Strategies for Affording an Addition

Limited real estate inventory is forcing many people to consider doing an addition rather than moving.  Materials costs are up and contractors are busy.  Consequently bids for construction are coming in high.  The following are some ways to help make adding on more affordable:

1.  Masterplan.  Think of everything you want to do, then break it down into Phases.  Only build what you can afford now.  Save some work for later.  While construction is disruptive, many people like their contractors so much, that when they decide to do Phase II down the road, it is easier than Phase I.
2.  Only build what you need.  Rethink your entire house.  If you have rooms that you don't use, figure out new uses for them.  Improve flow between rooms so they will be used.  Double up on room functions (mudroom/laundry, office/guest room).  Finish an attic or basement to reduce the amount you need to add.
3.  Throw, throw, throw.  Get a dumpster.  If you haven't used something in a year, get rid of it.  Less stuff equals more space.
4.  Be willing to live more casually.  Formal separate rooms with specific functions take up more space than rooms with multifunctions.  Let kids share bedrooms.  They'll have to in college anyway.
5. Know what you can afford.  Talk to a bank before you talk about design. Stick to a budget.  Keep affordablity in mind when making every construction decision (both large and small).

These strategies can help you afford to do an addition, if moving is not an option.

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