North Georgia, Blue Ridge Real Estate, Home Improvement, Home Buyers, Real Estate Listings
Adding on to an Existing Home vs. Purchasing another Home
There are a few things to consider, including cost, individual needs, and what will add value down the road. Also important: your emotional attachment to the existing home.
An addition is most likely less expensive than building a new home and can offer a “new” home without the heartache of moving, but home prices are very low and interest rates the lowest in generations, so purchasing may be a viable option.
- Can you finance the home improvement with your own cash or will you need a loan?
- How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements.
- Is it feasible to expand the current space for an addition?
- What is permissible under local zoning and building laws? Despite your deep yearning for a new sunroom or garage, you will need to know if your town or city will allow such improvements.
- Are there affordable properties for sale that would satisfy your changing housing needs?
- Explore your options. Make sure your decision is one you can live with – either under the same roof or under a different one.
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