ADDING ON VS. BUYING UP
Whether to enlarge your present home or sell and buy a larger home has been a frustration felt by many homeowners.
So, what are the key factors to take into consideration?
- YOUR NEIGHBORHOOD: Professional Ethical Realtors will always tell you “FIRST DECIDE WHERE YOU WANT TO LIVE AND THEN, FIND A HOME THERE” So if you are very happy with your neighborhood, that is a large part of the decision.
- YOUR CURRENT TAX BILL: If your current home was purchased for considerably less than the larger replacement home’s current cost, your property taxes will increase. The re-assessment after an addition is usually considerably less than the tax increase on the replacement property.
- COST TO BUILD: Cost to build can vary wildly depending on structural, electrical, plumbing issues etc. Get a quote (or several), and then ask your real estate professional how much the improvement will add to the value of the house. Some (like adding a second bathroom to a one bathroom home) will probably add more value than the cost. Other additions may not return their cost immediately, but, if the first two factors above are a major influence and you plan on living in the home for years to come, then it may well be worth it for personal gratification. One key thing to remember in room additions is that they should NEVER look like an “addition”, but should flow with the original architecture of the home.
REMEMBER, FOR ANY REAL ESTATE QUESTIONS
“CALL THE KIRKSEYS”
THE INLAND EMPIRE’S #1 REAL ESTATE RESOURCE IS