If you’re starting to outgrow your home, your instinct may be to get it on the market and move to a bigger, better place. But there’s another option – remodeling or adding on to your existing home! Neither choice is right or wrong, but there are a lot of things to consider when making this choice. Let us walk you through it!
First of all, there are a few simple guidelines that can help you decide which route to take, and the choices are pretty clear.
If you don’t have the time and budget to commit to a remodel, which tend to be messy, expensive and time-consuming, or if you want to relocate to a more desirable location, selling is probably the better option for you.
If you’re already settled in a neighborhood and home you love, you have more incentive to update your home to work for you, especially if your existing home has some room to grow!
When is an addition necessary?
Sometimes, a remodel with the goal of adding space will just consist of re-configuring or finishing existing space (think finishing an unfinished basement, removing walls for a more open floor plan, etc.) But sometimes, you just don’t have enough square footage. In this case, you might want to consider an addition! Just like it sounds, an addition adds space to your home, making it a great option for families who need more bedrooms, bathrooms or living space. Kitchen and bathroom renovations or additions are some of the most popular options, since they’re some of the most valuable rooms in your home.
The two general options for an addition are to build up or out. At the #MplsModern, we took a small, one-and-a-half story house and added a full second floor, vastly improving the bedroom and bathroom space. If building up isn’t an option, you can build out into yard space – but keep in mind that this will, of course, reduce your yard square footage as well.
A few things to consider if you decide to remodel your home:
It will likely cost more than you expect
Home projects always add up faster than you expect them to. The demolition, building material and labor costs can get very high very quickly, so make sure you’re aware of all of the costs up front, and expect unexpected expenses to come up, too!
It can be a major inconvenience
Remodeling is messy, loud and time-consuming. If you’re still living in your home during renovations, it can be a major annoyance to be without certain sections of your home while they’re being renovated – have you ever gone weeks without a functioning kitchen? If you are able to relocate to a hotel, second home or relative’s home during the renovation, you’re adding more inconvenience and potentially cost to your remodel. Regardless, be ready for dust and a bit of chaos!
It might not add that much value to your home
If the goal is to improve your home for its eventual resale value, keep in mind that you can at some point outgrow your neighborhood’s home value. If you put hundred of thousands of dollars into your home, you may not recoup that money if and when it’s time to sell. Make sure to keep costs low if you can, and make practical updates that won’t price you out of your neighborhood.
The bottom line
There’s no one-size-fits-all approach to creating the right home for your family. Whether you move or add on to your existing home, you can find a way to design a house that fits your specific wants and needs! We’d love to hear from you, especially if you’ve made this decision before – have you added on to your home? Did you move when you outgrew your space? Comment below and join us over on Instagram @AlmaHomes, too, for more inspiration!