Planning an extension for your home can give you the space you need without moving, which is a good solution if you love your neighborhood but are outgrowing your home. An extension can add an extra bedroom or family room or even a suite for an aging parent. Before you do decide on an extension for your home, be sure you've taken the time to consider all factors involved. This will ensure your project goes smoothly and you wind up with a home that you'll love for years to come.
1. The value of your home
Adding another bedroom or in-law suite to your home may very well increase its overall value. If your home is somewhat small, even just a family room can mean more value as it increases the home's square footage and useable space.
However, not all extensions may actually add value and in some cases, you might find that they decrease the value of your home. For example, if your extension is so large that it greatly reduces your yard space or then sits too close to a neighbor's home, this might adversely affect a home's overall value. If you're concerned about your home's resale value, check with a real estate agent about your plans for an extension and be prepared to alter those plans accordingly.
Along with the property values, you might also see an increase in your property taxes. If the value of your home goes up, especially if it increases significantly, your property taxes might also go up. If you're concerned about footing a new tax bill, talk to an accountant who specializes in real estate taxes. you might want to adjust your plans for your extension so that your home's overall taxes don't increase so greatly while still making the house livable for you.
A small extension along the back of your home may not be bothersome to neighbors, but one that brings your home right to your property line might seem intrusive. This can be especially true if you plan on using the extension for a family room and enjoy loud movies, or if that's where your band might be playing. You might not also like the idea of looking out your window and seeing your neighbor's house so close to your home.
Depending on your extension and your neighbors, you may want to invest in added soundproofing for the area, a larger privacy fence, moving the windows of the extensions to a different wall than what you had planned, and so on. An architect or even a builder (such as one from Destin Constructions) can help you to consider how your neighbors may affect your overall plans and then adjust them if needed.