You may feel the need for a bigger house for numerous reasons. Your family may have expanded, you may want to accommodate your aging parents in your home, or you may want some extra rooms for a home office, workshop, or simply some space that you can call your personal cave. To cater to your needs of a bigger house, you’ve 2 options; you could either expand your house or move to a larger one.
The question is – what’s wiser; home expansion or buying a new house?
Well, it depends on various factors. What might be ideal for you may not be the best solution for someone else. Let’s have a look at whether you should extend your current house or invest in a larger house.
Location
If you live in a locality that’s got great schools for your children and has everything within walking distance, a home expansion might be a wiser option. Buying a bigger house would mean you’ll have to move to another area altogether and the new area may not have schools as good as your current neighbourhood and essential stores may not be within walking distance.
Outdoor Space
Most properties have some outdoor space. Some properties may have a large backyard, while others may not have a lot of outdoor space that they can use to expand their homes. If you’ve got a large backyard and you don’t mind using some part of it to build a room or two, expanding your home definitely is a worthy option.
However, if the outdoor space is limited and your family enjoys spending time there, you should consider moving to a bigger house because if you do use the little outdoor space to cater to your wishes for extra rooms, it may make you and your family unhappy in the longer run.
Timeframe of Renovations
Renovating your house to add more space can take a lot of time. It’s quite a hassle. You may argue that moving is a hassle too, which we agree. However, you can get done with moving houses sooner than expansion. Extending your current house can disrupt your day-to-day life, and the worst thing is, it can stay this way for quite some time. You certainly wouldn’t want to live in the dust and dirt for several weeks.
Return on Investment
Another factor that you must consider when deciding between extending your house and buying a bigger house is the return on investment. If you live in a neighbourhood that has got good schools, great cafes, and utility stores nearby, extending your house might get you an enormous return on investment when you set out to sell your house. However, if you reside in a quiet area where older people come to spend their post-retirement life, a larger house may not get many buyers.
If you look closely, moving to a bigger house seems like a better option because it’s less hassle and quicker. But at the end of the day, it all comes down to your preferences and budget.