Should I Add On To My House, Build or Buy A New One?
You would be amazed how much this topic comes up. Many times a new home addition or renovation can be a great investment in your home and add to long term happiness to your family. But when is it not a good idea?
Often time’s individuals get involved with a home remodel that cost more than the value it will return when the house is sold. Let me explain. As we all know there are many neighborhoods where the house values are nearly identical. Often times we see this in “track built” neighborhoods where a large contract builder develops an entire neighborhood with a group of similar plans. If you add an expensive remodel of a kitchen or bathroom that is considered luxury in comparison to the other homes in your area you might not get all that money back since appraisers will be comparing your home to all of the others around you. It will, however, often times help your home sell faster…but might not bring that return you were hoping. Try to keep remodel cost in comparison to the rest of the existing home and neighborhood for the best return on investment. Food for thought.