Real Estate NewsShould We Add On Or Move?
What do you do, if your present home has become too small,
but you"re fond of the neighbors, your kids like the school,
and you"re particularly attached to your back yard?
Do you add on or sell the place and buy something bigger?
It"s a difficult decision, and of course it"s a personal
one. But I can offer a few facts to help you analyze the
situation.
The most important question, from a financial point of
view, is -- how does your home compare with its neighbors?
If you have the classic "most prudent buy" -- the least
expensive house on the street -- it"s probably safe to invest
money in expanding it. You"re likely to recoup quite a bit of
your investment when you sell.
Just try to ensure that after you"ve finished, the
different parts of the house match. You don"t want to end up
with a five-bedroom house that has only one bathroom or the
tiny original kitchen that won"t even hold a highchair.
But if yours is already the largest or most valuable house
in the area, putting further money into it isn"t likely to
increase its eventual sale price.
Every street supports only a given price. After that
people with more money want to live on a different street --
people are just like that. No matter how fine the house, you
aren"t likely to get your money out.
If you"re particularly fond of the neighborhood and you
intend to remain in the house for many years, that may not
matter. You can"t look at your own home simply as an
investment. Just admit that you"re making improvements for
your own enjoyment, then relax and enjoy them.
I"m Edith Lank, and I wish you good luck.