Should I Stay or Should I Go? The Benefits of Home Additions
Photo by Rene Asmussen
For many, a significant life change can mean it’s time to pack up and move, but that doesn’t need to be the case. The process of moving into a new home is filled with stress, uncertainty, and long-term costs. One overlooked alternative to moving is the choice to expand the home you already live in to fit your needs. For those that own their home, an addition is a wonderful way to stay put while gaining exactly what you need out of more space.
Why a Home Addition?
There are many reasons why you should consider a home addition as opposed to moving into a larger house. Maybe you’re already preparing for a baby and can’t imagine packing up to move right now. Building out your home allows you to stay in one location, without needing to worry about school transfers or getting acquainted with a new area. Or, perhaps the location of your home is great, but you would love to change the layout of its floor plan. Home additions do not need to be large projects either. Something as simple as finishing a basement to provide a new family room, or converting an attic into a large bedroom. A home addition is an investment opportunity, with many home additions offering a great ROI. At the end of the day, the biggest reason why people choose to add to their homes would probably be the price.
The Cost of a Home Addition
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More often than not you’ll be spending considerably less money on an addition versus moving. One Home Advisor study states that the average price of home additions is between $22,000 – $80,000. Depending on the state you’re moving in, a three-bedroom house will cost between $149,000 – $900,000. The lower price of a home addition makes it much more affordable than moving.
What’s more, there are many ways to pay for your home addition. Perhaps you’re in a position where you can save up the money needed to afford the renovations. Another option would be looking into how to get a heloc so that you could borrow directly against your home’s equity. By doing this, you’ll get the help you need with your renovations and possibly even qualify for tax deductions on your improvements. Before you know it, you’ll be back to enjoying your newly expanded house.
A home addition is a great way to build on the foundations of your home in a positive way. The value you add to your home by renovating it will also help to secure your family’s future while accommodating the space they need now. Take the time to plan your addition well and you can ensure a happy family for years to come!
If you are planning to expand the house, make sure that the size and capacity of your HVAC system is sufficient to maintain a comfortable temperature in the expanded house. If that’s not enough, consider upgrading. HVAC systems of insufficient capacity will be forced to work harder and consume more energy, which will lead to large monthly bills. It can also cause system breakdowns.
Thanks for sharing this! If you can’t decide between a house add-on or a vertical build-up, keep in mind that, in most cases, a home expansion will cost more. This is because it usually requires digging, pouring concrete, and building the foundation. When building up, your foundation is already there, which is generally less costly. Plus, it allows your home’s footprint to remain the same.
You will find some more budget-friendly ideas here: https://portella.com/blog/types-of-housing-additions/.
I like that you talked about how a home addition is a wonderful way to stay put while gaining exactly what you need out of more space. My family recently got bigger so I think we need to make more space. I don’t want to move, so we are thinking of hiring some experts for a home addition.