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A Great Room Addition

Home Building
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If your current great room is more like an "OK" room for your growing family, think about a great room addition. Instead of looking for a bigger house to hold your burgeoning family, think about adding on to your current home, especially if you like your current house and neighborhood. Adding on can be much cheaper than buying a new house, but here are some things to consider before you make the jump to creating a great room remodel.

What's the Current Value of Your Home?

You need to figure the current value of your home and what kind of equity you have in it. If you want a loan or refinance for remodeling costs, you'll need to have some kind of equity in your home in order to finance the project. You also need to take into account the value of homes in your neighborhood. If your home is at the top of the area's values, and you add on a $50,000 addition, you're going to price your home out of the neighborhood market, making it difficult to sell your home if you want to later on. That's a very important element of deciding whether to remodel or not, so don't over look that step. You can find home values in your area through local real estate agents or online at some reputable sites.

When It Pays to Build a Great Room Addition

If you have equity in your home, and it would be more expensive to buy another home in your area, then it pays to add a great room addition to your home. This type of home remodel can add value to your home in the future, and it can help give more room for your family for years to come. When you design your family room remodel, don't make it so large that it's going to break the bank to build. Decide on all the features you'd love to have, and then scale back from there to meet your budget. For example, perhaps you'd love to have another bath off the great room, but the cost of moving plumbing is prohibitive. Give up the bath, but make sure the great room is close to another bath in the main house. Work with your experienced general contractor to come up with the best design for your home and budget.

A great room addition can add extreme value to your home. While costs can be higher than some other remodels, especially if you add on an entire room, these types of remodels can typically return up to 65 percent or more of your initial investment, which can certainly add to the overall value of your home when you sell it.

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