Comparing the Cost of Virginia Additions Vs Selling Your Home

Filed Under: Additions    by: Steve Kayhill

As life changes and families expand, homeowners face an important decision about their living space—move or improve. Examining the cost of Virginia additions and comparing those figures to total moving expenses often helps to make the decision clear.

Are you looking at moving to a larger home? Have you considered the costs of building an addition and compared the potential finished product against available housing? Consider the options.

Option # 1 – Building Virginia Home Additions

Overall costs vary from contractor to contractor, and depend on your design. Here is a list of typical expenses associated with building Virginia additions:

  • Design Fees – preparation of detailed drawings outlining the structural, electrical, plumbing and mechanical elements
  • Demolition – labor, haulage and dumping charges
  • Materials – all of the building materials required to complete the project
  • Installation Labor – contractor and subcontractor wages for the installation of each element
  • Project Management Fee – applicable for those who hire a general contractor to oversee the project, typically a percentage of the total cost
  • Permit and Administration Fees – building departments typically charge registration fees for building permits, inspections and other administrative tasks associated with Virginia home renovations
  • Relocation Costs – renting another home for the interim or hotel costs for the odd nights away

All of these costs do add up, and a typical Virginia home addition runs anywhere from $50,000 to over $100,000 depending on the project scope. What you need to remember is the additional living space created. Compare overall costs of the addition to the total expenses incurred when moving to a larger home.

Option # 2 – Moving to a Larger Home

House prices fluctuate, but buyers in any market spend more to move up into a larger home. A typical two-bedroom detached home in Fairfax lists around $350,000, while a four-bedroom detached house in a similar neighborhood climbs to over $450,000. Talk to a realtor about specific properties and compare the purchase price to the expected selling price of your existing property. Look for homes that offer comparable features to those included in your home addition plans.

Homeowners incur additional expenses when buying a larger home, including these common costs:

  • Lender Fees – different institutions work on different fee structures, but typically include broker fees, processing charges, application fees, taxes and underwriting charges
  • Third-Party Fees – depending on the type of purchase, this includes appraisals, inspections, title searches, insurance, surveying costs, preparation of credit reports and attorney fees
  • Listing Costs – real estate agents charge to list your home and represent your interests in the selling process
  • Moving Costs – truck rentals, fuel, etc.

The web provides fairly accurate and up-to-date estimates on these typical costs of moving to a larger home.

Building Virginia additions makes more financial sense than moving in many cases. If your property allows for the space, home additions provide greater flexibility and customization without inflated closing costs and the frustration of moving. Assess the shape of your current home and consider how an experienced Virginia contractor can help you achieve your dream home without the need to move out.