If you’re thinking about purchasing a bigger house, it makes sense to do a comparison of buying new or adding on/remodeling your existing home before you make a permanent decision. Moving to a new home may sound like an exciting prospect. You could be in your initial starter home and have always planned on buying a dream home at some point down the road. Now that time has arrived. Your financial situation has improved. You can afford a bigger house and all the expenses that go with it. Your current home will sell for top dollar.
It will probably sell for over asking price. You may even end up having multiple parties getting into a bidding war. That also means it won’t take long to sell. You may even be able to accept an all-cash offer that can close in a matter of days instead of weeks or even months. However, you still need to make a comparison of buying new or adding on/remodeling for a few reasons. First and foremost, the same sellers’ market that is raising the price of your current home and bringing in more potential buyers has the reverse effect on your purchase of a new home.
In essence, you may very well end up paying over asking price. You may end up getting in a bidding war with another party that’s equally interested in the property. You may not find exactly what you want because the stock of available houses is so low. Even if you are able to find the exact house you want at a decent price, the grass is not always greener in a more expensive neighborhood. For example, you may find that the neighbors are not as friendly as they are in your current neighborhood. They may not be friendly at all.
You also need to ask yourself if it’s worth going through the hassle of the move. Simply put, most people hate to move. It’s an incredibly stressful and time-consuming process. You really need to dig down deep and determine if the features of a new home are truly worth it. You also need to ask yourself if adding on or remodeling your existing property will accomplish the same things that moving to a new house would. In many cases the answer is yes. Sometimes it’s no.
For example, if one of the reasons why you want to move to a new house is because you want to live in a better school district than moving makes more sense. However, if you love your current home and your existing neighborhood, but simply need more space and upgraded amenities than adding on/remodeling makes more sense. Keep in mind that any work you have done to your home will add value.
For more information about buying a new home or remodeling/adding on to your existing property, or to schedule an initial consultation in Connecticut or Massachusetts please contact us today at 860-341-6373. DBC Solutions takes great pride in providing the highest quality custom carpentry and contracting services in the home improvement industry. Our business model has been the same for 17 years. Doing things, the right way the first time every time is the only way to do it.
