Homeowners across Texas have an arsenal of options when it comes to home improvement projects. From quality house painting and gardening improvements to full-scale remodels, residents have the power to do what they want to improve their lives while also upping their home’s value. NTX Elite Construction is here to provide the best home remodeling to Allen, Frisco, and beyond. Our team of seasoned home construction veterans is ready to revitalize your home with the best services in the industry. Last time, our blog looked into a few factors surrounding home additions in North Texas that can better equip homeowners with the knowledge they need to make an informed decision on their home remodeling needs. Today, we’ll continue this endeavor by discussing certain restrictions that may hamper your home addition plans, as well as additional factors that can make or break the project. For any and all home remodeling needs, remember to reach out to NTX for the best results!
List Your Needs
Many homeowners love the idea of a home addition, yet do not fully know what they are looking for. Before breaking ground on your Frisco home remodel, be sure to craft a list to ensure that everything you want is covered. Once you are done, you will be able to begin creating a plan for how to best achieve all of your house addition goals.
Budgeting and Financing
Before any work is done, it’s mandatory for homeowners to determine their budget for the renovation. The last thing you want is to have a budget in place only to exceed that amount before your addition is even halfway installed. There are multiple options for financing your project, including:
- Home equity. One common practice for home improvement financing comes from using the equity you have built up as leverage. This can come in the form of a home equity loan or a line of credit. Both of these options may be suitable to meet your needs, especially if the addition proves to be a major improvement for your property value. Either option likewise comes with a second payment on top of your mortgage that can last between eight and 30 years, so be doubly sure that you can afford the payments before taking any action.
- Mortgage refinancing. Many homeowners will refinance and gain the extra money that comes over the expected value of their home. You may benefit from a lower interest rate as well, possibly lowering your payments throughout the loan’s life. Across the country, some lenders will provide financing on your property calculated off of the addition’s value, which can prove to be very useful for larger home additions.
- Home improvement loans. Homeowners can go to the Federal Housing Administration to seek a loan that is designed solely for home improvements and property alterations. While the loan cap may be lower than what you could achieve through refinancing, FHA loans do not require any equity minimums and feature more affordable closing costs.
- Personal loans. One option that is generally easier to obtain in comparison to other financing approaches is applying for a personal loan. It’s important to know that personal loans typically come with higher interest rates, so if you’re planning a large home addition, this route would not be recommended.
Keeping under budget should be the plan of any home remodeling team. As the homeowner, you want to achieve the best results possible while finishing with surplus funds left. Hiring a quality home remodeling company in North Texas can prove essential for this consideration, as better employees will create better results. When everything is done accurately and on time, everybody wins. Homeowners who exceed their budget for any reason will have a tough time keeping on top of their finances. Those who plan properly and keep on top of their monetary investment will tend to have years of enjoyment and satisfaction with their new addition.
A major part of housing additions is ensuring that all of the work is completed within the confines of the law. Every county and city will come with its own unique set of zoning restrictions and ordinances to ensure the safety of the public. Many zoning restrictions will take the floor area ratio, bulk plane regulations, and yard setback minimums into consideration when it comes to auditions. HOA restrictions may also play a have part in your home addition planning, where disobeying regulations can lead to steep fines and even the repossession of your home! In the end, it’s best to work closely with planning officials and industry professionals for the best result. NTX’s home construction team is here to help you through this complex process!
Investing in a residential addition for your North Texas home can prove to be helpful for both your living convenience and the overall property value. Next time, we’ll continue this topic by discussing the material and style considerations to keep your home looking great. NTX Elite Construction is here to provide the best home remodeling to Frisco, Allen, and Northern Dallas. Contact us today to see how we can make your dream additions come true!