There are many situations that could bring about the dilemma of purchasing a new home or adding an addition in Westport Connecticut. Perhaps it’s a growing family, maybe requiring space for a business, or maybe you just hit the lotto? Whatever the circumstance maybe, there are many things to consider. In this article we will discuss what the pros and cons are associated with this tough decision.
The Pros for a Home Addition
Having it your way: One of the benefits to creating your own space is that it will be built exactly the way you want. You can incorporate all the features that you like such as radiant floors, cathedral ceilings, and adequate lighting. You won’t have to compromise due to availability and location.- Costs: When you do the math, a home addiction may cost less monetarily and emotionally than moving. A home addition is also a lot less risky as an investment than purchasing a new home where there are no guarantees in which how it will sell at a later date.
- Increase Home Value: A home addition will make your home more desirable to a wider range of buyers and at a higher price. It will also increase equity which gives you more borrowing power in the future. It will also increase in value in a non-monetary way. You will have more joy and pride in your home that has been upgraded.
- More Space to Spread Out: Adding more room enables you to take the exercise equipment out of the guest bedroom and build out that gym space you always wanted, or enables you to create a hobby space, or all the kids toys into a new playroom.Read: Home Additions: Planning Guide
See a recent Home Addition in Mamaroneck, NY
Cons of Home Additions
- Stress: Not everyone is capable of handling a home addition, especially if the homeowner is acting as their own general contractor.
- Increased Property Tax: Depending on the addition size and scope, the tax implications may be relatively steep. Tax is based on the homes value, so adding value to your home may create too much yearly financial stress.
- Disruption: A home addition may take months to complete. In some cases with a lesser build firm, there will be dust, dirt, noise, and a lot of traffic. You may even have to plan a temporary kitchen or bath situation. There is a chance you may need to reside somewhere else for a potion of the build.
Considering a home addition or a move is a decision that requires research, and the help of experts. When considering an addition, the team at Remodeling Consultants have decades of experience. From the very beginning you are introduced to your own Design Consultant who will meet with you in your home to discuss your ideas, then work with you to come up with the best plan possible. If a home addition is not something that makes sense for your situation and a new home makes more sense, we can work with you on making that home your own with an updates kitchen, bath, or bedroom.
