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Ok . . . ok, it’s not a new topic, but always a valuable one. What are the criteria when Mr and Mrs Homeowner are perplexed as to whether they should renovate within the existing structure or contract an addition?
Space concerns
Zoning concerns
Set backs
Limited budget
Planning to sell
Price of new construction
Growing family vs Empty Nest
Neighborhood considerations
Whaddaya all think. eh?
Stephen
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Replies
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Well, I'd say you have listed most of the concerns. Going with that, I'd ask how in-depth have you taken it? Ex; under "neighborhood considerations" have you looked at how you can overbuild for the 'hood? This should be determined by keeping "planning to sell" in mind.
There are other things that come to mind, but it is really such a subjective descision that only you should determine what you're going to do. Sounds like a cop-out, I know, but you really need to drive for depth when figuring how these considerations play a part. As an example of what I mean, consider this: do you like to entertain or are you private? Either case, you could add room or remodel what you have, but what kind of addition/remodel you go for depends on how it fits you.
*Its not always a question of more room, rather a lifestyle issue. It could also be to modernize and turn many smaller spaces into bigger, more open spaces. Then maybe its simply to turn living space to function as the residents lived their everyday lives. More square footage may not be the issue, but rather how those square foots are used.Using the global "they" . . . Had they added-on, certainly zoning and set-backs would have entered their decision process. They also would have neighborhood considerations such as if the surrounding houses are larger, an expansion may make sense; but if you're already the largest house on the block, enhancing from within may make more sense.Another option is to simply sell the existing home and move to, or build a new one. This too is fraught with questions and considerations. Could they sell their existing home for a fair and equitable price? What were the cost differentials between new construction and renovating existing space, and after all there is always a budget to consider. Land is at a premium. There is no conclusive evidence any more of it is being made. Frankly, the 1950's "Have More Plan," five acres—five miles out, is passe'. Today that must be restated as our half acre—30 miles out.
*Something that gets overlooked sometimes in the "sell and move to another house" part is the transactions costs! It can easily be 10% of the sales price by the time commisions, fees, repairs, etc. are paid for. So if someone is considering this options, make sure they look at the NET selling price and the TOTAL purchase price. EVERYBODY has their hand in your pocket in a real estate transaction around here (suburban Washington, D.C.)
*Renovate, remodel, add on, that's great if :you like your neighborhood, some neighborhoods are moving up and some down, if yours is moving up (in terms of market ) then its probably a good investment.If you have family considerations, usually people make that decision based on their schooling plans for their kids.If you've always wanted a bigger yard, there's only one way to get it, but I find bigger yards and "privacy" are a little over-anticipated.Here in the east and anyplace that is in demand, the best sites already have houses on them. So the existing housing stock is getting bought up with the plan to remodel and add-on right from the get-go.I think that the decision is very easy and its always the same reason-Location-Location-Location. The house can usually become anything you want or can afford.
*While discussing whether to upgrade a home or move, Andy Poticha (DC+C, Northbrook, IL) made an excellent case for upgrading even if you exceed the current economic limits of a neighborhood. He pointed out that in many older suburban neighborhoods, the whole block/community can be upgraded as other occupants get on a band wagon. Matt Plaskoff (Matt Plaskoff Construction, Sheman Oaks, CA) makes the point that in high-end, really high-end neighborhoods, the determining factors are more "whatever the client wants," that is to say "lifestyle," than economic or anyother reason.So . . . is it fair to say the decission is always a subjective one?