It is a difficult quandary to find yourself in when your current home has become too small but you are fond of your neighbors, attached to your back yard and your kids love their school. Should you add space on to your existing home or sell up and make a move to something larger? Perhaps you should put some things in storage to give yourself some extra space?
This is not an easy decision for anyone to make, and in the end nothing I can say will be definitive. It is very much a personal choice, but I can provide a couple of facts to help with your analysis of the situation.
From a financial point of view, the most important question to ask is how your house shapes up in comparison to those of your neighbors. If your house was very much the ‘prudent buy’ and is at present the least expensive property on your street, then it might be a good idea to invest some money in expanding it. It is highly likely that you will end up being able to recoup the great majority of that investment when you do eventually decide to move.
On the other hand, if you already have the most valuable or biggest house in your area, investing more money into it is unlikely to result in an increase in its value. If you really love the neighborhood, however, perhaps you should just put some things in storage and create more room for you and your family that way.
Lance Grooms
