Are you thinking about expanding your living space? Maybe your family is growing, or perhaps your parents have moved in, making your current home feel a bit cramped. Now, you're faced with a crucial decision: should you build an addition to your existing house or sell it and buy a bigger one? Both options have their pros and cons, and the right choice depends on your unique needs and circumstances. Let’s dive into the details of each path to help you navigate this important decision.

Building an Addition

I'm Lisa Salt with RE/MAX Vernon and Salt Fowler, and let’s first talk about building an addition.

Cost-Effectiveness and Logistics

Building an addition can be a great way to add valuable square footage without leaving the neighborhood you love. You know your neighbors, the schools, and the local amenities. However, while it might be cheaper than building a new home of a similar size, the cost can still be significant. You’re looking at a six-figure investment, depending on the size of your addition, so careful financial planning is essential.

Studies show that a well-designed addition can recoup most of its cost upon resale, but this isn’t guaranteed. It’s important to avoid awkward layouts or features that might deter future buyers. Engaging a professional planner or architect can help ensure your addition is both functional and attractive.

Potential Downsides

Consider the ongoing costs and impacts of your addition. Increased heating and cooling bills, higher property taxes, and more maintenance tasks are all factors. Plus, building out might reduce your yard space, which could be a downside if you value outdoor living.

The construction process itself is another consideration. It’s disruptive, noisy, dusty, and can test your patience. It might even strain your relationship with your partner. Before committing to a full-blown addition, consider less invasive options like adding a sunroom or finishing the basement.

Selling and Buying a New Home

Fresh Start and Readymade Space

On the other hand, selling your current home and buying a new one offers a fresh start. You get a ready-made space that might better suit your needs. Before deciding, it’s wise to explore the market and see if there are homes that better fit your requirements. Sometimes, a different layout in a new home can provide the extra space you need without the hassle of construction.

Complexities of Moving

However, moving comes with its own set of challenges. Finding the right house, dealing with closing costs, and potentially leaving a neighborhood you love are all factors to consider. Moving might disrupt your routine and take you away from familiar surroundings and community ties.

Making the Right Choice

Ultimately, the choice between building an addition and selling hinges on your individual priorities and circumstances. Consider your budget, future plans, tolerance for construction disruptions, and desired level of customization. Weigh the pros and cons of each option carefully and seek professional advice.

There’s no one-size-fits-all answer. Choose the path that best aligns with your vision for your future home and happiness.

Thanks for reading! Just Add Salt!

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About the Author: The article above, Build or Sell? Comparing Home Expansion to Buying: The Ultimate Guide, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Vernon/North Okanagan area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

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We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com