“We Can’t Afford To Move” - The Renovation Trend In South Florida
Most local moves are attributable to the buyer’s needs changing - often a growing family needing more space seeks a larger home.
My own last move was initiated by a need for a larger garage than the small 1-car attached garage I had slowly filled with tools from my woodworking hobby. I lived in a zero lot line home and had simply run out of space.
But I have since discovered an alternative to moving… one I have found more and more homeowners taking advantage of in a big way recently. Renovating. Extreme renovating actually, building an addition on to the existing home. Many of my neighbors are doing it, and I may follow suit in the next few years.
Why go through the hassle? Isn’t it easier to move? And wouldn’t you think I, a real estate professional whose income is generated by people moving, would want to encourage selling and buying? At the end of this article, I’ll tell you why I would not move, and why you should choose your next home carefully.
If you live in a subdivision governed by a homeowners’ association (HOA), you’re probably thinking “I can’t add anything… the HOA would never approve it!”. That’s generally correct for most newer subdivisions with deed restrictions.
Most of the homeowners who can benefit from an addition are not in an HOA - they can add to their property as long as it conforms to zoning, local code, and other local restrictions such as setback requirements. And they may already have the extra space. There are many platted subdivisions in the county with no HOA, and the older, smaller homes may be on 1/4 acre lots. They may not seem as desirable as the 5 bedroom homes on a zero lot in a new community, but they represent a great value today because of their flexibility as your needs change.
I’m not suggesting these zero lot line subdivisions are not a good choice. Certainly they have community amenities, such as clubhouses, pools, gates, and many other benefits. They are a great fit for many of today’s homebuyers. Just don’t overlook some alternatives…
Reasons not to move:
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Reasons to move:
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Who has a tough time moving? Well, some of my neighbors have owned their homes for decades. Their taxes are very low, yet their homes are worth much, much more than when they originally purchased. If they need more space, they may find a larger home but will have to give up other property features. One of my neighbors, building an addition that will probably more than double his living area, quipped “We can’t afford to move.” That may or may not be the case, but given that he owns a lakefront home in a great neighborhood, with a dock for his boat, and doesn’t want to move, it’s great that he has the space to build the addition!
I’m in the same situation. I’ve got an older home, but I’ve also got location, location, location. So one day, I too will build an addition to my home.
If you are moving now, and feel that you may need more space one day, I recommend that you consider the many available properties in the county with room to grow. I may make my living helping people move, but I’d rather help my customers find a property that is flexible and can suit their needs for a long time!
Tags: affordability, moving, renovation