Should I Add On Or Buy A Bigger Home?

There are so many reasons why individuals want to sell their home. It could be that they are hoping to relocate to another part of the country or that they have decided that there current home is an inappropriate size for their lifestyle. For individuals who fall into the latter category, invariably they find themselves asking, "Should I add on or buy a bigger home?"

It's Up To You

The answer for this question really depends on what the individual wants. There are many reasons why adding on to an existing home is an attractive alternative to buying a bigger home. The main reason is that it is cheaper and that it allows the homeowner to improve upon a piece of property that they are sentimentally attached to. Additionally, adding on to an existing home can be a fun excursion and ultimately rewarding once the project has been completed.

Adding On

However, adding on to a home has its own share of drawbacks. It is a time consuming process that is not particularly cheap. In addition, home renovations always have a degree of unpredictability to them. No matter how much money and effort you dedicate to adding on to a home, you often end up with a final product that do not fully meet your expectations. Whether it is due to poor planning or just running into obstacles caused by the existing home structure, adding on to a home can be a risky act. Additionally, adding on to a home is usually more time consuming than buying a bigger home.

Of course, adding on to a home could be the best option for you. Then again, buying a home may be the most suitable move on your part. It all depends on the situation that you find yourself in. Consequently, when deciding whether you should add on to your existing home or buying a bigger home, consider these various factors: amount of money that you have available for home renovations and remodeling; the amount of additional space that you require and whether it is logistically suitable to expand your home to the degree that you want; whether there are restrictions on home renovation and remodeling in place due to local zoning laws and building ordinances; the amount of equity that already exists in the property; and the state of the local real estate market at this point in time.