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In addition to providing your house with more living space and saving money, building an addition can also be a terrific investment. However, before starting a large project such as building an addition, it\'s important that you first consider several factors. These factors include: the size and scale of the home addition, the property market values in the neighborhood, required financing, architecture, timeline for completing the project, and the personal disruption that you and your family are willing to stand.
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Before breaking ground on a home addition, you should first determine your specific extra living space needs. For example, what types of room(s) are you looking to add, and how many square feet of space is desired? Once you know what you need for space, it is then critical to find out the market value of houses in your local area with similar features and sizes to your new home plans. With this market analysis you can then determine the market value difference between your current home footprint and your enlarged home footprint. This market value difference should represent the maximum budget for the new home addition if you want to make a positive investment.
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