An addition to a house should be done by a reputable builder
Factors to consider when choosing between buying a new house or renovating:
- Emotional ties to your home
How long you have stayed in your home creates an emotional attachment to the neighborhood, the orientation of rooms in your house, and other social amenities you can think of in your area. How you feel about your current location and how well you relate with your neighbors affects the decision to move or renovate. If you wouldn’t want to lose the benefits and emotional attachment you have with your current home then it will be a good idea to make a home addition than move.
- Do you have the budget to move or renovate?
If you want to buy a new home, you should be in a better financial position to pay the upfront costs including the expense of moving into the new home. If the costs of buying a new home outweigh that of renovating, then you would rather focus on your home addition than move. However, if you have the necessary budget to buy a new home, and it suits your lifestyle and preferences then you should consider moving. A home addition might cost less depending on what renovations you want to make.
- Availability of space
Do you have enough space to add extra rooms and valuable additions like a deck or patio? If the amount of extra space is sufficient for a home addition, then you should consider renovating rather than moving. However, if you don’t have enough space for the renovations then you should consider buying a home that is big enough and has all the features you are looking for. A home addition that takes up much of yard space can also limit your options when it comes to landscaping or building outdoor structures like a shed.
- Consider the local zoning laws and regulations
Before making a home addition, it is important to determine whether the kind of renovations you want to do comply with the regulatory authorities in your area. Most states have different restrictions and zoning ordinances on how you can use your property. Whether you want to add a deck, garage, patio, or other structures to your home, you need to ensure it has been reviewed and approved by your local jurisdiction. If it is not possible or allowed, then it would be a good idea to start looking around for a home that best suits your lifestyle.
- Can you deal with the time and stress involved?
Major home additions can take a lot of time to finish and may interfere with your family’s daily routine. You will have to put up with the loud noises, dust, and other hassles involved with renovations. If you don’t have an issue with adjusting your lifestyle for a little while then you can make the home addition. However, if you don’t want to put up with the challenges that come with a home addition and you are okay with buying a new home then you should consider moving.
- Return on investment
Sometimes you may have the budget to buy a new home or make a home addition. However, if you are looking to sell your home in the future, you need to consider what option will provide the best return on your investment. It is a good idea to make home additions that add value to your property such as a deck, bathroom remodel, upgrading appliances, or a kitchen remodel. If your new home seems to offer a better return on investment and you can afford it then you can consider moving instead of making a home addition.
The decision to buy a new home or make a home addition comes down to individual preferences and budget needs. If you feel you will lose a lot by moving and yet you have the space, budget, and approval from local authorities then you should consider a home addition. However, if you feel a new home has all the features that best suit your lifestyle and you have the budget to make the move, you should consider buying rather than renovating.
