To Build or Not to Build...
A single family home in Phoenix, Maryland before its new addition. The family wanted space for aging parents to live.
Many families find themselves in a very common predicament. Should they add on to the home they currently live in and already love? Or, should they move? While the answer is not a simple yes or no, there are some key items homeowners should consider before making the big decision.
Time and Money
Whether deciding to build an addition on to your home or moving, both take time and money. The cost of additions vary depending on the project, obviously, but it’s safe to say that it’s likely to cost you less than a move. Not only do you have to search for a new home when moving, you also have to secure funds to purchase a new home, move your belongings when it’s time, and spend additional money customizing the home to your liking. There are seller’s costs and buyer’s costs, moving costs and closing costs. Moving also poses the risk of the real estate market. Is it a buyer’s or seller’s market? How bad is the competition? While additions cost money and you are living in an active construction zone, all of your belongings aren’t required to move, and you have the luxury of knowing it is built to your specifications, needs and desires.
Property Values
Home additions will add value to your home, but you have to be careful in not over-improving your home in comparative value to other homes around. If you over-improve, you may have difficulty selling the property in the future. Traditionally, buyers do not want to purchase the best home in the neighborhood if there is a possibility the property will not appreciate in value as fast as the others in the area.
Happiness
When you love your neighborhood, love the schools (for families with school-aged children) and do not expect to move in the foreseeable future, then a home addition might be the best option. But if there are more things than space that are bugging you about your current home, it may be time to move.
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A single family home addition in Phoenix, Maryland after a new addition. The addition was built to welcome and accommodate aging live-in parents.