Q: “We need more space! Would it be wiser to buy a new house or add on to the house we already have?
A: “In today’s real estate market, the purchase price of a new home will be based on the size of the house, the location & amenities. So before you decide to buy a new house, it would be wise to know what your current home is selling for by the square foot. Several of our clients have had additions incorporated into their current homes & have increased the value considerably over the cost of remodeling.
For example: let’s say your home in its current location is worth $160-$200 per sq. foot & you can add sq. footage by remodeling at the rate of approximately $100-$150 per sq. foot. A room addition of 12 x 14 would add 168 sq. feet and at $150 per sq. foot the cost would be $25,200, but the actual value of the addition could be as much as $33,600. That’s an incredible investment!
The remodel not only adds space & value to the existing home, but other benefits like staying in a favorite neighborhood & close to local friends & schools (not to forget taxes & moving costs). The actual cost of the addition will obviously depend on several key factors like the type of addition, the location & comparative properties in your area. For all the enjoyment & value a design/build remodel offers, it is definitely worth looking into!