At some point in life, you might feel your current home isn’t big enough or lacks some functionalities. As life changes, our home should accommodate that changed lifestyle and needs. But when your home fails to meet your current needs, you start wondering whether to buy a new home or renovate the existing one. Most families think about moving to a bigger house when their family grows. Besides additional living space, there could also be other reasons to invest in a bigger house. However, when making the decision whether to buy a new house or invest in a home addition, it’s important to first consider a few factors. You need to ask yourself what it is about your current house that isn’t working for your family. Are you unhappy about the size, condition, or location of the house? Buying a new house is the only option if the location is the issue. Whether you want a safe neighborhood for kids or a house near a school or a workplace, moving is the right option.
If the size or condition of the current house is the issue, home addition or renovation is often the right choice. Buying a new house isn’t always possible because it might be out of your budget. A new house could cost you a fortune while investing in home addition or renovation can increase the value of your property. So, let’s find out more about home addition to understanding why it can be a better option.
Why Invest in Home Addition?
Additions are a great investment because this project not only increases the value of your home but also provides more living space. It allows you to transform your current space and make your home reflect your lifestyle. So, if your house seems small for a growing family, adding extra square footage outside your home can help. Here are some benefits of home additions that make it a sound investment.
1. Extra Living Space
The primary purpose of investing in home addition or extension is to get more living space. This project allows you to have more space without spending a lot of money on a new bigger house. It is possible to add more space to your current home by making use of the unused area. The space on the front, back, or second floor can be used to build new rooms. You can choose to extend an existing room or build a second story, depending on your needs and budget. Whether your family has grown or you want to have a home office, adding more space to your current house always helps. You can add new bedrooms, living rooms, garage, entertainment rooms, home office, kitchen, or bathrooms.
2. Source of Income
Who doesn’t like an extra income? As the cost of living keeps rising, you should look for additional sources of income. Investing in real estate is always a good idea but not many people have enough money to make a down payment to buy an income property. However, there’s an option to add an extra room with a bathroom for renting purposes. Many homeowners are turning their home’s unused space into a rental suit. This can be a great idea, especially for those who live near a school or business center where students or professionals looking for hostels or nearby places to stay. An experienced architectural designers can also help you design a separate entrance for your tenant to ensure privacy. Besides increasing the value of your property, a home addition can also help you earn monthly rental income.
3. Saves Cost & Stress of Moving
Some people decide to sell their current house and use that money to buy a new one. While this can be a good idea but you might not realize the cost associated with listing your home and moving to another house. First, to make the house marketable, you need to pay for repairs, staging, real estate agent commission, and other costs. Your expenses don’t end with this. Once you sold the house, you need to hire a moving company and may even need to rent a storage facility to keep your belongings until the deal for a new house is finalized. Besides the hassles of packing and moving, your family may get homesick soon after moving into a new house. So, instead of buying another house, you should first explore the possibilities of adding more space and improving the functionality of your existing house. This not only saves the brokerage and moving costs but also allows you to stay in the house that has given you golden memories.