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Old 12-10-2011, 11:16 PM   #1
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Addition? or?


Quick backstory: Bought a house on a little bit of property with the ex-fiance. Things went sour a year later and she bailed 2 months before the wedding. We had 2k in mutual 'bills' (house/car/truck) she walked away from everything but the 165 bucks a month car. 6 months later the car came 2 days away from being repo'd before she finally paid it off after trying to convince me to give her 500 bucks to 'help' pay it off (credit blackmail in actuality, told me she didnt have the money, I told her let them repo it, she magically came up with the $)

Fast forward 2 years. I am still stuck in the house we bought for her and her horses. Its got a nice 36x22' shop and on over an acre with the house towards the back of the property.... Down side? Its only a 2 bedroom 1 bath sub-800 sq ft home.

I am now married to the woman of my dreams and actually thankful that whack-job of a ex did what she did. The wife has a 6 year old daughter, and we have "just" enough room for now. We are wanting to add to our family and as the step daughter gets older we are starting to burst at the seams. I owe too much on the house to sell, as in 30k-40k too much (on a house I really didnt want in the first place, so much for making her 'happy' fml)

We would like to add on, and like the area, love my shop, and certainly have the room for the addition, problem is funding.... I have no equity in the house and neither vehicle is paid for (or close to) so have no collateral... Am I pissing in the wind here thinking I could ever possibly get a personal or signature or construction loan for something like this? We would like to add roughly 1k sq ft and if I did some of the work myself we would be about even when its finished in terms of market value to what we would owe. We figure 50-60 bucks a sq ft finished (seems to be the going rate in this area).... Not sure if I am wanting to use a general contractor (ie: if I have the room in the budget, if there is a budget)....

Our idea, as far as an addition, is 2 additional bedrooms, and bathroom and laundry. We dont have plans for a garage... We dont have a use from one and I am wondering if it add enough value to be worth the investment. She would like a 2 story addition, I am undecided. I realize the 2nd story would save on excavation cost and foundation cost but I will do the dirt work myself on borrowed equipment (ie free).

The other option is the one I certainly dont want to do, walk away from it. I recovered from the very late payments on the exs car (I was co-borrower) and both the wife and I have 700+ credit scores...

I also kicked around the idea of building a second home on the property (modular, or cheaper-non-custom stick built) and rent out the current home... But the whole financing fiasco comes back into play, and I cannot sub-divide, its one acre parcels here. So when and if the time comes to sell I would have to try to sell both homes at the same time which seems like it would be a very niche market...


So.... thoughts? concerns? helpful guidance? Walk-away-from-it-like-every-other-idiot-driving-my-home-prices-down-you-good-for-nothing-sob?

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Old 12-11-2011, 04:01 AM   #2
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Addition? or?


Don't walk away from it.....

Don't sub-divide......

Refreshing post to see someone with some realistic ideas of what they want.....

I'm in the middle of a 2-story addition right now.....click on the link in my sig for details.....

I vote 2-story....on 1 acre lots, it would provide for a better 'fill/fit' for the lot size....

My addition is going to cost me maybe $60/ft....but mainly because of the complicated design. In your case, I think $40/ft is doable....especially if you do more of the work.

Something to consider.....once you have it built, refi.......the addition will basically double the value of your house....if your $40K upside down right now.....depending on where you live....1000 sq' is worth anywhere between $75k to $200K. Reading between the lines on where you live, I would say that in 10 years.....values will go up quite a bit....unless people move double wides onto their lots.....

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Old 12-11-2011, 09:10 AM   #3
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Addition? or?


build as you can, plumbed rooms are were your expenses will be, leave them unfinished until you can afford to finish them. Bedrooms would be more useful to you at this very moment and fairly cheap to finish.

or pick up a used mobile home

Last edited by forresth; 12-11-2011 at 09:13 AM.
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Old 12-11-2011, 10:03 AM   #4
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Quote:
My addition is going to cost me maybe $60/ft....but mainly because of the complicated design.
In So. Cal. $60.00/sq. ft. is a miracle on the scale of turning water into wine.

Dawg, please, you don't consider all the time you are putting into the actual construction (your physical labor) worth anything?

