Q: How Do You Decide Whether to Add on to an Existing Home or Purchase a New One?
Q: How Do You Decide Whether to Add
on to an Existing Home or Purchase a New One?
A: 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 without the heartache of moving.
• Can you finance the home
improvement with your own cash or will 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
your options. Make sure your decision is one you can live with – either under
the same roof or under a different one.