There are lots of reasons why people decide to upgrade their homes. Maybe your family has grown, or changed dynamics. Perhaps you want more spaces devoted to specific hobbies, such as a home theater, library, or game room. Maybe you want to be able to host more guests for long periods.
You’ve realized you need more, but what next? If you want a customized space, then you’re probably considering either building a new home, putting in house additions, or extensive remodeling. Which one is right for you depends on your circumstances, your current home, and the kinds of changes or extra space you need. The following is a short checklist of things to consider when you are trying to decide whether to build a home or add on to an existing one.
Do you love your neighborhood?
Wonderful neighbors are great to have. Some of us are lucky enough to have neighbors who are more like family. Some of us have neighbors who are like family that we don’t really like. And yet others of us have neighbors we never do more than wave a friendly hello to, and that’s exactly the way we like it.
Often, this is the biggest factor for people who are on the fence about whether to add on to their homes or build one, because of course, you can’t bring neighbors with you. And that can be a good or a bad thing.
If you love your neighbors and neighborhood, building a house addition might be the perfect solution if you just need a little more space or a reworking of the space you have. We understand that friends and family are a great reason to stay in the home you have, which is why we offer very flexible options even for very dramatic remodels and house additions. On the other hand, even if you have great neighbors, you might feel that other factors outweigh the need to stay physically close to them–it’s possible, for example, that your home cannot grow upward or outward in a way that will make your space comfortable for you–more on this later, but like neighbors, zoning laws and the size of your property are things even the best and most flexible of home builders can’t adjust.
Do you have school-aged children?
Children are another reason that we might consider remodeling or building a house addition, rather than building a new home. Changing schools can be stressful, especially for families with multiple children. On the other hand, having a construction zone in your home can be particularly inconvenient if you’re a family with children.
Reconciling the temporary inconvenience of either building or moving might hinge on a family discussion, or consideration of the age of your children. For example, younger children might have an easier time changing schools, but a more difficult time moving around construction and/or being displaced in their home. Meanwhile older children might be fine with construction but have greater difficulty with the idea of moving schools.
How extensive of a change do you need?
If you’re looking at a large remodel, putting in house additions or adding floors, that’s awesome! You should make the exact changes to your space that you wish to make. But if the charges are especially large ones, you might consider starting from scratch.
When you build a home, you can customize it so that it is exactly what you want. If you’re considering building on to your current space for reasons of personalization and not losing the unique features of your house, it’s worth thinking about building a new home. Remodeling on a large scale can indeed take time, and expenses can add up. While a remodel may be accomplished at a lower bottom line price, the value you are getting for that price is something that only you can determine.
What are the logistics of building house additions?
Though many home renovations can be done without actually building on to the house, if you are considering a renovation that involves a house addition, there’s an extra layer of consideration that needs to be addressed. If you’re putting in an addition, you have two choices; build up, or build out.
Building out can be attractive because it’s a less invasive construction process that will likely allow you to continue to live in your home as the construction is being done. Building up often involves cutting into walls and building support structures that will interrupt your daily life and maybe even require you to stay elsewhere while some of the work is being done. Hamilton Homes does a great job of moving through these renovations quickly so you can resume being comfortable, but we also need time to do the thorough, excellent job that you expect.
Another consideration for building additions involves your local government’s zoning laws. Some areas have restrictions, for example, on building third floors on homes.
This might make building out seem very attractive, especially if you feel building out would be beneficial to your ROI for strategic reasons (for example, making your home appealing to an aging population that cannot or doesn’t care to climb stairs). But of course you must have the space on your property to build out. If you determine that you can build neither up nor out, though, building a new house will give you the opportunity to build exactly the home you want in an area of your own choosing.
What are your financial goals?
Whether or not a home addition or a newly built home will provide you with the best bang for your buck is often a more complicated matter than the bottom line price. Building a home and the fees associated with selling your current home will add up to more than house additions or remodeling, even if the work is extensive. That lower price may be appealing, if you’ve gotten to the point in your deliberations where you have considered zoning laws, your family situations, and your level of comfort with your current neighborhood, and find no barriers to a plan for adding to or renovating your current home.
It’s important, though, to determine whether the addition or remodel you are planning is cost effective, which in part is determined by the extent of the work, but also relies on other factors. For example, you should consider whether the renovations you would like to do are proportionate to your home’s value. Does the cost of the renovation make sense in terms of the value of your home and the ROI associated with the renovation? Think also about how long you intend to be in your home. If you’re doing a major renovation, you should be planning to stay in your home for at least the next five years, or even the next ten. Thinking about how your life and needs might change in that time can frame your decision about whether to remodel or build.
Regardless of what path you choose to take, Hamilton Homes has options for you. We build beautiful homes, but we also do beautiful remodels and house additions. Learn more about our custom home renovations here or get started by contacting us today.
Additional resources:
https://www.zillow.com/blog/budget-for-home-renovations-177504/
https://www.thespruce.com/house-addition-deliberation-1821280
