Should we move to a bigger house or build an addition?

Question

My fiance and I are trying to debating whether we should consider building an addition to our current house (when we need the additional bedrooms) or just look to buy a new house. We love our current house and location, so we'd love to stay here. But we don't want to waste money on addition if we won't see a return when we final do sell it. Would it just be better to sell and buy a bigger house?

Any recommendations? Thanks!

Answer 1

Make a plan what exactly you want to do...
Consult with an expert, like Contrators, Architects, Landscape Architects, and Interior Designers!
In most cases, a permit is also required for replacement of existing construction, additions, and remodeling.
Get some diferents quotes to compare.

LITTLE ADDITION, BIG HELP; MODEST REMODELING JOBS CAN CREATE MORE EFFICIENT HOUSES

BIGGER HOUSE, BIGGER MORTGAGE

Answer 2

Yeah, a lot factors into that. You'd have to consider the cost of moving and selling your house and all that if you got a bigger house.

I'd recommend getting an estimate for how much the addition would cost. Then add that price on to the current market value for houses around your area that have approximately the same square footage as your house. Then do a comparison of that price against what prices of houses are with what would be the new square footage of your house. Subtract moving costs from the figure and see if the figure is more than the average cost of houses with that square footage around your area.

The cost will partly depend on how easy it is to add on to your house and if you will need to update your electric system in your house if you add an addition. Some areas have laws regarding that if you make an addition and your wiring system is so old the entire thing could possibly need updating.

From the way it sounds, I'd say you'd probably be happier just staying where you are and adding on.

Also, don't forget, if you add on then you can use that as a deduction on your income taxes.

Anytime you add square footage to your house you are adding value to it, of course your property taxes will go up a little too.

Answer 3

There are many factors to the answer of this question. Check out what it would cost to add on to the house. Then find out what your selling price is today. For a house as large as you want. You allready have the house to that part will not have to be financed. In some areas its cheaper to buy than to build. I seriously would look at adding to it. But do the home work first than decide.You like the area thats a bonus..If you add an addition to your house you definately will increase the value of the house as it is larger. Any improvement to a house is never a loss. That is more room..A pool for or new furnace or roof will not increase the value of a house. Thats just maintenance. A Pool is just decoration that adds nothing to the value. Hope this helps.