When faced with the need for more space, homeowners often find themselves at a crossroads: move to a larger home or expand the current one? While the allure of a new house may seem appealing, there are many reasons to consider adding on to your existing home instead. Here are 7 reasons to opt for adding on vs moving out.
1. Cost-effectiveness: In many cases, adding on to your existing home can be more cost-effective than purchasing a larger home, especially when considering real estate agent fees, closing costs, and moving expenses. Many homeowners have locked-in very low interest rates, which can mean less interest accruing, even with higher rates on home equity loans.
2. Customization: Adding on allows you to customize your home to your exact preferences and needs, tailoring the new space to suit your lifestyle. Whether it’s an extra bedroom, a home office, or a larger kitchen, you have the freedom to design the space according to your requirements.
3. Preservation of location: If you love your current neighborhood, schools, or local amenities, adding on allows you to stay in the same location without having to uproot your life and potentially compromise on these aspects.
4. Avoiding the hassle of moving: Moving to a new home can be stressful and time-consuming. By adding on to your existing home, you avoid the hassle of house hunting, packing, and coordinating the logistics of a move.
5. Potential increase in property value: Depending on the type and quality of the addition, it can increase the value of your home. This can be beneficial if you plan to sell your home in the future, as it can potentially yield a higher return on investment.
6. Emotional attachment: Many people have strong emotional attachments to their homes. Adding on allows you to expand and improve upon the place where you’ve made memories, without having to leave it behind.
7. Familiarity: You’re already familiar with your current home’s layout, quirks, and maintenance needs. Adding on allows you to build upon this familiarity rather than starting anew in a different property.
By choosing to expand their home’s footprint, homeowners can retain and improve the investment in their current property, customize their living space to better suit their needs, and preserve the sense of community and familiarity that comes with staying in the same neighborhood. If you’re in need of extra space in your current home, contact the Evergreen team for a free design consultation and estimate.
