I'm considering an addition to my ranch-style home because I really don't want to move. I currently have a great mortgage rate below 3%, so I'm exploring the possibility of a HELOC for funding. My main questions are about the costs of building up versus out—I've heard going upward can be more pricey. Also, do I need an architect to help with the blueprints? I'd really appreciate a simple, step-by-step explanation.
1 Answer
Yes, it tends to be a lot more expensive to go up rather than out. Here's a simple breakdown:
1. Start with some rough sketches of what you envision—no fancy art required, just pencil and paper will do.
2. Check with your local planning authority to make sure your plans are doable under local zoning laws.
3. You’ll need to decide whether to work with a contractor who can handle both design and construction, or to hire an architect to create detailed plans. At this point, it's good to talk about your budget too.
4. Speak with your financial advisor about your funding options.
5. If you went with an architect, you’ll need to contact contractors for bids once you have plans.
6. Be prepared for contracts, permits, and getting final approvals.
7. Finally, it’s time to build!