There are boxes piling up in the halls. All the closets are overflowing. Your youngest son wants his own room. And the home office is looking pretty inadequate. You’ve outgrown your current house. Is buying a new home the next step? Not necessarily. Here are five options for the next stage in life.
Reassess Your Living Space
If you like your neighborhood and its schools, start by taking a look at what you already have to work with in your current situation. It might be time to go through everything you have accumulated and get rid of what no longer serves you. Share a co-working office space in town. You’ll have company, and your son will have his own room.
Build an Addition
If you decide you really don’t have enough space, then consider adding rooms or another wing to the house. With new construction, homes can be expanded in a variety of ways. Consider consulting a design firm. An architect might see a two-story sun room where you imagine just a second-story addition. The difference in cost might not be that much, and depending on the changes and updates you are making, it might be worth the cost. These types of updates can add a lot of value to a home that you could make up in the resale of your home.
Buy a New House
Buying a new house might be the right solution for you. You want a fresh start. Before you trade up, consult with a mortgage company. Get pre-approved for a new mortgage. Just like first-time buyers, you will then know how much you can afford to spend. The broker can explain options, such as using your first house for equity.
Build a New House
After living in your current house for so many years, you probably have a good idea of what you really want. To find affordable land, you may be ready to move farther away from town, into a suburb or out in the country. When you build a new home, you can design everything you want into it. Even a standard plan has options for changes.
The option can seem a bit overwhelming to a lot of people. But there is always the option of choosing a floor plan you really like then go in and hand pick the changes and add-ons you and your family would enjoy. This gives you the chance to customize your future home without having to go in and pin point every detail.
In some cases, moving is not an option. The neighborhood, the schools and the tax rates all suit you. You have enough property. What you don’t have is enough house. In this case, you might consider an extreme renovation. That is, basically rebuild your home from the ground up. Check with the local building inspector for permits and constraints.
Weigh all the factors before you decide what to do. Even if you decide to buy a new house, rearranging or remodeling your current home will give you extra room while you look.
Earnest Parenting: help for parents who want to make the most of their house.