One of the most overlooked options when you have run out of space in your current home is to do a home addition. But doing a home addition is not for the faint of heart and it is important to determine whether it is worth the cost, time, and disruption to your life.
If you’re running out of room and are thinking about a home addition, here are a few questions you should ask in order to determine whether doing a home addition is the right solution for you:
- Does the addition serve a purpose that your current space does not serve?
- Does the added value of the addition outweigh the cost?
- Can the addition conform to the property?
- Would it be better to buy a bigger home instead of doing an addition?
Does the addition serve a purpose that your current space does not serve?
The first step in deciding whether or not to do an addition is to review your current home setup, consider how you use it, and see if you can solve your space problem by rearranging or repurposing your space.
For example, if you need an additional bedroom but you have an office that is bigger than what you need, consider downsizing your office to another corner of the house and repurposing the office as a bedroom. Or if you need an office but don’t currently have space for one, consider repurposing a bedroom as an office.
It might not always be the most ideal thing to do, but it might be the financially prudent thing to do. Repurposing a space will always be cheaper than doing an addition (or moving).
But if you have tried numerous ways to work with the space you have and you have determined that you need more space, then the next step is to consider the financial impact of an addition.
Does the added value of the addition outweigh the cost?
An addition done right will almost always add to the property’s value. But at what cost?
For example, if the addition costs $150/sqft to complete, but similar houses in your neighborhood are selling for $130/sqft, then you would be spending more money on the addition than the added square footage will add to your property’s value.
But if the addition costs $150/sqft and houses are selling for $175/sqft, then the added value would outweigh the cost. In this scenario, an addition would not only add a practical benefit, but a financial benefit as well.
That said, you need to make sure that the cost you are quoted for the addition includes doing everything possible to make sure the addition conforms to the current property, which is why the next question you should ask is:
Can the addition conform to the property?
The best additions are the ones that look like they were part of the original home.
If your addition includes adding a space that will make either the interior or exterior of the home look out of place, you risk hurting the saleability of your home. Odd layouts or out-of-place features will keep potential buyers away from your home when it’s time to sell.
I cannot tell you how many times I have seen bad additions that did not conform to the original property. For example, stepping up or down into a room, a room with a lower ceiling, different type of exterior siding, inconsistent roof line, etc.
Make sure the addition conforms and make sure your bid includes all of the extra detail work needed to make sure it does.
Would it be better for us to buy a bigger home instead of doing an addition?
If you have considered the first three questions above and continue to have doubts about doing an addition, you might come to the conclusion that no addition will fix your need for space. Or it would be so costly and stressful to do that it would not be worth it.
For some of you, if you’re running out of room or need a specific space, moving is probably the better option.
In Closing
If you’re currently trying to determine whether you should do a home addition or buy a bigger home, I hope the questions asked in this blog helped provide a little bit more clarity on the subject for your situation.
If you have come to the conclusion that buying a bigger house is the right step for you, let us be your guide at Edgewater Realty! Or if you’re still on the fence, we would love to speak with you about your questions.
Whether you are ready to begin the buying process or still have some questions, click here to schedule a time for us to chat.