Homeowners can have all kinds of reasons for wanting to add to their existing houses. The biggest advantage that houses with additions offer? Extra space.
Maybe your family is getting too large for your current home, but you love your current house and neighborhood too much to move. Maybe you’ve recently started working from home and need more office space. Or maybe you’re looking to add resale value to your property.
In these and other situations, a home addition may be the solution. Every house addition is different; you can build new bedrooms, sunrooms, living space, or entirely separate structures apart from the main house.
In any case, connecting additions to a house can be expensive. The average cost of a 500-square-foot addition is between $40,000 and $100,000. The price doubles for a 1,000-square-foot addition, meaning you could be paying as much as $200,000. While there are ways of bringing down the cost of an addition, such as by using cheaper materials, there’s a much better way to get the addition you want for cheap. Try financing a home addition with Homeowner Funding!
Here at Homeowner Funding, we can help you find the best home improvement grants to fit your needs. To give you an idea of what your options are for adding to your home, here are four types of home additions to add more space to your home.
A room addition–also known as a bump-out–is one of the simplest types of house additions you can get. Room additions are just as they sound: extra space added onto a single room of a house. They generally don’t add too much square footage to the overall structure.
Nevertheless, they can be lifesavers for families that need just a little more dining room space, or for a couple that wants to expand the master bedroom. Room additions usually have their own roofs and must be supplied with new utility work. They also have to be inspected for local code adherence.
While finishing an existing basement is not exactly adding another structure to a house, it does create additional living space that can increase the value of your home. A nice aspect of finished basements is that they can be used as all kinds of rooms, from bedrooms to living rooms to media rooms.
That said, one important consideration homeowners must make if the basement is to be used as a bedroom is that it must have window or door access to the outside in case of emergency.
A mudroom addition can go a long way toward adding value to your home. People see mudrooms as valuable parts of a house because they exist to keep the main house clean.
Mudrooms are used to store extra or wet clothing so they don’t clutter up the general living space. A mudroom can also be where you store a washer and dryer so that they, too, can be out of the way of the high-traffic areas of the house.
The kitchen is one of the most important rooms of a house in that it is where food is prepared and families gather to socialize. As such, it is one of the rooms where an addition might make the most sense for a homeowner.
At Homeowner Funding, we often see families unhappy with their existing kitchens because the rooms sacrifice sitting space for the cabinets and appliances. You can have it all with a kitchen addition from Homeowner Funding. We can finance and install your add-on space, whether for additional seating or to add more natural light with windows and glass doors.
Finance Your House Additions with Homeowner Funding
At Homeowner Funding, we realize that any kind of home addition can run families into the thousands of dollars. Additions increase the resale value of a home, but paying for them upfront can be challenging.
That’s why Homeowner Funding provides options for financing your home addition, as well as for such improvements as replacement windows, vinyl siding, and more. We’ll help you find grants and other home improvement financing programs, determine your eligibility, and even apply. We’ll work with you to design your addition project and build everything to your specifications. Then, you repay the loan with our competitive interest rates.
Contact Homeowner Funding today to learn more ways of financing additions to a house. We look forward to hearing from you!