 | Art Bryan
is president and owner of Southwestern Remodeling Contractors, Inc. Art started Southwestern Remodeling Contractors in 1970. Southwestern is a fully-licensed residential and commercial licensed general contractor in Wichita and the surrounding counties. Art has been a member of the Wichita Area Home Builders Association and the National Remodel Council since 1974. In mid-2000 Southwestern received the distinction of being named one of the "Top 25 Most Diversified Remodeling Companies in the United States.” Southwestern is listed as the 84th Top Remodeler in the country by Qualified Remodeling Magazine. Art can be contacted at his office at (316) 263-1239, fax at (316) 263-6230, or you can e-mail him at ARTSWR@aol. Com |
Home Improvement
2001-12-01 13:57:00
Buy new or add-on?
Question: We need more space! Is it worth it to put an addition on our 50-year old house, or are we better off buying a bigger house?
Answer: The answer to this question involves personal decisions on the following issues that you should consider. First, do you really enjoy your home, your neighbors and your neighborhood, including its location in proximity to work, school, shopping, church and transportation? In other words, do you really want to stay in this home if you can overcome the typical problems with an addition as identified below? Assuming your answer to the first part is yes, you now need to involve a remodeling professional to give you advice as to the design, costs, feasibility and complications involved with the addition. Special attention must be given to your property and its non-buildable areas reserved for front, rear and side setbacks required by codes. Also, are there any underground utilities in the way of the addition? Is there sufficient accessibility to the site? And how will tie-ins to the existing home be accomplished, not only structurally, but aesthetically so it doesn't look like it was added on? Assuming you don't have unavoidable problems preventing your addition, you need to weigh the estimated total costs of the remodeling project from two angles. First, of course, is how will you be able to afford to pay for it. Do you have sufficient cash savings, or will you have to explore the costs of a first or second mortgage loan? It is fairly easy and common for homeowners to obtain a home equity line of credit (usually tax deductible) at a relatively low cost to pay for these improvements. Second, consider whether your neighborhood will support the cost of your project. Are there more expensive homes on your street? If so, you're more likely to receive a better return on your remodeling investment than if your home is already at the higher end of property values in your neighborhood. But don't just look at the costs; consider the enjoyment you will receive from your "new" home. You need the increased space. You like your home and your neighborhood. And it will cost you thousands of dollars to move - usually 10 to 15 percent of your home's value after sales commission, title fees, loan and closing costs, and moving expenses. Adding a well-designed, well-built addition makes great sense if the above factors apply. For instance, take a look at these cost vs. value comparisons: Master suite - 24' x 16' including master bedroom w/ walk-in closet and master bath w/dressing area and whirlpool tub, separate ceramic tile shower and double bowl vanity... approximate cost to build in Wichita $53,795.00 - cost recoup 65%.Family room - 16' x 25' including drywall interior with batt insulation, tongue and groove hardwood floor and 180 sq. ft. of glazing (including windows, atrium-style exterior doors and two operable skylights... approximate cost to build in Wichita $40,026. - cost recoup 64%. Consult with a remodeling professional in your area that you can trust to give you accurate advice.
