When considering whether it’s better to move or invest in a home addition, it’s important to look at key financial, lifestyle, and logistical factors so you can make the best long-term decision for your needs. Thoughtful evaluation that includes consulting with a design-build company—like us—will help you make an informed, personalized choice.
Most people would rather upgrade their current home than buy a new one, but that doesn’t mean renovating is always the best option. Read on for helpful insights to consider while weighing this important choice.
Navigating the Decision to Build an Addition or Move
Questions to ask before resolving to build an addition vs. moving.
- What is your property’s value?
- How much equity do you have in it?
- What price could your property sell for today without doing any upgrades?
- What would your house sell for after an addition is completed?
- To get what you’re looking for, how much would it cost to buy a new house instead of renovating your current one?
- Is it feasible to stay in the same school district if you move?
- Can you replicate the yard you currently enjoy?
- What would you have to sacrifice to move?
What would you need to stay in your current home?
Break this into two columns: “must haves” and “wants.” This is helpful because it makes your “needs” the non-negotiable part of the list, while your “wants” are identified in case you can work them into your budget. This ensures the project’s scope is reasonable.
Consult with a design-build company.
Determine the cost of your addition project. The ballpark budget and initial costs will help you make an informed decision about whether it’s best to move or build an addition.
Consider the timeframes involved in each option.
While contemplating whether it’s best for you to build an addition or move to a new house, factor in how long it will take to build an addition to create your dream home vs. how long it would take to get ready to update and list your property, sell it, buy a new one, and settle in.
Factor in where you will live while an addition is being built.
Will you live in your current house or in another location while an addition is being designed and constructed? This is something to consider while deciding between building an addition and buying a new house.
Does the money make sense?
If you purchased your current property for $300,000 and you are looking for a new house in the $800,000 range, does that make sense for you financially? Will you get what you want for $800,000 or will you need to invest money in the house after moving in? How much could you receive for your current home if you renovate and build an addition for $500,000? Would you get a good return on investment if you had to sell your property after constructing an addition?
What will you miss about your home?
Your emotional attachment to your current house is a valid reason to stay. You may be more attached to it than you realize. The memories you hold dear that were made in your home may make it difficult to part with the place where those memories were created. Consider the emotional implications for you and your family before determining if you want to take on the stress of moving.
How do you plan to finance the project?
When choosing to build an addition vs. move, how you finance the project factors into which is the best option for your needs. Would you pay cash for the renovation and addition? Or would you finance the upgrade?
Why Building an Addition May Be the Best Solution
Enjoy Greater Stability
Moving out of your current house can be tough emotionally. But if you opt to build an addition, you’ll maintain the stability that continuity in your current space offers.
Stress Less
While it’s not convenient to live in a construction zone until your addition is completed, it’s a lot less stressful than finding a property, packing your possessions, selling your home, and moving into a new neighborhood.
Improve Your Property Value
A home addition can deliver some excellent returns by increasing the value of your house.
Enjoy Extra Square Footage
The enhanced living space an addition brings will delight you!
Get the Design of Your Dreams
When you build an addition, you have control over the design features you receive.
Save Money
There are a lot of fees involved in selling and buying a new home, and you can bypass those expenses with a home addition. And when you choose a design-build team (like ours!), we help you stay within your established budget.
Why Moving Is Better for Some Homeowners
If you want to build a house, upgrade, or even downsize, moving may make more sense than building a home addition. If you need a fresh outlook on life, moving may be beneficial to your well-being and health. (Just realize there is stress involved in the moving process.) Moving can improve your portfolio if you have equity on your side.
Build a Gorgeous Addition to Your Beloved Home with the Expert Help of Our Design-Build Team
If your home’s space isn’t serving your family and lifestyle needs, and it feels outdated and cramped, take heart! A well thought-out addition can be the perfect solution. You’ll get the space you need, while adding function, beauty, and value to your property. At Action Builders, we help you with the addition process from start to finish. With an expanded space, you get to live, work, play, and stay in the house you love!
Take a moment to schedule a consultation. We’ll meet on-site and listen to your needs and desires. Next, we’ll evaluate the possibilities and create an accurate estimate (so your project will remain on time and within your budget). Your custom addition will be designed and built! Once it’s complete, you get to enjoy the home of your dreams!
