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Is Constructing A Home Addition Better Than Buying A New House?

If you’re starting to feel a little cramped in your current home, you may be thinking about moving up. But what if you love your home? Or what if the market is bad and you wouldn’t make a profit if you sold now? You may begin considering constructing a home addition instead so that you can stay in your current home.

Is one better than the other?

When Constructing A Home Addition Makes Sense

Constructing a home addition makes more sense for a lot of families, but many factors will come into play:

• You don’t want to leave your home for personal reasons. If you live in a tight-knit community where your children have lots of friends and love their school, moving may be an absolute last resort. Likewise, to get the bigger home you need, you may have to move further away from a job and the extra commute time is not something you’re willing to take on.
• You can’t afford to move. If the real estate market is down, it’s unlikely you can sell and comfortably move up to a bigger home.
• You CAN afford to stay. If you have a good amount of equity in your home or the savings to pay for a major remodel, constructing a home addition can be an affordable way to expand your living space while increasing the value of your home over the long run.
• You have the space and no restrictions. With no HOA rules and a nice size property, you can comfortably add on to your home as much as your budget allows.

When Buying A New House Makes Sense

Whether you stay put or move on is a personal decision, but many factors will likely influence your choice to move. If your HOA restricts you from building an addition, or you’re going to need more room than expected (say your new bundle of joy turns out to be triplets!), it might not be possible to add on.

Looking At The Numbers

It’s difficult to compare the cost of constructing a home addition to the cost of buying a new home because every situation is unique. Do you just need a family room addition, or an entire second story addition? Are you considering moving to a more affordable (or more expensive) area? There are many factors to consider before you can decide which makes more sense for your family.

Synergy Builders is a full-service design build firm serving the Naperville and Chicagoland suburbs with expert home remodeling services. If you’re trying to decide between constructing a home addition or buying a new home, contact us for a complimentary consultation at 630.293.8070.