Expanding your home vs moving
Home Improvement Guide - November 12, 2021
It’s happening that you suddenly need more space in your home. Maybe you are getting a baby and need one more room. Or teens don’t want to share a sleeping room anymore. Maybe you’ve changed job and need a home office. Or you want to develop your hobby into some side gig. Whatever the reason, you have to make a decision – expanding your home vs moving. However, the decision is not easy. And both solutions have their pros and cons. Also, according to movers North Texas, you are not alone. Surprisingly, many people are facing the same doubt – remodeling vs buying a new home.
What if you are living in an apartment?
It is not easy to imagine expanding an apartment. In the best case, you can do some remodeling. Say, you can divide a bigger room into two smaller. However, this will not expand your living space. So, if you are living in an apartment, the easiest solution is to move.
What works better for you – expanding your home vs moving?
This is the most important question. Answering it, you will decide on your further actions. Either you decide to expand your existing house, or buy a new one, you will need money and funds. So, be sure about the cons and pros before making the final decision.
What is more cost-effective for you – expanding or moving?
For some homeowners, re-doing the existing house works better. For others, hiring residential movers Fort Worth and moving is a cheaper option. This shows that no case is the same. So, in your case, consider only what is more convenient and cost-effective for you personally.
Costs when selling your home, when you are deciding on expanding vs moving
When selling their property, people are focused on real estate prices. However, there are other expenses related to selling, that are sometimes overlooked. So, if selling in order to move, keep in mind the following:
- Agency commission – you have to pay 6 percent of the sale price. The amount is not small, but they will complete most of the paperwork for you.
- Costs of moving
- Staging – in order to get a better price, you have to make your home appear attractive. So be prepared for the cost of carpet cleaning, painting, and lawn care.
- New home price – usually is higher than the price of your sold property, as you are buying a bigger place. And especially if you are staying in the same neighborhood.
- Upsizing cost of the new hose – simply said: more square food, more expenses.
Costs when expanding or remodeling your house vs moving
If your decision is to expand the existing house, calculate the costs. The best is to get estimates from several contractors. Also, check their credentials, before you decide to contact one of them. Also, when setting the home expanding budget, take into consideration the following:
- What permits do you need and how much they cost
- Architectural plan – you have to submit one to get the building or remodeling permits
- Costs of rebuilding material
- Hiring labor – you may do some small DIY projects, but you’ll probably need to hire some professionals like plumbers, electricians, landscapers, etc.
- Probably you will have to rent some other place for a while, during the main works. So, add to your budget calculation such additional costs
- Decide on your payment method – will you pay in cash, or take a loan
- Unexpected costs – always add 10 and 20 percent contingency funds to your home expanding budget
Before deciding to check the real estate market
You may find out that the real estate prices in your area are very high. In such a case, consider selling your old house. You may earn more than enough to buy a much bigger house in the other neighborhood. In such a case, full-service movers Dallas will move you to your new, much bigger house.
Emotional factors that can influence your decisions
Sometimes, emotions are much stronger than reasons. You may be very attached to your present neighborhood. In such a case, you wouldn’t like to move away. And this regardless of the costs.
- Family – if you have family in the neighborhood watching your children. Or elderly relatives that you are taking care of
- Children – when they are attached to their school and friends
- Liking your community and neighbors
- Your distance to work and commuting time is better from your old neighborhood
Consider expanding as an investment
If you decide to expand your home, consider it as an investment. It can turn to be a smart financial move. And this is especially if you are living in an attractive neighborhood. Or you have schools, camps, and amenities for children nearby. The footage could prove quite rewarding if you decide to sell one day.
Do you have to sacrifice your backyard to expand your living space?
In some cases, yes. However, most of the houses are having spaces that are not so much in use. You can turn at least half of your basement into a nice living or working space. Also, you can always convert your attic to a bedroom. This way, instead of having places to collect junk, you are getting a lot of extra square footage. You are increasing the value of your home. And your backyard, where your family likes to spend summer, is preserved.
Building out and building up as the answer for expanding your home vs moving
Many people rather opt for expanding and remodeling than moving. If you are among those considering that expanding your home vs moving is better, consult with constructors. They have two proposals for extending the existing house considerably. In case you have enough big yard, you can go for “building out”. This way, you will not get just one extra room. They will use the space to build the additional wing of the house. You may need to apply for a mortgage unless you have some other funds. The other solution is “built up.” This means adding one more floor to the already existing house. It is also more expensive. When going for “built-up” the building foundations have to be strengthened. But in this case, your yard will stay bigger.
We gave here several suggestions for extending your home square footage. We also presented possibilities to moving into another house. In any case, we have pointed out different possibilities. The bottom line, the decision of what to do will be yours.