There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home.
As designer and builder Philip S. Wenz, the author of adding to a house: planning, design & construction, notes, an addition is much cheaper than building a new home and can offer a “new” home with the heartache of moving.
-Can you finance the home improvement with your own can or do you need a loan?
-How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements
-Is it feasible to expand the current space for an addition?
-What is permissible under local zoning and building laws? Despite your deep yearning for a new sunroom or garage, you will need to know if your town or city will allow such improvements.
– Are there affordable properties for sale that would satisfy your changing housing needs?
Explore your options. Make sure your decision is one you can live with – ether under the same roof or under a different one.