Many people purchased their first home thinking they would buy a larger one in a few years to accommodate a growing family or higher income bracket. When the time comes to make a change in living accommodations, however, they may begin to shop around only to discover that they are generally happy in their neighborhood, or do not want to deal with packing up and relocating. In some cases it makes more sense to add on to an existing home than to buy a new one and move. Here are three ways to know that your family is ready for an addition:
You Need More Indoor Space and/or Less Outdoor Space
When you bought your home, your children were likely young enough to share a room and likely to spend a lot of time playing in the back yard. However, as they get older, most kids begin playing sports at school and spending more time at home studying and writing papers for class. If this is your family’s situation, it makes sense to sacrifice lot space in favor of adding on to create more indoor living space. You might want to build a new master bedroom for you and your spouse to allow one of your children to occupy your old bedroom, giving your children more privacy and space in which to do their homework, for instance.
You Neither Need Nor Want a Loan
You have the savings to build a home addition and would prefer not to incur the debt of a home equity loan. If this is your situation, you are a good candidate for adding on. While it might involve skipping a vacation or holding off on a new car purchase for a year or two, being able to pay cash to remodel puts a homeowner in a positive position financially. This is often the case for those who have earned promotions at work or begun to see a return on their investment in a small business.
You Need a Home Office
Speaking of small businesses, many people who own one find a home office vital to their success. The same is often true of those who have jobs that require them to take their work home with them. If you have ever tried sharing home “office space” with other family members by setting up a corner desk in a family room, for example, you know that’s not a viable option. To accomplish anything that requires concentration, you need dedicated space. Building a home office addition can make all the difference in your economic future.
In many cases, homeowners who purchased their houses during an economic downturn when real estate prices were relatively low are beginning to shop for larger homes to suit their changing needs. A fair number of these people have been disappointed to learn that real estate prices are on the rise, making purchasing a new home cost-prohibitive. This is a significant factor in a large number of people choosing instead to build additions to their existing homes.
Still others found themselves strapped for cash and unable to qualify for mortgages during the recent global economic recession, leading them to settle for homes that weren’t large enough for their needs. Today they are enjoying the fruits of an improved economy and are seriously considering building an addition for one or more of the reasons outlined above.
If you are planning to build an addition to your home, it is important to consult an architect to help you ensure it blends with your house’s existing look and conforms to municipal or homeowners association design requirements.