A cramped family home, a shift in living arrangements or dreams of an altered space bring Northern Virginia additions to the table. But how do you know whether or not to build an addition? Would it be easier or less expensive to move or build a new house? Several factors dictate your final decision, but these tips will help you to discover whether a home addition makes sense for your family.
Think About Why You Want More Space
Start with the need versus want debate–does your family require more space to live, due to a new birth or another family member moving in? Or perhaps the existing space needs to be revamped to take advantage of modern design and structure. Decide if you truly require or desire more space.
Once that distinction has been narrowed down, think about the whys:
- Why do you need/want more space?
- Why does now seem like the right time?
- Why do you want to stay in your current home (as opposed to moving)? What benefits does your current home deliver?
Identifying why you need more space helps to define your goals and allows for a more detailed design, once that process begins.
Think About the Future
Timing is everything. Installing a home addition now will affect your property value, as well as your lifestyle and habits. Understanding your future plans allows you to decide whether or not a home addition adds value for the long term, something most homeowners look for with home improvement investments.
You’ve looked at the why’s, now think about the when’s:
- When do you plan on moving from your existing home? Consider the empty-nest stage, career plans, retirement and any other lifestyle changes that triggers thoughts of moving.
- When will you have the funds to finance a home addition? If you need to add to the mortgage, how much time will be added to your amortization?
- When can you expect the project to be completed? And how does that schedule affect your vision of the future?
Northern Virginia additions take time to construct, and embarking on a project of this scale requires commitment. If you’re planning on selling your home in the next five years, the hassle and expense of a home addition are not worthwhile. Long term plans to stay in your home? Additions provide many advantages now and well into the future.
Think About the Budget
Now is the time to consider how much. Will the investment required to build a home addition pay you back in an enhanced lifestyle, increased comfort and improved property value? If not, why bother? Renovations or moving may make more sense.
Consider the how’s at this stage:
- How much is your home currently worth? And how much will it be worth with the addition complete?
- How much are houses selling for in your area? Are prices rising or falling?
- How much work can you handle yourself? DIY can save money, but only when done correctly.
Decide whether or not your investment will deliver a return, both financially and emotionally. Take a look at current value, market conditions and ways to save money on the project without sacrificing on quality.
Bring all three of these factors together. The wisdom of Northern Virginia additions becomes clear when you consider the why’s, when’s and how’s with honesty and care.