You Ask, We Answer: How to Choose Between Expanding Your Current Home and Buying a New One

Does your home feel like it's starting to burst at the seams? Many homeowners across the country can relate to this feeling having bought a home only to run out of space due to a growing family or for other reasons. We are now seeing parents moving in with their children instead of nursing homes or assisted living facilities.  Let's take a quick look at a few questions that will help you to determine whether buying a new home or expanding your current home is the best choice when you're in need of some extra space.

     Buy?                    VS         Remodel?  

Why Are You in Need of More Space?

The first question you'll need to answer is… "why?" Are you running out of space because you've decided to start a family and have another child on the way? Or perhaps you've decided to start a business out of your home and you've outgrown the small room you had set aside as your office?  Do you have parents moving in? Whatever the case, a major renovation or a move to a new home are both major decisions and ones that shouldn't be made lightly. Sit down with your family and consider why you need more space and what you would do with a larger home if you had one.

 Do you need to remodel or finish a basement for more space?  

Do you need  to remodel for an office?  

 Do you need to move parents in, need 2nd living quarters?   

How Much Space Do You Need?

 "How much space" is another consideration that you'll need to make in order to come to the best decision between expansion and buying a new home. If you find that your needs are perfectly suited except for that missing bedroom you may want to undergo a renovation. Conversely, if you find that you could use at least 2 or 3 new rooms and some extra room in the garage, you may want to start shopping for a new home.  

 Note that expanding your home to add an extra bedroom or to finish the basement will provide a limited amount of additional space – space which may end up feeling constrained later if your family or needs continue to grow. If you're thinking bigger over the long term, you'll likely be better served in finding a larger home that has extra room that you can grow into.

 Other Factors for Consideration

 If you're thinking about expanding your current home you'll want to consider how this will impact the other rooms in the house. Are you going to feel the need to renovate every room once that new bedroom is added? If so, is renovating a wise investment or should you simply move on to a newer home?

Living in a more spacious home is a liberating experience that your entire family will enjoy. Call me today to learn more about buying larger properties and to view available real estate opportunities that will fit your growing needs whether it be a growing family, taking in parents, starting a home based business, lots more storage. Call, lets talk and see which will better suit your needs, expanding where you are, if so, I can put you in touch with some contractors or if you choose to expand, will you be considered overbuild for your area. We can sit down and put the pencil to paper on both expansion costs vs your current market value and where you shake out in todays market.  I hope this information has helped.

Do you want to see what is currently on the market and what has been listed within the last 24 hours, click the Search Button below and check out the current properties for sale. Also if you would like to get a ballpark range on your homes value click the "What's Your Home Worth Button, for a more exact range, call me.

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 If you are thinking of selling, call me for a FREE home evaluation in your neighborhood, from staging, pricing, housing values, interest rates, how appraisers are valuing properties, now that the guidelines have changed. I would love to sit down and talk with you. Just call me and let me know how I can help with your real estate needs.  Thanks!!! Karen

Karen Rodriguez, Broker Associate

Notary, ABR, AHWD, CRS, e-Pro, GRI, SFR

(502-643-2255) Cell

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