If you feel like your home is getting too small, you have a big decision to make. Do you move to a larger house or stay put and add more space onto your current one? There’s a lot to think about when choosing between buying a bigger home versus expanding your existing pad. This choice comes with some real pros and cons either way.
Factors to Consider between buying a house or addition
Before jumping into a decision, it pays to mull over these key factors:
Obviously, money is going to be a factor. Buying a whole new place means you’ll have closing costs, real estate fees, and probably a new mortgage. Whereas, expanding does require construction costs but at least you get to keep your current loan. So, crunch the numbers to see the full financial impact of each option.
Do you love where you live now? If so, an addition allows you to keep your current home and stay in the neighborhood. Picking up and moving means you’ll be in a new location altogether.
Get real about how much room you truly need. An addition can work if your house is otherwise well-suited but just too small. In this case, building out strategically can fix a layout or give more bedrooms if that’s all you need.
Think about your present stage of life and where you’ll be in 5 or 10 years. Will the house still work if you have kids, aging parents move in, or other changes happen?
Moving is a huge change. However, with an addition, you get to stay put but will have construction dust and noise. So, consider which option would mess with your daily routines less.
Benefits of Buying a New, Bigger Home
Trading up for a larger house definitely has some enticing upsides. Let’s take a look at this
You can gain a lot more square footage in a brand new place. Whereas, additions are limited by the lot size you already have.
A new home means a total change of scenery. And moving to a different neighborhood can be exciting.
With a newly built large home, you can customize layouts, finishes, innovations and more. This can be designed just for you.
Benefits of Increasing your living area
On the flip side, adding space to your current home has its own perks:
You don’t have to wonder around.
Remodeling lets you expand without leaving your home or neighborhood behind. Kids can stay in their schools too.
You can add on in phases over years, instead of changing everything at once with a move.
Additions allow you to tailor specific spaces like a bigger kitchen or master suite to fit your lifestyle.
Deciding What’s Best for You
With the pros and cons of moving vs. adding on covered, how do you actually decide? Here are a few tips:
- Really envision your ideal home. Detail must-haves, nice-to-haves and your goals. Which option achieves that vision best?
- Talk to contractors, architects and real estate agents to understand full costs and feasibility. Their insights are invaluable.
- Compare financing for both scenarios. Meet with lenders and crunch numbers to see the real cost.
- Weigh what matters most, like schools, commute, disrupting life, community and sentimental value.
At the end of the day, carefully examine your budget and lifestyle needs when deciding between buying a bigger house or expanding the current one. Consider what’s most important short and long-term. There’s no right choice in this case- it depends on your specific situation. But, reflecting wisely now can lead to a home that truly fits your life.