Home Addition vs New Home Building Project

Home Addition vs New Home Building Project

Do you have space issues and you want to do something about it as soon as possible? Are you thinking about remodeling your bathroom, your kitchen or maybe building a pool? Well, most of the times though it seems that such additions may warrant the purchase of a new house, but the truth is that you can save a lot of stress and money in the process by building an addition or renovating your house. If you’re having trouble deciding on the best way to go about this, then here are some factors that you certainly need to consider.

Cost

Home building costIt’s obvious that when you want to add an extra room to your house or maybe remodel a room it’s going to cost a lot less than building a new home. What this means is that if you don’t have the money for this, then you can rest assured, since securing financing is going to be a lot easier and the closing costs are also going to be much lower.

However, there are also a few cons to this and the most important one is the fact that you’re going to have to pay more money per square foot for adding a new room to your property compared to the cost per square foot when building a home. On top of that, the mortgage is also going to have a higher interest rate and the monthly payments will be higher.

For more information check this article about the cost of building a custom home – Link

The Return

Return on home building investmentIt’s very important that you think well about the return on your investment and whether it’s a feasible choice to consider or not. An addition, remodel or renovation need to increase the cost of your house, so no matter how you look at it, it’s an investment that needs to pay off somehow.

No matter why you’re considering it, it’s wise that you make sure it’s going to increase your property’s cost if you plan on selling it in the future. Things can change pretty rapidly in one’s life and that’s why making a poor decision now could possibly affect you negatively in the future if you don’t think it through.

Take a look at the other properties in your neighborhood as well and make sure that yours is not the least expensive or the priciest of them all.

Convenience and Time

Time and convenience when building a houseNo matter the direction you choose to consider, it’s certainly going to take some time to complete and no matter if you like it or not, there are going to be some challenges along the way as well.

  • For example, if you want to build yourself a new property, do you need to sell your current house in order to afford this project?
  • If the answer is yes, then where are you going to live until the project is completed? Do you need to relocate your furniture as well?
  • By taking these things into consideration, you’ll be able to get a realistic idea of how much this project is going to cost you.

Functionality and Appearance

When planning to adding a new room to your house, you should make sure that it’s not going to look like a room addition from the outside or inside the house. You should also give some thought on the way the new roof is going to tie in with the old one. The goal here is to make sure that the new addition looks like it was part of the house and that there are signs which indicate it was added later on.

To make sure the project is going to be completed on time and to a high standard, it’s always a good idea to consider using an experienced and well reputed contractor to do this. If you don’t, then the new addition is generally going to look out of place and it would be a better idea to actually build a new house from the ground up. For instance, it would be unwise to construct a guest room in a location that is 30 feet away from the nearest bathroom.

Other Things To Consider

1. Will you be able to sell your current property for a good price?

2. Can this be fixed by building an addition or renovating?

3. What are the specific things you dislike and like about your current home?