Should I Add an Addition or Buy a House?
It’s inevitable that many families will outgrow their house. Perhaps you bought your house when it was just you, or just you and your spouse, starting out and with limited funds. Then children came along, careers advanced and you realized you just don’t have enough house anymore. When this happens, you have two options. You can build one or more additions onto your home or you can sell your current house and buy a new one. What are the pros and cons of each approach? Should you add an addition or buy a house?
Build an Addition to Your Home
The advantages to this option are obvious. Building an addition should be much cheaper than buying a new home, and can increase the value of your existing house. If economics are your primary consideration, this is usually the way to go. In addition, you don’t have to go through the stress of moving, which many agree is one of the most stressful life events you can experience.
Buy a New House
On the other hand, when you buy a new home, you’re getting one that’s designed to be as big as it currently is. A home with an addition may look like it has an add-on, which you may not find as attractive. Also, buying a new home is more than just switching your location. It may mean exchanging an older home – with old pipes, an old roof and other old items that may need to be replaced soon at your cost – with features that are brand new.
Switching your location may also be a benefit, if issues like declining property values, increased crime or poor schools have become a concern. Also, keep in mind that when you budget for a new house, you know exactly what you’re paying. If you opt for an addition, surprise expenses, cost overruns and other issues may pop up that may require you to lay out or borrow more than you expected.
Another issue to consider when deciding whether to add an addition or buy a house is the current state of the housing market. If home prices are currently high and expected to drop, you may want to wait on buying new and opt for the addition. If the reverse is true, you may want to jump on a good opportunity to buy.
If you are looking to buy or sell a home in the York County, Pennsylvania, area, CENTURY 21 Core Partners can help. Contact us today for friendly, knowledgeable, experienced help for your real estate needs in Pennsylvania and Maryland.