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Before even considering making an addition to your home you need to ask the following questions. 1) How long will I be here? If you only intend to be staying in the existing property for a few months or years, then you need to consider whether you will actually get the full benefit from the proposed extension and if it will be worth the disruption, effort and cost. 2) Will the value added to the property more than compensate for the cost involved. If the cost of an extension is say, $50,000 and the value it adds to the property is only $25,000 then you need to consider whether it is worth it financially, or whether it might be better to look for another property which has the additional space you require at less cost. 3) Costings and Budgets. All too often people start with the idea of building a $50,000 extension, only to find at the end of it that the cost escalates to a total of $75,000. Detailed costs, firm quotes (at least 3) and proper budgets are a must before you commence the project. Equally important is to keep to them. 4) Permission. You must ensure that you acquire all of the necessary legal and building permissions prior to undertaking an extension project. This includes permission from any of the service providers that may be involved. Failure to do this at best will involve you in extra cost and, at worst, possibly mean that you will have to demolish the extension. 5) Neighbors permission. You need to talk to the neighbors to ensure that they are happy with your proposed extension and that it will not interfere with any of their rights, such as right of way, light etc. In this respect it is also important to speak to the local environmental agency. 6) Family support. Finally it is important to ensure that all of the family are totally happy with the disruption that will be caused during the construction process.
Besides providing a home with more living space, home additions can be a terrific investment. However, before embarking on building a home addition, or other large home remodeling projects, there are a number of important items that should be considered first. These items include: neighboring home market values, home addition costs, architectural plans, financing, timetable for completion, and your personal disruption threshold and sweat equity commitment level. Source
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