Is your family expanding and the house has become too small? Do you feel the house is 2-3 rooms short of becoming the dream home?
If you answered ‘yes’ on both accounts, you have two options. You can either make additions or sell it in its condition and upgrade it if you need a bigger home. Here’s a look at some of the advantages and disadvantages of the two options to help you decide.
Pros of Home Additions
Increased home value
You can significantly increase your home’s resale value using home additions. However, many home addition projects only break even, and many more fail to add as much value to the house as they are too costly.
One of the best parts of additions to your existing house is that you make all the design choices. In contrast to purchasing a new home, which may not have the amenities you want, an addition allows you to make your current home more suitable to your needs and preferences.
Your attachment to your home and neighborhood may be stronger than you think. Leaving home, where you have created countless happy memories, is a bitter pill to swallow. Home additions give the impression of a new beginning without requiring you to part with the fond memories.
Cons of Home Additions
Increased property taxes and hidden costs
The assessed value of your property determines how much you pay in property taxes. If an addition increases your home’s value, your annual property tax bill will also increase.
Home additions may also come with unexpected costs. According to HomeAdvisor, adding an addition to your home can range from $21,000 to $74,000.
Inconveniences and reduced space
During the renovations, you will not only have to cope with the inconvenience of having to move your items but also of having to make do with a smaller living area. Remodeling your home could also affect your outdoor space.
Then there is dirt, dust, and debris from the construction process. Prolonged noises and construction workers getting an early start on the day could increase your stress levels and irritate neighbors.
Pros of Selling Your House and Buying a Bigger Home
Avoid the inconvenience caused by home addition
Home additions will overwhelm you when you go over budget or beyond schedule. Selling your house and buying a bigger home will free you from dealing with the anxiety and tension that comes with home improvement projects.
Buy a home that suits your needs
Sometimes you need a bigger home, but factors such as zoning laws and building codes, environmental issues, and space make it impossible to include additions to your house to meet your current and future needs.
When you sell your home to buy a bigger one, you can tailor your search for a home to the specific requirements you have in mind.
Utilize your equity
If you need a bigger home, you can use the equity you have built up in your home to finance the move. Your equity might grow even more if you use the proceeds from selling your existing property to make a down payment on a bigger home.
Sell Your House With Next Level Home Buyers and Buy a Bigger Home
If you need a bigger home, we at Next Level Home Buyers will help you sell your house fast, avoiding the hustle of adding additions.
We have a Fair & Fast home-buying process that involves inspecting the home and giving you a cash offer which, if you accept, you’ll receive the payment within seven days.
Call us at 860-368-0343 or contact us online for a fast and easy home-buying experience.
WE BUY HOUSES IN ANY SITUATION:
Behind on Payments
- Death of a loved one
- Liquidating assets
- Inherited property
- Job loss
- Bad mortgage
- Medical Bills
- Extensive repairs