You know you’ve outgrown your home. Whether it’s to make room for an additional family member, growing children or more stuff, you need more space.
So the question becomes: buy a new house or expand the one you have? There are several factors that go into that decision.
First of all, let’s address the current climate. If you’re ready to make a change now, COVID-19 and related concerns are going to be part of that process. As just one example, do you want to be visiting a lot of existing houses and having people look at yours? Do you want to be holding open houses? These are considerations at any time but can be of even more concern today.
This is a temporary problem, and perhaps you’re looking at making your decision a year or two down the road. So let’s consider some other factors as well.
Is it possible?
Depending on what you are hoping to accomplish, there may simply not be enough space on your lot to build an addition to your house or your local zoning restrictions might preclude it. In many cases, though, you could be surprised. A good remodeler and designer may be able to find a solution to your space needs without drastically increasing your footprint. Many homes have wasted space and a small addition with the appropriate interior redesign can end up being a great solution.
How much do you love your home?
This is probably the most important question to consider. Do you love your neighborhood? Love your school district? If the only reason you’re thinking of moving is to get more space, then moving probably doesn’t make a lot of sense. If you’re happy in your house, the best decision is not to leave and decide instead to build an addition and remodel, as needed. You can increase the value of your home and stay where you love.
On the other hand, if there’s a chance to improve your commute or get closer to an area you like, then moving is worth considering.
Cost and control
There are so many factors that go into cost of buying a new home and planning an addition/remodeling project that it’s impossible to give a definitive answer for your situation. That’s where working with a qualified contractor makes such a big difference.
On average, it’s more affordable to remodel than move once you consider closing costs, hiring a mover and other associated expenses. You’re also more likely to get exactly what you want rather than having to pick a house that may be missing some of the features for which you are looking.
Consider the neighborhood
Another item to think about is how your house will blend with the neighborhood. Is the addition you are considering significant enough to obviously stand out from surrounding homes? This can pose a couple of problems. First, the push back from neighbors may be significant. Secondly, when you do eventually move, it may be difficult to sell a home that is not a good fit for the area, or at least to recoup much of your investment.
Time commitment and your stress level
Let’s be honest. Moving and buying a new house is stressful. Remodeling your house with an addition is stressful. They’re both going to disrupt your life, but both are exciting, too.
As for your time commitment, it’s probably similar for either option. It’s going to take months to remodel a home with an addition; it’s going to take months to find a new home, deal with the financials and move in. Everyone is different, so what’s going to cause you more stress? That’s a question only you can answer.
Ready to expand your home? Managed Renovations is here to answer your questions and help get the space you want and need with less cost, less risk, and with more control. Contact us today to discuss your remodeling needs!