There comes a time when every homeowner looks around and think that their house may be a bit too small. So if you are thinking that you need more room you may also wonder do you break ground on your current home or look for a new house? The decision to move or improve can be complex and emotional. The answer, often times, depends on your neighborhood, budget, and the housing market. So how do you choose?
First, Ask Yourself The Tough Questions
You might be salivating over the houses for sale or dreaming of your double-size, custom built master bedroom. However, don’t make a snap decision based on fantasy. Instead, start by making a pro and con list. What is it about buying a new home that you really like? Or does the process stress you out? Are you pumped for renovation or would you rather ditch the dust? These are two very different paths to the same destination: a home to love.
Move: If your city give your plans the thumbs-down
You’ve drawn up elaborate plans for popping the top of your two-bed bungalow. However, your city might not be on board. Before breaking ground, find out if your proposed idea meets zoning requirements. The local government is where you will need to go to find out if you even expand your current living space. To figure out if your new expansion will pass muster, you’ll need to gather a pile of documents. Plan to get a property survey and detailed drawings just for the permit. If the city says no, it’s time to start house hunting.
Improve: If your home is unique
Your first house hunt was hard enough. If your current home already comes with the special features you require, add-on instead of buying new. The more unique the needs and requirements, the more difficult it may be to find another home with those features.
Move: If your in a seller’s market
The best part of being in a seller’s market is taking advantage of the seller’s market. If your home has dramatically increased in value during your tenure, it could be more beneficial to sell your home and buy a bigger and better home than to expand. Be sure to check with a local real estate agent before finalizing your decision. In certain areas and price ranges, some houses are sitting on the market a bit longer.
Improve: If you love your location
Just because your home is in a seller’s market doesn’t mean you should always sell. If you love your location and home prices are skyrocketing, remodeling may be the only way to stay put in your neighborhood.
After all, if your home increased in price, every other house in the area did as well. You might be profiting $100,000 by selling your place but you might not be able to find anything in your price range. Adding a wing might be the cheapest way to get space without sacrificing your location.
Move: If renovating will be an ordeal
Say you’re snug in a three-bedroom ranch, but you’d like at least five bedrooms and a new playroom. That’s a lot of work. Figure out how big the gap is between what you have and what you want. If it’s enormous, undergoing a massive renovation might not be worth it. Start by considering remodeling costs, the length of time your home will be under construction, and whether you plan to live in the home during construction. A significant remodel project is an extremely big deal. Far more involved than would be packing up your things and moving them.
Improve: If your parents want a say
If you need additional space to accommodate aging parents, you will likely be looking for an in-law unit. This could be tricky to find on the market, much less on that your mother-in-law actually likes. Expanding makes it much easier to take your parents’ taste into account.
Move: If you’d be building the biggest house in the neighborhood
Take a look around. Have a lot of your neighbors expanded? Or are they mostly chilling in the original square footage? Before expanding, families should make sure they’re not adding on in a neighborhood with smaller homes. When it comes time to sell, unloading the priciest home on the block typically will be a challenge. If you expand and decide to sell in the future, you might be restricting your buyer pool. So before you make any decisions, think about the long-term consequences. Not just what makes you happy right now.
