“One of my friends told me I could build my home addition for $200 per square foot.” “I just want a simple addition.” “My brother-in-law is a handyman and says he can put up my addition for half of what a contractor charges.” And an oldie but goodie: “I saw on HGTV where they did a home addition for $20,000.”
There are a lot of misconceptions out there about how much a home addition will cost. That could explain why a quote is often followed by: “What? I thought it would be less expensive!”
Taking on a home addition design and construction project can cause people a lot of anxiety before they even get started, worrying over how much they’ll need to spend. We understand those concerns and will do our best to work within your budget right from the start.
What your addition will cost depends on the scope of your project. The truth is, no matter what size your home addition is, there are a lot of other factors that affect your bottom line. For example, the adjoining areas to the new space typically have changes, such as floor finishing, painting, electrical, carpentry, and more.
Before establishing your home addition budget, we must get a handle on a rough ballpark for the project you have in mind and see if it’s within your budget. No matter what design and budget you eventually choose, both should be based on your family’s needs. This way, you avoid wasting time and resources on features you don’t need or want. To help figure out what your home addition costs are, it’s best to meet early with a design-build firm like ours.
A home addition budget doesn’t come together overnight, so the earlier you can get started, the better. That way you don’t spend weeks or months dreaming about a design that doesn’t make financial sense. An initial consultation will give you guidance you about what you can achieve.
It’s critical to think about the details of your home addition. For example, an addition that involves high-end materials, premium fixtures, or extensive plumbing and electrical work comes at a higher cost. This is one of the main reasons a “price per square foot” calculation rarely gives an accurate estimate of your true costs.
When you first start putting together a budget for your home addition, it’s important to distinguish the budget from what the work will actually cost. Your budget should be what you feel comfortable spending and not what you think the final price should be. The next step is to prioritize the list of work that needs to be done so it can be discussed in chunks that line up with your priorities. Begin by answering the following questions.
A great resource to refer to when figuring out what you might need to spend on your home addition project is the Cost vs. Value Report put out each year by Remodeling Magazine.
To learn more about how we can help you plan for the Main Line or Philadelphia area home addition you have in mind, schedule a conversation with us today. We look forward to meeting you!
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