Is it more beneficial to sell or expand your home?

Moving vs. Expanding: A Comprehensive Guide

If you’ve been following the real estate market, you may have noticed that property prices are ridiculously high and homes are flying off the market in record time. Not to mention the bidding wars between new buyers. Even though interest rates are low, your purchasing power is bleak given the rise in prices. Therefore, it might be more advantageous to expand your current home rather than buy a new one. Additionally, you’ll need to consider the costs associated with moving, such as new property taxes, notary fees, the real estate agent’s commission, and the time you will spend recreating a comfortable environment in your new home.

Why Expanding Your Home Might Be More Beneficial

When choosing where to expand, consider the natural daylight entering your home. If you choose to expand on the north side, your renovation will have less impact than if it is oriented due south, where the sun is most often found. Also, your new expansion can either darken your home or illuminate it depending on the number of additional windows.

Making the Right Choices When Expanding

Expanding your home means being able to create personalized rooms that truly represent you. It allows you to be in charge of your own project and add a living space you’ve always dreamed of, such as a solarium or a veranda. The possibilities are endless. If you don’t want to impact your backyard, you can always make your extension over your garage. You can also add a story, make a lateral extension on piles, or equip yourself with a basement.

Types of Home Expansions and Costs

You’ll have to choose which type of expansion is the right fit for you and what the related costs are. For a pile extension, the cost per square foot is approximately $212. Adding a 1,000 square foot bungalow can cost around $175,000. A side or rear extension will cost approximately $75,000 for 150 square feet. Finally, a concrete foundation for a basement will cost over $400 per square foot, excluding excavation.

A Space Adapted to Your Needs

An extension on piles allows you to expand your home at your desired location. It is essential to avoid any movement in your new addition, which could weaken your home. A solid foundation is crucial, making screw piles a great option. Postech screw piles are not affected by ground movement during the passage of seasons. They offer unparalleled stability due to their strategic position below the frost level and are very durable due to their superior quality and galvanization.

Is It a Cost or an Investment?

Of course, this home project comes with the cost of material and labor, but these are actually an investment! When you adapt your living space to your needs in terms of size, the value of your home skyrockets. To profit from a better return on your investment, pile foundations should be a priority since they are cheaper than concrete and much more durable. Additionally, adding a floor to your house normally provides a 100% return on investment. This means that all the money you invest will be recouped through increasing the value of your property.

What’s your decision, buy or renovate?