- Neighboring home market values – consult with a real estate professional about what additions or improvements will positively affect your home in regards to your particular neighborhood. Is the neighborhood desirable to buyers, or otherwise?
- Investment – what will the home addition cost; will the addition yield a good cost vs. increased value ratio?
- What financing will be necessary – a common home improvement loan or a home equity loan?
- It is your first home; are you attached to it?
- What is its proximity to place of employment, schools, and shopping.
- Did you raised your family there; do you want to pass it to your children someday?
- Have you developed bonds with neighbors?
- Do you desire the addition for aesthetic purposes; to make the home more to your liking?
- How much stress and disruption will you be willing to endure during the construction process?
Once you have answered these questions, you should be able to determine if an addition is right for your family and your home. Friday's blog will outline how to develop a plan, formulate costs, and locating a contractor. Stay tuned!