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Old 12-07-2005, 12:21 PM   #1
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add on... or move? what would you do?


Hi Folks,

I just need some gold old fashioned "Well I'd do this..." advice.

Here is a picture of my house.


1920 home
660Sq Ft.
owe $130k
Worth a min of $185 (have one cash offer at that price). It appraised for $233k for my refi, but I don't think i could get more than a MAX of $200k. with sellers fees (listing agent) it would still leave me at the $185k anyways.

My wife and I are trying to decide between up and moving, or just adding on.

biggest move perk - Garage.
biggest stay perk - a home just the way we like it... since we designed it. and we love our neighborhood.
I think we can afford about $70-80k in remodel construction.

The homes in that price range (250k - 40-50 down from our equity) are about 1200-1400sq feet, 2-3 bathroom, 3 bedrm, and 2 car garages. not bad. Our goal after add on would be probably a total of 1900sq ft, 2.5bthrm, 3bedroom. and a great dining/living/sitting arrangement. no garage.

I think the way our house sits, it could look really nice if the add on was perhaps "L" shapped, leaving us with a good side yard that we could fence in.


What would you do in this situation? I'm at a crossroads here because before I can know for SURE how much add-on we can afford, i'm going to have to hire an architect, and thats looking to be about $3,000+

thanks,
Dustin










as you can see we have a pretty big yard. at least compared to the house!

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Old 12-07-2005, 09:31 PM   #2
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add on... or move? what would you do?


Normally I would say move but it your case I would say add on. Its too nice. Of course you probably know enough to plan it so it doesn't drag on too long. Living on a construction site can get old real quick. Looks like a fun project to me. HS.

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Old 12-08-2005, 07:02 AM   #3
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add on... or move? what would you do?


I agree
In this case, add on
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Old 12-08-2005, 11:13 AM   #4
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add on... or move? what would you do?


thanks- because of the extra equity (due to the boom) it seems to make a lot of sense to go the add-on route. I've already got a pretty huge home equity line approved... so I can easily start writing checks, and then refi when it's all done for one mortgage.

a lot of people have asked... the property line does not stop at the white fence. all the grass is mine. you can't see the whole piece in that pic.

Quote:
Its too nice. Of course you probably know enough to plan it so it doesn't drag on too long. Living on a construction site can get old real quick. Looks like a fun project to me. HS.
Thanks- we really love the inside. installed pergo throughout last spring, new counter tops, the inside has all new paint and some very earthy tones. my wife has the house feeling like a coffee house on Saturday morning. I think thats one of the reasons we are leaning towards add-on. we've already done a lot here and really like our little cottage

+2 for add on... thanks for the replies.
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Old 12-08-2005, 09:38 PM   #5
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add on... or move? what would you do?


With the add-on you also don't have to break in new neighbors. Something else to consider.
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Old 12-09-2005, 11:10 AM   #6
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Quote:
With the add-on you also don't have to break in new neighbors. Something else to consider.
thats probably the single most most common reason that we have not yet found a house that we like. the really nice ones in our price range aren't in neighborhoods we like... I'm 90% we'll do the add on.
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Old 06-20-2006, 08:50 PM   #7
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I would explore the possibilities of including a garage in the remodeling project - may not be possible, but I'd look into it anyway - that's just me
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Old 06-21-2006, 04:17 PM   #8
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Will the add on only be a single level?
Does the house currently have a basement?
If the only reason to move would be a garage then it would be less expensive to just add a garage.

Good neighbors are a plus for not moving.
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Old 10-26-2006, 03:51 PM   #9
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add on... or move? what would you do?


What did you do? Did you add or move? How's it going?
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Old 10-27-2006, 06:36 AM   #10
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add on... or move? what would you do?


I would stay right where you are AND pay off your 130k loan. just because you have a line of credit you don't have to spend it.

what do you do for a living, is your job secure

ps I remember the same questions, same pictures last year are you into real estate

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Old 10-31-2006, 08:26 AM   #11
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add on... or move? what would you do?


I have a different take on the stituation. I would run it by a real estate agent this way you will know if the add on will be a wise investment for comparable properties around you. There is no sense in adding on if you can't get that money back. Bottom line what will the real estate market bare around your house?
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Old 10-31-2006, 01:05 PM   #12
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add on... or move? what would you do?


Quote:
just because you have a line of credit you don't have to spend it.
have you tried living in a 1bedroom 660sq ft house with 2 dogs and another person?

we decided to stay and add on to the house. The addition will be about 1,000sq ft. (2 bedrooms, 1 bath, living/dinning). We should have our drawings back any day. Really looking forward to it. In fact, here's an early idea of what it should look like. I think you can tell what is added!



our surrounding houses are $350-400k. so I know the neighborhood can sustain it. should be fun... we hope to start digging in Jan.
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Old 10-31-2006, 03:08 PM   #13
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Interesting. Yes if home values are up in that range then add on. Interesting on the roof. You do realize a roof like that will increase the bid do to the amount of framing time it will eat up.
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Old 10-31-2006, 04:18 PM   #14
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747 is correct. That roof could dive up the cost of framing by 75%. Just something to think about. Did you also get your garage that you wanted?
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Old 10-31-2006, 11:46 PM   #15
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add on... or move? what would you do?


If that roof is cut in... it would add a bit of time... But if it is trusses it wont add that much time. Just depends upon what method you use.

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