5 Reasons for a Home Addition

Many of us get to a point in our lives when we just feel like we need more space. You may have a growing family, lack of storage, started working from home, or perhaps you feel like your children may just never “leave the nest”. Whatever your reason for outgrowing your home, moving is not your only option. Here are five reasons an addition to your home could be the answer.

Real Estate and Moving Costs

Its no secret housing costs have escalated and the market is HOT! Many properties are selling over asking price with multiple offers. This may leave you to wondering if they are really worth what people are paying? OR if you would qualify for a mortgage of that size? Moving into a larger home not only includes a larger mortgage payment but often-higher property tax. You are also faced with realtor and lawyer fees, land transfer taxes, movers, and time off work.

Affordable Financing Rates
Even if you have only been in your home for a short time, chances are, the equity in your home has considerably increased and you may be eligible for a low interest loan. Lending rates are at record lows and now is the time to take advantage of those rates to fund that addition. Talk to your bank or mortgage broker about a home equity lending or a line of credit.

Increased Space and Value
A home addition can be a large project to undertake, but with the right planning and execution, it will pay for itself. An addition not only increases square footage it boost your home’s value. The best return on your investment will come from choosing quality materials and finishing’s installed by reputable professionals.

Customized
When you chose to make an addition to your home you are still keeping what you love and changing what you don’t. Plans are specifically designed to your style and function. An addition from a skilled contractor will complement the existing home and can provide an updated look for the entire property. If you love your neighbourhood, children’s school and view – don’t risk losing that because your master suite is also the babies’ nursery or your “office” takes over the kitchen table.

Less Aggravation
Anyone who’s ever undertaken a house move will agree it’s one of the most challenging life events, both physically and emotionally, that anyone can go through. Preparing your current home for sale by decluttering or staging, showings, endless real estate meetings, packing, unpacking, reorganizing, changing address, etc. on top of work and raising children stressful and utterly exhausting.

Give yourself an opportunity to love it before you list it. With the right planning and contractor, a home addition may be the best decision you’ve ever made.

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Jason Lorenz | Owner | 
jason@lorenzdevelopments.com

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