Are you considering moving to a new house because you're unsatisfied or have outgrown your current one? If so, you may want to take some time to consider a different option: adding on to your home instead. Why might this be a better choice right now? Here are four good reasons.
1. You Might Not Have to Move
Depending on what you dislike about the house, some strategic renovation work might solve enough problems that you don't need to actually move. You might, for instance, add a bedroom or bathroom for a growing family, expand the public areas for entertaining, or make your kitchen more useful and comfortable. And you can do so without the extra stress, hassle, and expense of a big move.
2. You Could Increase the Sales Price
What if you still decide to change homes in the near future? A home addition can still earn its keep by providing a boost in the sales price you'll eventually get. Many homeowners can significantly recoup the renovation cost through an increased home value and a higher price tag. In the meantime, of course, you get to enjoy the fruits of that labor while you live in it, thereby having your cake and eating it too.
3. You Increase the Buyer Pool
Home shoppers will look for certain traits in a house at any given time. So you want your home to fit their expectations and therefore appeal to a wider pool of buyers. A two-bedroom, one-bathroom house isn't likely to appeal to many families today. The simple addition of a bedroom and bathroom combination makes you more comfortable and opens up the house to many more potential suitors.
4. It May Be Comparable to Buying Costs
If you move to a new house, you'll start all over again with a new mortgage. This means not only paying new closing costs and fees, but also paying more interest in the early years of a new loan. These costs add up quickly. Compare this overall expense to the cost of a home addition to make the house more to your liking. You may find that it's surprisingly cost-effective to renovate, even if you do so with some home equity.
Where to Start
Could a home addition benefit your current house no matter how long you will stay in it? Find out the answer by meeting with a remodeling contractor in your area, such as Wall to Wall Construction, LLC, to assess your options today.