Whether it’s finishing a basement or adding an additional room, a home addition is one of the most difficult decisions to make for a homeowner. The decision to either remodel or move could be a daunting one.
Many studies reveal that most Americans live in a place they own. Homeowners usually buy, live in the house for a few years, then sell to reap profit and purchase another property at a place that offers better living conditions. The economic downturn has resulted in a massive plunge in the prices, which left the homeowners wondering whether to renovate or move.
Deciding whether it’s worth it to remodel or move requires a careful analysis of multiple factors:
- Budget – Are you willing to spend extra to buy a new home in a nice area? Or would you rather save money by adding to or remodeling your current home?
- Best interests and comforts of the family members – How would moving affect your family? How difficult would it be for children to leave their friends and schooling to start anew elsewhere?
- Neighborhood – Do you like the neighborhood you live in? Or would you prefer to find a new one?
- Location – Do you live close to the places you need to be? If not, maybe consider moving somewhere closer.
- The purpose of moving – This might be the most important one. Whether it is right to move really depends on your reason for moving. Ask yourself why you want to move in order to establish priorities.
Move or Improve: Comparing Cost
Buying a new home is usually more expensive than remodeling your current home, especially when considering realtor fees associated with selling your home. However, there are some exceptions. For example, neighborhoods that are in low demand may have homes that are cheaper than a full, or “gut”, home remodel would be. But houses in more popular areas, especially cities, will cost a lot more than a home remodel. It all comes down to location, location, location.
Considering cost, what is best for the family, and the ease of staying where you are, remodeling or creating an addition is often the wiser option. And when this construction happens under the guidance of an expert renovation and customization specialist, it will enhance the value of the most important investment: your dream home.
Benefits of Remodeling Over Moving
Let’s ponder why a renovation or home addition precedes buying a new home until there is an absolute need to move:
Cost-Effective yet Trendy – The addition of a room/bathroom/living room adds charm to your current space and also increases home value. Our custom renovation specialists shall work alongside you to get this addition done in style.
Stable & Familiar – Residing at a place for some time makes you feel at ease with a higher amount of comfort at all levels, like the neighborhood, schools, offices, shopping zone, hospital and many more.
Customization – With expert guidance from a renovation specialist, you can decide which part of the home needs to remodeled or which addition has to be added. All the more when the addition is handled by the right remodeling contractor, you are more likely to obtain something that boosts your home’s value.
How Much Value Can an Addition Add to a Home?
Experts suggest that by adding on to your home, homeowners can expect to see a return on investment of:
- 49% for Sunrooms
- 53% for Bathrooms
- 63% for Master suites
- 65% for Two Storey addition with an upstairs master suite and a downstairs living area
Get What You Want By Adding, not Buying
Even if you’ve decided an addition is the route you want to go, there are still two options for your home addition: building out or building up. If you build out, you will need to pour additional foundation to support the new rooms or room increases. You can avoid this additional cost by building up — that is building a second story on top of your existing roof.
Adding a new level means that the square footage is doubled in a few days. This allows you the flexibility to finish rooms one-by-one as your budget permits. In most cases, the total costs incurred are much less that the conventional ground level enhancements.
Once you decide to remodel, consider the different ways you can finance your remodeling project.
How much more house could you get?