actually is very close to building a home from the bottom up. You have to extend the foundation, frame the structure, add electrical, plumbing and HVAC, finish the walls, add surface finishes and cover the roof. As a result, you may need to have several contractors involved in your project, including an architect, carpenter, painter, electrician, plumber, HVAC contractor, flooring contractor and drywall contractor. At Archway Remodeling, we make it easy for you to coordinate all these tasks, because we do it for you and have most of these professionals on staff.

Think about what you want to add to your existing home, and whether it may present any challenges. If you are adding a new bathroom or a fireplace, it will take significantly more work than just adding a heated and ventilated living space.

Ballpark the Cost

Now that you know what needs to be done, look at how much you are able to spend and come up with a ballpark amount. Just estimate realistically the scope of work and write down a range. The cost of labor alone can range from $14,000 and up for a basic 250 square foot room addition. Add about the same amount for materials. If it looks like you need a major addition, the money is tight and you can’t get a loan, it may have to wait. But if your ballpark cost seems to be in line with your finances, proceed to the next step to get a more precise estimate.

Call Contractors for Estimates

It’s time to look up a few of your local Maryland home addition contractors and call them for an estimate. This time you don’t want a ballpark, so you may need to meet with them to discuss your project or have them survey your property. Get a few estimates and compare them side by side. Check how much contractors will charge you for specific tasks and their reasoning behind it. The highest estimate is not always the best and the lowest one is not always the worst, so it may take some research to find the best offer.

Set Your Priorities

If the estimates you received are a bit or in a major way outside of your spending limit, you may need to cut back. In a home addition, you should stick to quality materials, but there is room to cut back on finishes. For example, instead of hardwood flooring, you can probably live with laminate or carpet for now. Instead of the gas fireplace, you can have an electric one or scrap it altogether. This is when an experienced contractor can offer you many ideas to cut back the cost without sacrificing the quality.

Need more tips on how to have your dreams agree with your budget? Get in touch with the home addition contractors at Archway Remodeling.