Deciding whether to add on to an existing home or to purchase a new one can be a complex decision. There are a few factors to consider, including cost, individual needs, what will add value down the road, and the disruption – typically at least a month or two – that adding on can bring.
- Can you finance the home improvement with your own cash or will you need a loan?
- How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements.
- Is it feasible to expand the current space for an addition and should you go up or out?
- What do your local zoning and building laws allow? Each local area has specific rules and permit requirements for such improvements and it’s important when you sell your home later that everything is by the book.
It’s important to explore all of your options when deciding whether to stay under the same roof or move to a different one. Let me know if I can help.