Many homeowners face the dilemma of needing more space: should you add on to your current home or move to a larger property? The answer depends on several factors, but often, a home addition makes more financial sense.
The True Cost of Moving
Moving costs are substantial. In the GTA, you'll face real estate agent commissions (typically 5% of sale price), land transfer taxes, legal fees, moving expenses, and the stress of uprooting your family. For a $1 million home, these costs can easily exceed $60,000-$80,000.
The Value of Home Additions
Home additions, while significant investments, often cost less than moving when you factor in all expenses. A 500-square-foot addition might cost $150,000-$250,000, but you get exactly what you need, customized to your preferences.
Key Advantages of Home Additions
- You stay in your neighborhood, maintaining community connections and familiarity
- You customize the space to your exact needs and preferences
- You avoid the disruption and stress of moving
- You can phase the project to spread costs over time
- You increase your property value while staying in a home you love
When Moving Might Make Sense
- Your current location no longer meets your needs (schools, commute, lifestyle)
- Your lot is too small for an addition
- Zoning restrictions prevent the addition you need
- The cost of an addition exceeds the value it would add to your home
Before deciding, consult with a contractor to understand feasibility and costs. EZU Construction offers free consultations to help you explore your options and make an informed decision.
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