The decision of whether to buy a new home vs add to your existing home is often overwhelming to many. For instance, my best friend has lived in two houses. The first house he lived in after completing his studies appeared too old and was not charming. The decision to sell it and buy a new one was easy. However, he has not yet felt the need to sell his current home. His family loves its 11-foot-high ceilings, woodwork, and exposed brick in some of its rooms. So faced with needing to expand, he decided to go for an addition rather than selling it for another option. You may be surprised to know that according to Zillow’s statistics, about 76% of Americans prefer renovating and adding to their houses over buying. People often find it hard to move from where they are fond of. Such as the kids’ friends and schools and proximity to jobs. Let’s delve into some of the advantages and disadvantages of home additions over buying.
Home addition vs buying, here are the pros for home additions
There are a number of compelling reasons to add to your home rather than buy a new one. Here are just a few:
1. You already know and love your neighborhood, so choose home addition over buying
If you’re happy with your current neighborhood, why move? Adding on to your home allows you to stay put and keep the community you already know and love. It can be expensive and disruptive to move. So, if you’re happy where you are, it makes sense to stay and add on to your existing home. Extending your home can also increase its value, which is a bonus if you ever do decide to move.
Of course, there are downsides to adding on to your home. It can be disruptive to your daily life for quite a while, and it can be expensive. But if you’re happy with your current neighborhood, it’s worth considering adding on to your home rather than moving.
2. You can customize your home exactly to your liking.
When you add on to your home, you can design it exactly the way you want it. You’re not limited by someone else’s taste or choices. It gives you the freedom to create the home of your dreams. This means that you can choose your own flooring, fixtures, paint colors, and more.
3. You can add value to your home.
A well-designed addition can add significant value to your home. This can be a great investment if you’re planning on selling in the future. Most importantly, it can increase the size of your home, which is always appealing to potential buyers. Additionally, a well-designed addition can add to the aesthetic appeal of your home, making it more visually appealing and attractive to potential buyers. Also, a well-designed and executed addition can add functionality to your home, making it more livable and enjoyable for you and your family. All of these factors can lead to a higher sales price when you eventually sell your home.
4. You can avoid the hassle and expense of moving.
Moving is a huge undertaking. It’s time-consuming and expensive. When you add on to your home, you can avoid all of that hassle and expense. You won’t have to worry about packing up all of your belongings, hiring a moving company, or finding a new place to live. You can simply add to your existing home and enjoy all of the extra space.
5. You can stay in your home while the work is being done.
If you’re planning a major addition, you may be able to stay in your home while the work is being done. This can be a major advantage over having to move out during construction. It allows you to keep an eye on the work being done. It also eliminates the need to find temporary housing and can be more cost-effective overall.
Of course, there are some downsides to this arrangement as well. For example, there may be dust and debris around the house. But if you’re able to work with the contractor to create a schedule that works for both of you, it can be a great way to get your project done without having to uproot your life. For more information you can contact us.
Here are the cons of home addition vs buying
There are several potential drawbacks to adding on to your own home rather than buying a new one.
1. The home addition costs may be higher than buying
It can be expensive to add to your home, especially if you need to hire professionals to do the work. Adding an addition to your home can be a costly endeavor. You also need to factor in the cost of materials. Therefore, if you’re looking to add on to your home, it might be better to buy a property that already has the extra space you’re looking for. This can save you a lot of time and money in the long run, however, with current interest rates rising and home prices still very high, chances are a home addition is still more cost-effective.
2. Home additions can be disruptive to your daily life
Additionally, it can be disruptive to your daily life to have construction workers in your home. Additionally, there is always the potential for something to go wrong during the construction process. For example, construction workers might make noise that disrupts your daily routine, or there can be work or material delays and disruptions.
In Conclusion
Adding on to your home over buying a new one has more advantages. You can customize your home exactly to your liking, add value to your home, and avoid the hassle and expense of moving. However, there are some potential drawbacks to consider as well, such as the higher cost of adding on to your home and the disruption to your daily life that construction can cause. Ultimately, the decision of whether to add on to your home or buy a new one depends on your specific situation and needs.
