You’re sure about one thing – your current home isn’t big enough. Should you add onto your house or move to a new one? Maybe you’ve added to your family, or your kids are getting older. Maybe you’ve upgraded your hobbies or business and need the space for an office or workshop. Whatever the reason, you’re now considering your options. You can add onto your home, or you can relocate to find a home that better suits your needs. Let’s break down the reasons for making your choice.
Should I Add Onto My House or Move?
This is a highly personal question, and there’s no right answer. However, there are several factors that you should consider when you’re making this important decision.
- What’s your current mortgage situation? Determine how much you owe vs. how much your home is worth if you were to sell it. This is an important factor in determining what you can afford – both for a home addition or for relocating.
- Where is your job located? Would a move increase or decrease your commute? Both are valid options, but a change in commute time has the potential to dramatically shift the hours you have available in your day.
- What’s the current real estate market? If you were to sell your home, would you be able to get a good price for it? Markets are in constant fluctuation, so this is an important question for a real estate agent or broker.
What are the Pros and Cons of a Home Addition?
Let’s say you like the idea of staying where you are. Maybe you love your location, you’ve got a great commute, or you want to stay in your current school district. What are the pros and cons of adding onto your home?
Pros:
- Additions are highly customizable. This is your chance to create a new space that’s perfectly designed for you and your needs.
- You can boost your resale value. If you’re adding something like an ensuite bathroom, it’s likely you’ll get a return on your investment when it’s time to sell.
- You’ll add much needed space to your home! Additions offer the option to fix just what’s broken…that is to say, you can keep what you like and add what you need!
Cons:
- Additions can be time consuming and labor intensive. This problem can be minimized by working with a great contractor who will operate in your best interest.
- You’re not guaranteed to make your money back. You should only choose an addition if you’re planning to stay in the home for enough time to enjoy it. Simply adding on to improve your resale value isn’t always a good idea.
What Are The Pros and Cons of Moving?
Sometimes, moving to a new location is preferable to staying in your home. Take a moment to consider these factors if you think a relocation may be in your best interest.
Pros:
- Better access to work or school. Shorter commute times bring increased freedom and flexibility into your day. If you’re able to move closer to your daily routine, it can greatly improve your quality of life.
Cons:
- Location can also be a big drawback when moving. If you’re relocating to a home that provides more and better space, it may be further away from the resources you need. Take time to consider how your life will change with a move.
Reach Out For More Advice
If you’re still wondering which option is best for you, reach out to Modern Touch for a consultation. We’ve worked with many homeowners to remodel their current homes, and we can help you determine whether staying in your current home is the right move.
