Families grow. It’s kind of their thing. And eventually, you may find yourself facing the age-old conundrum that has bewildered homeowners since the invention of real estate: what are the pros and cons of building a home addition vs. buying a new house?
Expanding solves two problems automatically:
- You save money (hypothetically).
- You don’t have to upend your established and happy home life to lug your family and all of the stuff you’ve accumulated over the last decade somewhere else.
But more than that, remodeling is often a more attractive choice for the following reasons:
- You’re attached. Let’s face it – home is where the heart is. But if you’ve been in one space since your children were learning to walk, that heart has deeply soaked into every carpet fiber and grain of wood over the years. Many homeowners also feel they might never find the comforts that they’ve become accustomed to in another house or location. Proximity to schools, friendly neighbors, amazing views, and more, are difficult to give up once they’ve become ingrained in your day-to-day life. Emotional ties will be – and should be – a tremendous factor swaying your decision. You remember the old adage, “location, location, location” – well, if you’re already living in a good one, you might just want to stay there.
- It’s versatile. Requiring additional space for a burgeoning brood is often a reason families decide to move into a new home. But clever remodelers may be able to reconfigure existing space – giving you more rooms (and places to put people and things) without altering the square footage. And this can save you a great deal of money in the long run. Take this opportunity to customize your home to meet your family’s growing (or, perhaps, diminishing) needs.
- It makes financial sense. You may already have the funds for a remodel stashed away, which means no loans and no rising interest rates. Remodeling becomes particularly attractive if you have a good deal of equity in your current home, and no pressing desire to relocate.
- It’s safer. Maintenance and repair should be prioritized over aesthetics – but there’s no reason you can’t achieve both. However, if your home is beginning to show its age, getting a professional opinion regarding necessary upgrades – from wiring to roof repair – is a great place to start.
- It builds equity. If you haven’t been living in your home for years, now may be a great time to make adjustments and modifications that maximize your resale value. Discuss possibilities with a quality remodeling and design firm. A new kitchen or bedroom may just be your ticket to a more attractive return on investment down the road. Keep in mind, however: you don’t want to overdo it. Making big, brash improvements that aren’t in keeping with surrounding homes on your block could cause your resale value to take a big hit.
The Pros of Buying a House
If you’re purchasing a newly constructed home, you will obviously sidestep any unforeseen surprises that can sometimes accompany the renovation and remodeling process.
Before canvasing the county or another state, check to see if there are any houses on the market in YOUR neighborhood that fit your criteria. You’ll want to take a close look at the housing market, and reassess the stresses associated with both remodeling and relocating.
Just remember: if you’re purchasing a new house, you’ll also have to qualify for a new mortgage – and your financial situation may have changed significantly since you purchased your first home. You must also consider the costs of listing your current home, the closing costs, and the actual price of moving. Recent estimates tally even the shortest move at upwards of $10,000. Whether you use professional movers or rent a truck and haul everything yourself, you’re going to have to pay.
Ultimately, when weighing the pros of a home addition vs. buying a new house, you’ll need to ask yourself: “What’s my threshold? What’s the threshold of my family?”
Which scenario is least offensive to you? The tarp-covered, yet temporary, inconvenience of a renovation – or the uncertainty and upheaval associated with packing up the troop and heading into a new neighborhood and a home filled with its own idiosyncrasies?
If you do decide to remodel, find a trusted contractor. A licensed, experienced contracting team isn’t a luxury, it’s an absolute must. The team at Cossentino and Sons Remodeling & Design, Inc. is passionate about giving you home improvements that not only elevate your lifestyle, but also add your value to your home. We specialize in expansions in the Howard, Montgomery, Baltimore, and Carroll County, Maryland areas. To find out how we can help you get your remodel started, visit us online or call 410-442-0000.