Adding an Addition vs. Buying a New Home
When they have outgrown their home and need more space, many people jump right to moving. However, that isn’t your only option. Adding extra space to your home, otherwise known as an addition, can give you a perfectly personalized space. There are many advantages and disadvantages of both buying a home and adding an addition. Here’s a comparison that will help you decide which is best for you.
Comparing the Costs
Both moving and adding an addition have costs. For an addition, you need to work with a qualified contractor, pay for plans, permits, materials, and labor. However, a significant portion of that cost will translate directly to an increased home value. Additions can be financed if you don’t have the cash.
You may think of moving as free because it does require as much upfront cash. However, it does cost money. You’ll pay for the real estate transaction, the real estate professional’s cut, and moving costs. In addition, you may choose a home that needs work of its own.
You can get specific about the numbers if you look into the average cost of a home you’d be happy with, and compare that to the average cost of adding the kind of addition you’d like.
The Type of Space You Add
You’re limited by your current property if you choose to add an addition. The type of space that you can add may dramatically change your feelings about whether you should move. For example, if you have a bungalow and room for a second floor, adding a lot of space is simple and can make your main floor much more open and modern.
However, if you don’t have a lot of space on your lot, moving may make more sense. Sometimes you can still add sunrooms in small lots, but these add less value to the home than a room that is connected to the heating and cooling systems.
Better vs. Perfect Personalization
Chances are, you can find a home that is a better fit for your lifestyle than your current home. But, can you find one that is perfect? Adding an addition creates a perfectly customized space that can fulfill any and all unique needs you have for your home. While you’re at it, you can also make major changes to the rest of your home, with the space freed up by the addition. It’s like living in a custom home without moving.
Neighborhood and Lot
If you like your lot and your neighborhood, it may be better for you to stay in your current home and add an addition. It may be challenging to find a home that you will like in the same neighborhood, or in a neighborhood that you’ll like. It may be challenging for your job, or your children’s schooling to move into a neighborhood where you can find a home you like. The same thing goes for a lot. If you have one you like, it makes sense to try to keep it.
If you are looking to remodel your Kansas City home, contact Empire Construction today.