The Pros & Cons to Building a Home Addition vs. Buying Anew
Posted by Garman Group on
You're a happy homeowner, and you can't imagine leaving your home. You love it and want to stay there for a long time. But even though you love your home, sometimes, life can get in the way. You could be expecting children sooner than anticipated. Or, you've started a new business and need a dedicated workspace.
What we're trying to say is: you need more room. You love your house, but you don’t even have an extra inch to squeeze in a desk, let alone an extra room — or two.
If you're already starting to look at ways to add to your beloved home, then you may also be thinking of looking for a bigger house, too.
We’re going to give you a few things to think over to help you make your decision.
Do You Require Something Specific?
If extra space is your primary concern, be it a bigger living room or an extra bedroom, then either option will work. But if you have some exact space needs in mind, like a room with skylights or customized closets, it may be best to design and build something yourself.
Are You Willing to Sacrifice Some of Your Yard Space?
When you’re building an addition, remember that it needs to go somewhere!
You could build up instead of out, but the most likely scenario will have you building onto the side or back of your home. If you’re an avid gardener or have kids who play in the backyard, this addition will infringe on that space.
Do You Have the Time & Resources?
Don’t get us wrong, having to sort through the housing market, buying a new home, and moving is hard work — but so is building an addition.
Before you even start any sort of renovations, you'll likely need to pull permits. Then, you need to find someone whom you trust to work with to come up with a design. After that, you need contractors, electricians, and other professionals who can complete your project.
Plus, building a home addition will very likely disrupt your life with noise and building materials. That could go on for at least a few months — possibly longer.
What Will Be Most Cost Effective?
Let’s face it — sometimes, it just comes down to money.
Buying a bigger home in this housing market likely means procuring a larger mortgage. This is something you’ll need to weigh against the cost of designers and contractors, and the cost of building materials.
And it’s not at all uncommon to run into issues during renovations which require you to come up with more money. Try to keep this in mind and have an extra reserve on hand.
Get some estimates on your expansion project and compare it to the costs of refinancing and taking on a larger mortgage.
Talk to a Qualified REALTOR®
Look at the current housing market to see what’s out there. If buying a home outweighs the pros of building your own home addition, the Garman Group can help you get started. We know all about Victoria real estate and what’s currently happening in the housing market. Contact us today for more information or to get started.