Marjorie Youngren Team's Blog
These are questions many people struggle with. You love your neighborhood and certain spaces in your home, but you want more room or updates. Maybe your family has grown or you finally got that raise and can afford the gourmet kitchen you have always dreamed of. Does it make sense to invest in a renovation, or should you just move to an upgraded home that already has everything you want?
First, consider your neighborhood. If you have one of the largest homes, an addition may not make sense. Adding on or making expensive updates to a home that is already high end for your neighborhood is not a wise decision.Unless you intend to live there forever or don’t care about resale, the cost of construction will be greater than the eventual return on investment. If your home is smaller, and the neighborhood will support these changes, then it’s time to do further exploring.
Think about how your home will look and function when your addition is complete. Flow and function are very important. You may finally be able to afford that fabulous high-end kitchen, but if the rest of the house is small and outdated,it will not look cohesive. Will you still have three tiny bedrooms and 1.5 baths? If so, it might not make sense. This new kitchen may work for your family, but if the configuration is not right, it might not click for the next buyer. You also need to think about curb appeal. How will your home look from the outside once your addition is complete? Ask yourself: Will this one improvement solve your problems? Will it create others?
Check out websites like www.realtor.org or www.houselogic.com. They have articles that will give you cost vs. value for different types of renovations(kitchens, bathrooms, mudrooms, etc.) and will tell you which changes will give you the biggest return on your investment. And before you make your final decision, call a realtor to do a market analysis or have an appraisal done. The realtor or appraiser will provide you with data about sales in your neighborhood,as well as tell you what your home is worth, giving you a sense of how much you can wisely invest in your current home. Additionally, take a look at what’s for sale in the neighborhoods in which you would like to live. If you cannot find a move-in ready home that suits your needs, maybe a renovation is the answer.At this point, you should have everything you need to make an informed decision.