At one point or another most people come to the crossroads of determining whether to improve/add-on to their existing home, or to buy a newer/larger house. There are many things to consider, and all situations are different, but after weighing all the options, and comparing the pros and the cons, you can make the informed decision that is right for you. Some questions you should ask yourself may help you decide.
- Is my problem wanting newer vs. old, or just wanting more space?
- Home much money is available, via cash reserves, or a home equity loan, to remodel the current house?
- How much additional square footage is desired, and can the foundation support an upper level addition, or does the lot have room to expand at ground level?
- What are the zoning restrictions, do they affect your plans, and are permits required?
- How much equity already exists in the property?
- Is the cost of improvements/additions cheaper than buying another home?
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