Should You Add On, Or Move On?

1. Should You Add On, Or Move On?

2. Once you start outgrowing your current abode, it can be tough to know whether adding another story – or at least a couple more rooms – would make more financial sense than moving to a larger property. And sometimes it’s more about how much you love your existing home, and whether moving elsewhere will leave you unhappy and yearning to return. If your home no longer has space for your growing family, should you add on, or move on? Let’s take a closer look at the dilemma:

3. Would you be better off financially if you added on to your current home? If you like your neighborhood and don’t already have the biggest or most expensive property in it, then it’s safe to say that you’d probably be better off adding on to your home, then buying a new property elsewhere. But why? While homeowners who remodel and invest in an addition, don’t always recoup their entire investment, they can usually be expected to make a good percentage of it back (typically between 60 and 80%), as their remodeling boosts the value of their home.

4. Do you love your neighborhood and existing home? If you do, then moving elsewhere could be a real gamble; your kids could end up going to a school they don’t like, while you may have less access to local amenities, or not feel as safe. Loving your neighborhood and being settled and happy right where you are, could make adding rooms on to your home, the more realistic and advantageous choice. What should you do before making the decision to add on? You should carry out an internet search of homes for sale in your area and see if the asking price varies significantly between 4 and 5-bedroom homes. Check to see whether adding a new master bathroom or another useful room could help you sell your home quicker in comparison to what exists on the current market.

5. When should you move on? If you already have one of the largest and nicest homes in your neighborhood, it might make more sense to look at moving, as few people will be willing to pay the original price plus the cost of the home improvements you’ve carried out. Can a realtor help you decide? Someone who knows the local market inside out is a good person to seek advice from, and a realtor can help you determine your potential rate of return, to make the decision to add on, or move on, a little clearer, if not easier.

6. Talk to your local construction company: It’s important to remember that while you may wish to add on to your home, there may be health, zoning or wetland regulations that preclude you from doing so, or at the very least, limit your opportunities. A reputable local construction company will be able to help you with this aspect, so talk to them at the earliest, before you make any plans. The decision to add on to your home or move to another property, may not always be an easy one, but talking to the right people before you make any decisions, can help your choices seem a little more straightforward.

7. RZ Construction Group Inc is a fully inclusive construction contractor in Queens NY. From initial design to final clean up, our results speak for themselves. We are fully licensed, insured, and bonded to provide both commercial and residential construction services to customers in Astoria and the surrounding area. Proud to serve New York State for 25 years. No job is too small nor too big. If you are looking for a general contractor in Astoria NY or want to know more about our wide range of professional but affordable construction and repair services, reach out to us at (718) 938-9887.