Should I stay or should I go?

by Dan Krell © 2010

Many home owners are content to stay put in their homes. Talking to home owners seeking larger spaces, many are just not convinced they need to move. This is more of a phenomenon for home owners who already traded in their “starter homes.” For many of these home owners, planning expansions combined with interior design to create functional and large spaces is an alternative to (once again) engaging the process of selling and purchasing real estate.

Expanding a home can be accomplished in a variety of ways; homes can be expanded vertically and/or horizontally. In some cases, home owners make major renovations such that the home style is dramatically changed.

To build additions, expansions, or total renovations, consulting with licensed professionals is a necessity. Some home owners decide to hire independent architects and contractors, while others hire a design-build firm that has all the necessary talent “in-house.”

Weighing the options to expand or move can include financial and personal considerations. Home owners might consider the financial aspects that may include (among other items) the cost of the move (including Realtor commissions, taxes, lender fees), as well as differences in mortgage payments as compared to the cost of the expansion. Personal considerations may include thoughts of a home’s location; for example: some home owners find it difficult to leave a neighborhood that has been their home for many years, while others say moving would make their commute to work an inconvenience.

More information about home renovation/expansion as well as the design-build concept can be obtained from the Design-Build Institute of America (dbia.org) and the Mid-Atlantic Chapter of the Design-Build Institute (dbia-mar.org). The Maryland Home Improvement Commission offers useful consumer information and advice (www.dllr.state.md.us/license/mhic/mhiccon.shtml) on home improvements.

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws. Copyright © 2010 Dan Krell.

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