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Should I Remodel or Should I Sell?
QUESTION: Should we buy a new home or improve the one we have? -B. Smith
ANSWER: Should I stay or should I go? If I stay there will be trouble! If I go there will be double!
If you are like many homeowners, you have had to grapple with this question, and it is anything but easy. With rising home prices and low interest rates, it has become quite common for people to choose to add on to their existing home, often by adding a second story.
One benefit of improving your existing home is that you can be involved with the design and construction of the addition. You can provide valuable input into the process and the house can be designed to better serve your needs and lifestyle. You can decide whether you want a jacuzzi tub or a bathtub, if the master bedroom should have sliding glass doors or french doors, and what size the kitchen should be. On the other hand, a poorly planned addition can cause both financial and logistical nightmares.
If you have decided to add an addition to your existing home, here are some things to consider:
Have you taken into account all the fees and costs? Especially when undertaking a second story addition, you must consider permit and application fees, costs included in upgrading the existing structure, and the cost of temporary lodging while construction is taking place. These are a few of the expenses you will encounter, but talking with a contractor, architect and engineer will give you a better idea of the total cost for your project.
Are you able to add the addition you want with the existing setback and height restrictions? Different cities and counties have different setback and height requirements. Better to consult your contractor, architect and local building official first than to find out your six-story addition exceeds height limitations when it's already under construction.
Are you willing to move out of your home while the construction takes place? Often people want to stay in their home during the construction phase of the project, but this can slow down construction crews and timelines. It can also add a tremendous amount of stress while you try to maintain a normal life with your physical surroundings turned upside down. Well, maybe not literally upside down, but hey, it's your house.
Do the second story walls in the proposed addition "line up", or are most of these exterior walls out of plane? In other words, do the second story walls align with the first story exterior walls directly below them? The more these walls are out of plane, the more costs you will incur because of the engineering design. With today's stringent seismic design codes, out of plane walls tend to increase the need for larger beams and the dreaded (and expensive) steel frame.
In the current real estate market, it may be hard to find a house in the right location with the right features and at the right price. As a result, it is becoming more cost effective to build a second story addition to your home. Before you build, make sure you are aware of all the costs and benefits of your decision. With the right planning, architect, engineer and contractor, the process can go smoothly and deliver the house of your dreams.
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