First off, moving is expensive! If you decide to put your home on the market and find a larger one, you will need to take into consideration realtor fees, moving and transport costs, and a possible increase in your mortgage or rent. Depending on the home you choose, you may also have to allow room in your budget for renovation and repair costs. Additionally, getting situated in a new home often calls for new decor, appliances and furniture. And while you are fixing up your new home, you might have to pay to keep your belongings in a storage facility. All of these unseen factors can make moving very hard to keep within budget.
Home extensions, on the other hand, usually require the services of a general contractor who can give you a cost estimate up front. For best results, often it is wise to pay a little more for a well-qualified builder with a good reputation, as good quality work will save you money in the long run. An experienced builder will be able to handle building permits and regulations so your extension does not violate any building codes. Depending on the size and location of your extension, the project will most likely not be cheap, but you can limit the project to match your budget, and you only have to deal with one fixed cost up front, as opposed to several unpredictable and potentially long term costs.
Many hesitate to move because while they are dissatisfied with the size of their home, they like the neighborhood and its proximity to family, friends, work and/or school. Uprooting a family and resettling in a new area can be tough on everyone involved.
Extending the home can solve the problem of space while allowing the family to stay put. An important factor to take into consideration, though, is the average property value of homes in your area. Every neighborhood has a price ceiling, which means adding space to your home will only add to its resale value up to a point. If you plan to stay in your home forever, this will not be an issue, but if you decide to sell a few years down the road, make sure your extension will pay off.
Choosing a new home gives you flexibility to select an adequate number of bedrooms, bathrooms, and living areas for your family, but your options will be limited by your budget and the available homes for sale in your area.
When it comes to adding rooms to your home, you can customize the project to your needs. A word of caution, however: the home needs to be balanced. For example, if you add a bedroom or two, make sure you have adequate bathrooms (ideally located near the bedrooms) and living areas to accomodate the extra people that will be using those rooms. Again, this becomes more of an important factor when it comes time to sell the house.
Given personal circumstances and considering the above factors, many families choose to upgrade their current home rather than try to find a new one that meets their needs. Properly planning an extension project takes time and effort, but all the hard work will definitely pay off. Not only will the extra space improve your family's quality of life now, but it will also add value to your home, should you choose to sell it in the future.
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3810 Clemmons Road
Clemmons, North Carolina 27012
Lundquist, Ryan. "How Much Is the Largest Home in the Neighborhood Worth?"Sacramento Appraisal Blog | Real Estate Appraiser. Sacramento Appraisal Blog, 06 Nov. 2014. Web. 04 Jan. 2017.
Hindley, Simon. "A Builder's Guide to Extending Your Home." Ezine Articles. N.p., 17 Oct. 2016. Web. 4 Jan. 2017.