If you have always longed to add a home addition to your residence, now may be the perfect time to apply for a home renovation loan, especially with Chicagoland rates nearing historic lows. According to the experts at BankRate.com, a traditional 30-year fixed-rate mortgage in Chicago can be had for between 3.79 and 4.54 percent. Once you have decided to go for it, the next step is to call the home improvement experts at Budget Construction Company to make your dreams come true.

But make no mistake, adding a home addition to your residence can in many ways be a life-altering event. There is more to think about than just the cost involved. Our design experts can help answer all of your questions, and provide information that will allow you to make an informed decision – and the best one for you and your family.

Steps for Adding a Home Addition

At Budget Construction Company, we have been residential construction experts for nearly 40 years, and pride ourselves on helping clients achieve their goals without wrecking their household budget. Here are the steps to consider if you want to add a major addition to your home.

1. Review your household budget. You know better than anyone else how much you can afford to spend, but also need to understand the reality of how much the desired addition may cost. According to some estimates, the bill for a 24-by-16 foot home addition with a walk-in closet and master bath with premium features could exceed $100,000.
2. Think about the size of the addition and market value in your neighborhood. For instance, if all the homes on your block are single-story ranch style homes with your house in the middle, adding a full second story addition may result in your residence appearing out of place. For this reason, we encourage homeowners to research market value, and talk with our design specialists on the most common additions that will still help you achieve your goals. It is possible your lot could accommodate a main-floor home addition, rather than requiring you build a second story.
3. Do not forget the disruption that a major home addition may have on your family. Something like a new custom kitchen could last for several weeks and cause disruptions to water, electricity, and gas services. Think ahead. Where will you do laundry, bathe, or prepare meals? How much will it cost to eat outside the home, store your belongings, or make other arrangements? Will the work mean you have to live elsewhere?

Finally, we encourage homeowners to solicit three to five estimates from qualified contractors for any home addition project. Schedule an appointment with each company, ask they evaluate your home in person, review goals and budget, and then ask for a written estimate and references. This is how Budget Construction Company has been doing business since 1976, and is one of the reasons we are a preferred home renovation expert throughout Chicago, IL. Call us today at 773-283-9200 for more information.