Is it better to build an addition on your home or sell and buy another house better suited to your needs?
Question:We are currently considering building an addition on our home but go back and forth with whether it would be better to just move. We are looking at converting an existing attached 2 car garage into a large rec room and building a new 2-car garage in front of the old one. We have the available space to do this. We're also thinking about remodeling the kitchen at the same time and building a full bathroom (we currently have a half bath that would then become a walk-in pantry and/or coat closet? We don't have a basement.
The next step up in homes in the area that might have a basement and are about 15-20 years newer than our current home are about $100k-$250k more in price.
It might also be noteworthy that we currently have a 5% 30-year mortgage with equity available for a home equity loan.
Answers:
Remodeling is much more affordable, and since you have a good interest rate and home equity I would definately remodel your current home. Best Wishes!
I feel addition and remodelling would be a better deal for you. Dont forget your other social impacts while buying new if you have wonderful neighbours.
My wife and I are considering this same thing. For us, it is because we now have 4 kids and the house we're in is getting crowded. I want to move, she wants to wait 5 years, but I said I would be willing to stay if we built an addition. What it really comes down to is the sentimental value of the home to you. If you really really like it and don't want to leave - don't. I would get out there and shop just to see what's available. But I recently read, you should not buy a home where the cost is more than 3 times your annual salary.
In the same situation here.
In the long run I think personally staying where we are with our great neighbors, quiet neighborhood and schools is better than to buy a new home. Higher utility bills for a larger home and so on, only to have an empty nest in 8yrs or less and then having to down size.
So, I am trying to convince hubby to stay.
I think he is agreeing with me on this one.
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