Take Inventory of Current Space
Tour the home room-by-room, making notes of how each area functions. Pay attention to overcrowded, cramped spaces and consider where better organization could maximize existing square footage.
Identify Must-Haves vs Nice-to-Haves
Outline the key spaces needed to alleviate crowding issues, improve home function and address pressing needs. Also note desired additions that aren’t essential. Prioritize must-haves first when planning changes.
Weigh Addition vs. Remodel
Once needs are clear, weigh the pros and cons of adding new square footage versus repurposing existing space.
Addition Pros and Cons
Additions provide new space tailored exactly to needs. However, additions require zoning approval and their own foundation and roof. This equates to higher costs.
Remodel Pros and Cons
Remodels creatively adapt current square footage. This reuses some existing infrastructure. But layout changes may require moving plumbing, electric or HVAC.
New Purchase Pros and Cons
If at the end of the day your needs for space won’t be fulfilled by the your options for additions, it might be worth considering relocating. In situations where your existing mortgage rate is higher than potential new rates, it may be a more cost effective option to relocate. Luckily, in the current real estate climate, additions tend to be the more cost-effective option than a new purchase.