Andy.
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Old 12-11-2011, 10:08 AM   #5
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Quote:
Originally Posted by ddawg16 View Post
In your case, I think $40/ft is doable....especially if you do more of the work.

.
Here we go again......telling people that is doable.....unbelievable!!!
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Old 12-11-2011, 10:39 AM   #6
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Addition? or?


Im in Washington State
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Old 12-11-2011, 07:08 PM   #7
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Originally Posted by Joe Carola View Post
Here we go again......telling people that is doable.....unbelievable!!!
Here we go again....trying to apply NJ bs to the rest of the country....

I built my garage for around $30/sq ft.....would have been less if I had not been hosed by the concrete contractor....

Yes.....1040 sq ft of finished garage....including spiral staircase....windows....electrical...everything... .under $30k....and I even farmed out some of the work....

About the only thing different from my 2-story garage and a house is a little bit of plumbing and a couple of extra walls....

So.....what were you saying about "doable"?
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Old 12-11-2011, 08:24 PM   #8
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Originally Posted by ddawg16 View Post
Here we go again....trying to apply NJ bs to the rest of the country....

I built my garage for around $30/sq ft.....would have been less if I had not been hosed by the concrete contractor....

Yes.....1040 sq ft of finished garage....including spiral staircase....windows....electrical...everything... .under $30k....and I even farmed out some of the work....

About the only thing different from my 2-story garage and a house is a little bit of plumbing and a couple of extra walls....

So.....what were you saying about "doable"?
Keep dreaming little man!
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Old 12-12-2011, 01:30 AM   #9
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Addition? or?


Hi,
I work with client on a lot of Bank Owned Properties (foreclosed). I would contact a local lender (who does FHA loans) and find out if you can use any of the new loan programs; a 203K loan might be exactly what you need. Try your bank first, they might have a 203K program.
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Old 12-12-2011, 10:50 PM   #10
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Addition? or?


How can anyone give a price on an addition from the internet? I guess the same way someone compairs the cost of building a house to building a garage. To guess what an addition will cost you need to know more then what is mentioned so far. As for the garage for around $30sq' your cost for labor must have been cheap. When you build a room addition there is more then "a little bit of plumbing and a couple walls" but if you want I am sure that NateDiggity would pay you $30sq' for his addition.
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Old 12-13-2011, 05:26 AM   #11
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Originally Posted by havalife View Post
How can anyone give a price on an addition from the internet? I guess the same way someone compairs the cost of building a house to building a garage. To guess what an addition will cost you need to know more then what is mentioned so far. As for the garage for around $30sq' your cost for labor must have been cheap. When you build a room addition there is more then "a little bit of plumbing and a couple walls" but if you want I am sure that NateDiggity would pay you $30sq' for his addition.
Good points....hence I need to quantify my cost by adding that I did ALL the work except for the foundation, stucco and roof...at the end of the day, the real cost to me was under $30/sq ft....for me to factor in my time would require me to be pulled away from overtime......if I'm not working, then my labor is free....what else I am I going to do with my time, watch TV.

As for internet pricing.....it's kinda like comparing going out to eat vs eating at home....eating at home is cheaper...right? Oh wait, do we factor in the time that it takes us to prepare the meal?
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Old 12-13-2011, 10:02 AM   #12
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Addition? or?


If I understand correctly, you're upside down on your mortgage and your cars, and you don't have any significant cash reserves.

I don't think you'll have much luck getting a loan.

Additions cost more per SF than new construction, especially if you use a contractor, because of the contingencies. You start opening up a wall, and suddenly there's something you hadn't planned on. You also have the issues involved with keeping the existing structure dry and secure while it's opened up. I can talk to you about this from personal experience. It's not fun -- especially if you do it in winter right before it starts raining.

If your house plan is suitable for it, perhaps you could add a bedroom wing. Save your cash until you have enough to pay for someone to put in your foundation, and then build the space. Once the space is in the dry, it will become very useful. You can delay things like carpet and trim. Use T-111 as both sheathing and siding. It's the cheapest thing. At a later date you can put a more attractive siding over the T-111.

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