At most times, a family does grow larger, requiring more accommodation space to fit all the members. As kids grow older, their living space becomes limited, forcing the family to either build an addition or move to a new home altogether. Families need to consider many factors when deciding to move into a new home, or build an addition. This article looks at these factors and their importance in helping you make a wise decision.
The Cost Involved
It is much cheaper to add a new home addition than to actually build or purchase a new home with the same size as your old home plus the addition. Furthermore, moving to a new house attracts extra costs such as home staging, lawyer’s fees, realtor fees, and land transfer rates. You might also be required to pay a penalty if you are unable to close your mortgage early enough, or transfer it to a new house. In addition to this, moving to a new house attracts costs like setting up new utility accounts. Moreover, if you are not moving to a brand new home, you are likely to incur various renovation costs to customize the new space according to your lifestyle. All these costs could end up being expensive than doing a simple addition.
The Current Condition of Your Home
If your existing house is an older residence, then you should consider increasing the extra living space by buying a new home instead of going for an addition. The main reason behind this is that you might experience many structural issues when you try to do remodeling projects or additions. You are likely to incur many surprises during your new addition project, which could attract high costs. You can avoid problems related to adding an extra space to an old home by purchasing a new one.
The State of the Housing Market
Another thing that you have to consider when deciding whether to go for a home addition or a new home is the condition of the housing market. You have to do a lot of research and analyze the amount of houses in the market, and their prices. In addition, you will need to look into the current cost of a construction project. If you decide to move to a new place, you will need to consider the closing costs, and the cost of moving. You have to factor in the cost of buying or building a new house, and compare it to that of doing an addition to your existing house.
Are You Ready to Move?
It most likely took you several years to find the current house that you reside in. Many homebuyers have a list of things they would like in a home, and once they get what they want, they find it overwhelming to start searching again. Building an addition onto your existing structure prevents you from having to go through the hassle of shifting your family to another location. An addition is also quite inexpensive compared to purchasing a new house. Nevertheless, if you are ready to move, a new house can fulfill all the space needs you want.
Other Factors to Consider
If your new home is located in another district, then you have to consider whether your school-going kids have to transfer to another school. If this will be the case, you need to understand that your children will go through a lot of stress and anxiety, as they will be needed to leave their old friends, and make new ones. However, if they will still go to the same school, you have to figure out the best mode of transport to your new home.
For yourself, you will need to factor in the commute times to and from work. Will the new home allow you to commute effectively to your workplace, and back home? Moreover, you will need to update different companies and organizations with your new home address. Doing this could be a great hassle for you, if you do not have the time and resources for all that.
If your family is outgrowing the space you live in, or you just need extra room for other things, then you have two options: build an addition, or move into a new house. Although moving can be costly and stressful, the new house you move into is likely to fulfill all your space needs. Nevertheless, if you just need some extra space to enjoy, then it is better for you to get an addition.