General Contractor

New Home or New Home Addition: Which is Right for You?

You have a growing family that needs more space.

October 26, 2021
Ian Nicule
October 26, 2021

You have a growing family that needs more space. For most people, that will mean packing up and moving into a new home. But it doesn’t have to.

Langley’s real estate prices are heating up as people say goodbye to cramped living conditions in favour of larger homes on bigger lots. But that also means there is more competition out there, all looking for the same thing: more space. For some Langley homeowners, the answer to increased square footage isn’t a new home but instead adding to their current one with a home addition.

A general contractor in Langley can help you get you exactly what you want – whether that’s an extra room or an entire additional story – without you having to go through any of the hassle and expense of listing, selling, packing, and moving into a new home.

Why a New Home Addition Might be the Right Choice for You

If you love your home, love the location, and have the space to expand, adding an addition is not only easier, but it can also be more cost-effective than packing up and moving.

Looking at the Numbers

When you move, you’re not only assuming a new mortgage; there are also realtor fees, lawyer’s fees, land transfer tax, and moving costs to consider. Not to mention, your new home might be a better fit, but it may not be the perfect fit. In addition to all the moving expenses, you may also have to undertake a large-scale renovation to make your new house a home.

Instead of throwing away tens of thousands of dollars in commission, fees, and other expenses, you could be investing that money back into your home.

Increase the Value of  Your Current Home

Money spent with a general contractor in Langley on a custom addition is not lost money; it will directly affect the value of your home. According to a study conducted by the National Association of Realtors, additions can yield 70 to 80 percent ROI. So rather than losing money moving, you can stay put and continue building equity in your current home.

Get Exactly What You Want

Your new home is a blank slate that can be custom-designed to your exact specifications. The look and design of your space are completely up to you; you’ll be in charge of the materials, finishes, and function.

In need of storage for three kids who play hockey? No problem. A new master suite getaway for mom and dad? That can be done. An entire second floor to grow into? It’s all possible. Your Langley general contractor can sit down with you and discuss all your expansion options – up, down, or out.

Create a Revenue Stream

If you are looking for extra space to help with mortgage costs, look no further than the home you are already living in. Rental suites and laneway homes are exploding in popularity as homeowners look for ways to make homeownership more affordable in an expensive market. With rental income coming in, your addition will pay for itself.

A general contractor in Langley can help you evaluate whether your current property fits the criteria for a laneway home addition or whether your basement can accommodate a lock-off suite. The best part is that if you ever need the extra space later, it will be available for you to take back.

A crucial factor to consider when evaluating the potential for new home addition is partnering with a great general contractor in Langley. To learn more about the expert services Nicons offers.

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