Should You Build a House Addition?
I read an interesting article about building additions versus buying a new house. See what you think.
When interest rates drop and home equity loans become affordable, an orchestra of hammers and saws arises across America. This is the sound of homeowners frantically building additions. An addition is the biggest home remodeling purchase you will ever make.
Advantages of Building an Addition
•High Cost-Value Ratio
Studies show that nearly all of the cost of a mid-range two-story addition may be recovered at time of sale.
•Less Expensive than Purchasing New House
While this might seem like a “no-brainer,” it needs to be mentioned. It is typically cheaper to build an addition than to buy a new home that equals the space of your existing house plus addition. At the very least, the closing costs involved with selling your old house and buying the new house would push this option over the top.
•Addition is 100% Your Creation
You may have an old house, but the addition is space that you can claim as your own. It’s like designing a whole new house without the expense of a whole new house. Fire up your design software and go for it!
•Smartest Way to Add Space to House
When you objectively look at the various ways to add space to your house, addition-building clearly comes out ahead of other methods, such as basement or attic remodeling or adding a sun porch.
