I was recently talking to some friends who are in the midst of deciding whether they are going to sell their beloved family home or if it is possible to renovate or add onto their home to make it bigger. And so, it got me thinking about that eternal debate that most of us are faced with at some point or other.
Can it be done?
If you really want to stay in your home, you’ll have to first start by determining how much more space you realistically need in order to be comfortable. Then, proceed with an inventory of your home to see if it is possible to “find” or create enough new square footage. You can have a preliminary discussion about this but you will also need to talk to your general contractor and an engineer about your options.
• Do you have a basement that can be finished or remodeled to better suit your needs?
• Do you have an attic of a suitable size to finish?
• Is it structurally possible for the attic to be finished or could you build up and add another story to your home?
• What about adding a room above the garage?
• Is your property large enough to accommodate a main floor home addition?
• Will the local zoning regulations permit main floor additions or adding another story?
Finances and budget considerations
• You will likely need to talk to a real estate agent in order to evaluate your home’s current value and also to find out the potential increase in value should you decide to renovate. You’ll also need to determine a realistic cost for a major upgrade to your home; your contractor should be able to give you a general estimate.
• What is the state of current real estate market in your area? If housing market prices are still low, it might make more financial sense to invest in a larger home rather than going to the expense of a major renovation.
• When making your decision, don’t forget to factor in all of the extra costs involved in selling and buying a new home: legal fees, closing fees, real estate commission, moving costs, etc.
Deciding whether or not to stay in your current home is not an easy one, but if you love your house and can’t bear the thought of moving, there are many home improvement options to look into that can help you create a bigger house without moving.