How do you decide whether to add on to an existing home or purchase a new one?

thinking-about-selling-your-houseThere 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.

Other considerations:

-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.