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Preparing for a Home Addition
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Deciding Whether to Add On
Your first and most important decision is whether adding on to your existing house is the right choice for you and your family. There are a variety of emotional and financial factors that should go into making the decision; many of the arguments for and against house additions are discussed here. But it's really up to you to weigh the factors and make the decision based on what will best meet the needs of everyone in your household.
One of the first things to do is separate the emotional and financial considerations so you can look at them independently. That's because emotion often favors staying in your existing house and adding on; it's the financial question that's making you ask whether that's the best decision. And this really depends on the part of the country where you live, your neighborhood, the size of your family, and your priorities in your daily life.
So what is your emotional investment in your home? Was this your first house? Is this the house where you reared your children? Or perhaps you're simply attached to your neighbors and the memories of the home that you created. Is the location right for going to work, to school, and shopping? Sometimes these emotional investments cannot be duplicated when you switch locations.
Think about the financial equity you have in your house and how it compares with nearby houses. Evaluate the neighborhood—is it prime real estate? Is the block or neighborhood a sought-after location in your city? If so, then staying and adding on to your home might be a wise financial decision. Don't be afraid to ask a real estate professional to take a look at the situation with an objective perspective. You can learn what has and hasn't sold well in the past—these factors vary from neighborhood to neighborhood. If building a home addition appears to be a wise economic decision, then you can take the study a step further and research what types of additions or floor plans are popular in the area. This is where the details of planning successful home additions come into play. Real estate agents and appraisers should be able to assist you with these questions.
