Whether to build an addition or pack up and move can be an emotional question, but the deciding factor in the end likely will be money, so we’ll talk about that first.
According to Homeadvisor.com, the average cost of a room addition is $40,915. This can vary greatly, based on many factors including the size of your addition and the going rate for construction in your area of the country.
While many families eventually need an extra bedroom, one of the most popular additions is family rooms. If you live in an older home, the rooms may be smaller, and your family may feel cramped trying to gather in one room.
Especially if you have young children, the toys, books, clothes and other paraphernalia like baby swings, changing tables and porta cribs can leave little space to walk in your house.
It’s at this point many people consider moving to a larger home. But the cost of moving likely will be even higher!
If you were to sell your home and buy another for the same price, you would have the added cost of an extra month’s principal on your mortgage, real estate agent fees, excise tax, escrow, home inspection, insurance, other miscellaneous fees, etc. These costs can easily add up to $50,000 on a $400,000 home.
So if we use these typical examples, it’s six of one, half dozen of the other.
Variations When You Build an Addition
But what if you want to build an addition that’s fairly small? Let’s say a 20-by-12-foot space added to the back of your house to make your kitchen/dining room into more of a family/entertainment room. And you aren’t moving your appliances (no gas lines or plumbing to fiddle with) and much of the wall space will be taken up with windows. That won’t cost nearly as much as adding on a master bedroom/bathroom suite.
You may have lived in your community for a number of years and really fallen in love with it. The kids have friends, the schools are good, you’re close to skiing and nightlife. It’s the ideal location for you.
You may be adventurous, but it’s not just you anymore — it’s your whole family. What if you uproot everyone and they all hate the new location? That’s a chance some families aren’t willing to take.
If you need more space and think you might want to build an addition, come talk to the experts at Falk Construction. We can go over costs with you and show you how to make your dream affordable.
When you’re wondering if you should move or build an addition, Falk Construction can help you decide today.