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Should You Add On, Or Buy a New Home?

Should You Add On, Or Buy a New Home?

Sometimes there are seemingly too many factors to consider in the decision to add on to your current home or to buy a new home. Here are some key points to consider in this important decision:

Understand What You Can Expect
Living with an on-going
renovation is more stressful for some people than others. It’s a constant battle with dust, clutter, and general chaos. However, if you can keep in mind that it’s not permanent, it might be worth it in the long run. Also, looking at the current housing market is helpful. Right now it’s taking just over two months for the average home to sell. There are seemingly small things you could tweak to attract potential buyers that aren’t renovations.

Assess Your Monetary Situation
Understanding your finances is key. Ask yourself how much equity is in your home, if any, and if you would need that to buy a new house or renovate your current one. Also understand that renovating might be more expensive than you had originally thought, due to busier contractors and rising building materials.

Choose Your Renovations
What is it that you really want and need to renovate? Would you have to build on to the exterior of the house, or would you build inside your home? How would this affect your living arrangements and whether you would need to temporarily stay somewhere else?

Look for Your Local Building and Zoning Codes
Before you start renovating, find out if what you’d like to do is even allowed. For instance, if you want to build an addition, check to make sure you haven’t already used up the maximum percentage of lot size allowed by your city.

Don’t Make Your House Stand Out Too Much
In essence, don’t make your house look too better or different than the rest of the ones in your neighborhood. You must think about the value your home will need to have for future buyers; they might not want to spend what it will be worth, especially if they’re looking in your neighborhood for a reason. Consult with a realtor for researching more about this.

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