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1. Successful room addition projects begin with a considerable amount of research and a precise determination of the size and scale of the work. A home addition is just like building a house and it involves designing, budgeting, applying for permits , hiring contractors and subcontractors, and building the structure from the ground up. It's important to be prepared for the work involved and to be realistic about your budget. While some homeowners report paying $50,000 to $75,000 for a full-scale, multi-room house addition, a more realistic number is probably in the low six figures. For ... 2. Few homeowners can pay for a full room addition in cash. Thus, a loan or line of credit is needed. This usually involves obtaining a home equity loan, second mortgage, or line of credit based on the amount of equity in the home—the current real estate value of the home minus any outstanding mortgage or loan balance. Banks and other lenders are often reluctant to loan money to homeowners who still owe 80-85 percent or more of a home's assessed value, though this is not a hard and fast rule. Where a homeowner does qualify for a second mortgage or home equity loan, banks will normally extend ... 3. Most people will find it best to hire a general contractor (GC) to complete the work on a room addition. The GC may have a salaried staff of general carpenters that perform much of the work, but they also work with a variety of specialty subcontractors who will be hired for specific duties, such as plumbing, wiring, and HVAC work. You will pay the GC directly in agreed-upon installments for the project, and the GC will in turn pay and supervise his own employees and the various subcontractors that work on your project. Everything hinges on the ability to find a reputable contractor who you ...
