How to Calculate Home Addition Costs

A number of factors contribute to the calculation of home addition costs. Many home owners think solely of the cost of new appliances, building supplies and other materials without thinking about labor costs. You need to calculate all of the costs of a home addition in order to create an accurate budget.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Accurate idea of building permit fees
• Accurate idea of square footage
• Total cost of labor, including fuel costs
• Timetable for completion
• Knowledge of interest rates and fees for your home improvement loan (if applicable)
• Budget for furnishings and appliances
• Labor and materials costs for all specialized workers (like carpenters)
• Property assessment

1. Contact your city's building commission to determine the current fees associated with building permits. You need to include fees and application costs in your calculation to get a better picture of the project's overall expense.
2. Measure the square footage of a potential room to help calculate home addition costs. You should outline a room attached to your home with spray paint or string to develop a rough sketch. This will give your contractor a clear view of the desired product.
3. Request the total cost of labor by a contractor and his laborers to calculate home addition costs. These costs should be broken down into the hourly rate for individual workers as well as fuel expenses paid for by the contractor.
4. Develop a timetable for completion of a home addition project to help you add up every cost. You cannot properly calculate the total labor and materials expense without a firm completion date.
5. Obtain information on bank loans that you want to use in funding your home addition. You should place interest rates and other fees associated with home improvement loans in your overall budget to prevent damage to your overall credit.
6. Peruse the itemized list of building materials to determine ways to help your budget. You should encourage contractors to use local providers to cut down on travel and fuel costs.
7. Gather service costs for specialists to determine the amount of money you need to finish your home addition. You need to request labor and materials costs from electricians, carpenters and plumbers who you will need to use in addition to general contractors.
8. Compile information on appliances, furniture and interior design accents needed for your home addition. You should head to home improvement centers and furniture stores before you start construction to choose items that fit in your budget.

Tips & Warnings

• Review the values of homes in your neighborhood with similar additions and renovations. You should get a property assessment of your home to determine the potential increase in value after a new room is added. This assessment of community home values can help you justify the costs of a new addition to your home.

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