Welcome Your Guests in the Holiday Season with a New Guestroom

By Romy LeClaire Loran

Holiday guests can be fun. Holiday guests underfoot can be a pain. In today's tough housing market, selling and moving to more spacious digs may be costlier than staying put and expanding. A guest room addition can add function and value to your property.

Brainstorm Your Home Addition Ideas
Before meeting with a lender or contractor, make a wish list. Think big and list your priorities for your guest room addition. How often do you entertain overnight visitors? If you typically have guests only during the winter holidays, you may prefer a room with multiple functions--as a home office, family room, or library. Is there a nearby bathroom, or do you want one en suite? Will guests have their own entrance? List everything that would be nice to have, then narrow that list to a few top priorities.

Plan for Your Home Addition's Cost
If you're planning on paying cash for your home addition, you probably know what you want to spend. If you intend to finance your improvements, determine what you'd be comfortable paying each month, and decide if you will borrow from your 401-k, take a home equity loan, put it on credit cards, or choose another financing option. A loan calculator can show you how different loan amounts at different interest rates will affect your monthly payment. By reviewing your current income, savings, and debt, you should be able to get a good idea of what you can afford

Local Zoning Office Can Assist You with Your Home Expansion Plans
Visit your local zoning office to check local codes and ordinances and make sure your expansion will be allowed--some areas limit square footage, or the percentage of your lot that can be used for improvements. You also want to consider how the room will affect your home's value. For example, it may not help to add a fourth bedroom if you only have two bathrooms. A local real estate agent can advise you about room additions that work well in your area. That way you can choose a guest room or dual-function room addition that will increase the value of your home and protect your investment.

Meet with a Remodeling Contractor with Home Expansion Experience
A remodeling contractor may be able to summarize your options and costs for a room addition, especially if you're weighing converting an existing space, such as a basement or attic, against building another room. Making siding, windows and a roofline compatible takes skill and can add costs. Architects can help too. As always, get more than one bid but go with quality--someone reputable with a good eye and stellar references.

Once you've done your groundwork and made your decision, forge ahead. You might be able to enjoy your addition in time for the holidays.

Source:
Carter, Tim. "Room Addition." Ask the Builder. 1993-2008
Gillette, Becky. "Remodeling Takes Off as Construction Costs Climb Higher." The Mississippi Business Journal. October 23, 2008.