For many homeowners, a lack of space eventually necessitates adding more room to their existing home. While building an addition or remodeling to better utilize square footage provides needed room, these projects also come with potentially high costs. Carefully weighing options and utilizing cost-saving techniques allows homeowners to gain extra space in the most budget-friendly ways possible.
Assess Needs and Set Priorities
Before tackling a remodeling or addition project, it’s essential to take stock of current space and identify the areas requiring change. This assessment clarifies must-have additions versus nice-to-have goals.
Take Inventory of Current Space
Tour the home room-by-room, making notes of how each area functions. Pay attention to overcrowded, cramped spaces and consider where better organization could maximize existing square footage.
Identify Must-Haves vs Nice-to-Haves
Outline the key spaces needed to alleviate crowding issues, improve home function and address pressing needs. Also note desired additions that aren’t essential. Prioritize must-haves first when planning changes.
Weigh Addition vs. Remodel
Once needs are clear, weigh the pros and cons of adding new square footage versus repurposing existing space.
Addition Pros and Cons
Additions provide new space tailored exactly to needs. However, additions require zoning approval and their own foundation and roof. This equates to higher costs.
Remodel Pros and Cons
Remodels creatively adapt current square footage. This reuses some existing infrastructure. But layout changes may require moving plumbing, electric or HVAC.
New Purchase Pros and Cons
If at the end of the day your needs for space won’t be fulfilled by the your options for additions, it might be worth considering relocating. In situations where your existing mortgage rate is higher than potential new rates, it may be a more cost effective option to relocate. Luckily, in the current real estate climate, additions tend to be the more cost-effective option than a new purchase.
Choose the Right Addition
Additions come in a variety of styles and installation methods. Depending on your needs, some of these options may prove much more functional or affordable.
Strategic Remodel Possibilities
For more affordable repurposing of existing space, explore these remodel options:
- Repurpose Existing Spaces – Turn formal living spaces into everyday living areas. Convert a rarely-used dining room into a kids’ playroom, for example.
- Open Concept Floor Plan – Knocking down some walls can make small rooms feel more spacious. Great for tight kitchen/dining/living spaces.
- Garage Conversion – Turn an attached garage into a family room, bedroom suite, or workspace. Adds hundreds of usable square feet.
Cost-Saving Tips and Tricks
Smart planning and strategic choices can yield big savings on addition or remodel costs:
- Buy Supplies Strategically – Purchase clearance building materials, score discounted secondhand fixtures, and provide your own paint. Another option is using a contractor who is able to source materials for you, as they will likely receive larger vendor discounts.
- Hire Local Contractors – Established local contractors offer competitive pricing without tacking on travel fees, administrative costs, and the price associated with their name. The ideal company for a home addition is larger than a handyman, but smaller than the largest national chains. Consider Design + Build contractors, architectural firms with their own labor, or construction management companies as options.
- Avoid Plumbing and Electrical Work- The most expensive part of any addition is usually plumbing or electric work. The nature of these systems often includes creating “Home Runs,” where they must connect to existing systems to allow for connections, drainage, venting, etc. Kitchen and bathroom additions are particularly expensive because of this work. Avoiding kitchen and bathroom additions will heavily lower costs.
In summary, a careful needs assessment, weighing all space enhancement options, and cutting costs where possible can help homeowners struggling with limited square footage find the right budget-friendly project to add that extra room.
For homes needing more elbow room, smart remodeling projects and modest additions can maximize existing space and add needed square footage while avoiding astronomical costs. Assessing needs, setting priorities, choosing affordable project types, and utilizing cost-cutting strategies allows homeowners to complete renovations in the most financially feasible way. With careful planning and savvy decision-making, it is possible to complete space-enhancing home projects that not only stay on-budget, but also cater perfectly to a family’s unique lifestyle.
