Does your home feel like it’s starting to burst at the seams? Many homeowners across the country can relate to this feeling having bought a home only to run out of space due to a growing family or for other reasons. Let’s take a quick look at a few questions that will help you to determine whether buying a new home or expanding your current home is the best choice when you’re in need of some extra space.
Why Are You in Need of More Space?
The first question you’ll need to answer is… “why?” Are you running
out of space because you’ve decided to start a family and have another
child on the way? Or perhaps you’ve decided to start a business out of
your home and you’ve outgrown the small room you had set aside as your
office? Whatever the case, a major renovation or a move to a new home
are both major decisions and ones that shouldn’t be made lightly. Sit
down with your family and consider why you need more space and what you
would do with a larger home if you had one.
How Much Space Do You Need?
“How much space” is another consideration that you’ll need to make in
order to come to the best decision between expansion and buying a new
home. If you find that your needs are perfectly suited except for that
missing bedroom you may want to undergo a renovation. Conversely, if you
find that you could use at least 2 or 3 new rooms and some extra room
in the garage, you may want to start shopping for a new home.
Note that expanding your home to add an extra bedroom or to finish
the basement will provide a limited amount of additional space – space
which may end up feeling constrained later if your family or needs
continue to grow. If you’re thinking bigger over the long term, you’ll
likely be better served in finding a larger home that has extra room
that you can grow into.
Other Factors for Consideration
If you’re thinking about expanding your current home you’ll want to
consider how this will impact the other rooms in the house. Are you
going to feel the need to renovate every room once that new bedroom is
added? If so, is renovating a wise investment or should you simply move
on to a newer home?