As we stay at homes more than ever, we’ve realized the things our spaces lack. Often, that’s a home office. Since work-from-home may continue to be the norm even after the pandemic, your dining table will no longer suffice as a workplace.
Our hobbies are also increasing. Before, we only eat and sleep at home. We’re too tired for any other activity, except partying in a club or traveling. The point is, we didn’t see our homes as a place for recreation. But the pandemic has changed that. We now seek more entertainment and recreation from our abodes, from wellness rooms to craft spaces.
With your needs becoming greater, should you expand your home or just buy a new one? If your budget is limited, expanding is the obvious choice. However, will it benefit you financially in the long run? Let’s see what makes either a good choice:
Most people who expand their homes do it vertically, meaning they add another story. That can be a big money-saver since it avoids major renovations anywhere else in your home. But it can take time and a lot of work. First, the builders have to remove a part of your roof, and then install it back on after finishing the expansion. If you’d rather not let that happen, see if you can expand an existing room horizontally. You can make that happen with less hassle if the work area just consists of a flat roof. The builders can just build the room over it, and discard the roof.
To save even more time and money, consider a modular second story. It will be built off-site and delivered, completed, to your home. With the right finishes, the expansion will look seamless from the outside.
If you don’t need a second story, but would still like a bigger space, you can work with what you already have, and change the use of those spaces. For example, if you have an unused patio, you can turn that into a beautiful enclosed patio. Depending on your budget, you can choose a glass enclosure, sun shades, screens, or awnings. No doubt, a glass enclosure would deliver the best results. It will turn your patio into a sunroom, which can have multiple purposes. But if you live in a warm region, a sunroom can make your energy bills a nightmare, unless you’d install insulated glass.
Before expanding your home, though, determine your exact purpose; it is to create a baby room, home office, or entertaining area for guests? Knowing what you need is the ultimate money-saving tip for a home expansion. When the additional room meets all your needs, then you won’t ever wish you had bought a new home instead.
Buying a New Home
In some cases, buying a new home makes more sense. But you shouldn’t buy a new place just because you want one extra room, and you have money. While you’re free to spend your money however you want, that’s not an excuse to spend carelessly. Buying a new home should be backed by reasons other than a demand for more space.
Ask yourself, do you need a bigger space or a bigger home? Those two may sound the same, but a single space doesn’t mean an entire house. If you need a better traffic flow in your room, for instance, consider if de-cluttering will give just that. Perhaps getting rid of unnecessary stuff will open up the space you need.
Timing is also crucial. Home prices tend to fluctuate with time and market changes. If prices are down, that can be a good time to buy (assuming buying is the better option than expanding), then resell at a higher price later.
Location is another important factor. If your current location keeps you from meeting your needs, such as health services, then moving to a more accessible place will help. You should choose a neighborhood that’s close to your healthcare provider. It should also be near your children’s school and your office since in-campus classes and office work will return in a few months or years.
With that much to consider before buying a new home, an expansion looks like the better option, time-wise. But of course, this is a case-by-case basis. You may not need a new home but want one nonetheless, so if you can afford it, and you’re ready, only you can decide if you should buy. You may also need a new home badly but can only afford an expansion for now. Ultimately, decide what feels right with your current situation.