A new column changes your schema. It is a definition in your database that did not exist yesterday. It can store data that makes new features possible or performance bottlenecks inevitable. Done well, it improves flexibility. Done badly, it locks you into painful migrations.
First, decide why you need the new column. Avoid cargo cult schema changes. Every column has a cost: more storage, bigger indexes, and slower writes. Make sure the purpose is clear and backed by requirements.
Next, choose the type. A VARCHAR that should have been a BOOLEAN will hurt you for years. Think about constraints. Decide on NULL vs NOT NULL. Consider default values; they can save you from writing update scripts later.
Before adding the new column to a production table, run the change in a staging environment with production-like data volumes. Test read and write operations. Measure any increase in query latency. Database migrations can lock tables, so plan for online schema changes if uptime is critical.