Post # 1
So…Darling Husband and I bought our first home 18 months ago – the more we live there the more we love it! Also, the more we discuss our financial goals, dreams, desires the more we realize we really do NOT want to be house poor ever…ever ever!
Our current home is 2100 sq ft, 3 bedroom and 2.5 bathrooms. The lot has plenty of size to expand. Also, when you look at our houseline I noticed this weekend that we have three levels of roof (the main one, the middle one – over the family room, back hall and small portion of the garage, and the garage) – one of the , the middle one, would be sufficient sq. footage that if we made it the same level as the main one we could probably pick up an amazing master suite or another bedroom w/ a bathroom and smaller room (office/nursery). I am wondering if any bee’s have done this, add a second floor renovation?
Our main need that our current home lacks is a 4th bedroom and maybe an office. We plan to have 2 kids and in a perfect world I’d like a master, beds for each kid, guest bed and an office. Thats 5 bedrooms, but I would be fine with 4 long term.
In our area…to get my “dream home” – within reality – we’d have to spend $400k which means we’d need a down payment of 80k (20%)…I’m thinking why not take this house I love, put 80k into it and make it our forever home.
Just wondering what other bee’s have spent on major renovations – I know different parts of the country have different costs just looking for anything here! Thanks!
Post # 3
My parents added a one room addition and gutted the second story to the studs (redid 2 bathrooms & 4 bedrooms). They didn’t touch their first story at all. The cost was ~$200k.
Post # 4
My parents just re-did an existing kitchen and bathroom (new granite, tiles, shower, tub, sinks, fixtures, etc – I don’t think they touched the cabinets) for $26K.
Much more minimal than what you guys are looking at since they didn’t add anything new, just re-did what was already there.
Post # 5
- Wedding: October 2011 - Bed & Breakfast
When we were considering purchasing a home that would need an addition of about 500-600sq ft we spoke with a friend who used to be a general contractor. According to our friend, we were looking at $100-$130k to add 600 square feet. It wasn’t worth it to us.
Post # 6
My brother did exactly what you described to his current home and it ended up costing around $200K. Nothing fancy, just an addition on the 2nd level of a master suite. He also had his back deck expanded a little, but not by a lot.
Post # 7
See this is what makes it so hard to figure out what is realistic. I have spoken to several people (both people with real life experience and people with construction knowledge) and I get such varying responses that I dont know what to make of it.
All along I kind of figured if it could all be done for $100k, it would make sense. From initial discussions with people I had formulated my own estimate:
Bathrooms: $10k (remodels – no adding of plumbing)
Addition: $45k (inlcuding 1 bathroom)
On face it works…but then some people throw out numbers of $200k which terrify me! I would like to have an idea if it is feasible before I waste contractors time/money to come out and give estimates – its just so hard to get a feel!
Post # 8
Check this out: http://www.remodeling.hw.net/2010/costvsvalue/division/pacific.aspx
Darling Husband is a general contractor, and this is where he directs people who ask for a cost before he does an estimate.
Post # 9
One thing you don’t want to do is to over improve for the neighborhood. You’ll never get that money back and it may make it harder to sell should something force you to relocate.
I’d get some contractors out anyway, and give them all the same specs that you’re considering, so you can compare apples to apples. If you start making any changes half way through your estimates (like if they offer some suggestions for things you hadn’t considered), make sure you can get the others to increase their’s too based on the changes.
Many people are opting to remodel and stay put, and in some cases it makes sense. Make sure you do your homework and only get estimates from reputable contractors.
Post # 10
@RoundtreeBee: Thank you, this site is very helpful!
@ItWasntMe: We are lucky and go into a smaller house for our neighborhood – so we do have some room to grow. If we did do this reno we would be in this house for the long haul…meaning if I spent $20-30K too much but loved the house and enjoyed it for years to come I would be okay with over-building a bit. For example, in my forever home (this one or next one) I plan to buy a $8k viking 48″ stove…that will likely be over spending no matter where I am but I dont care I want it and I will get enjoyment out of it. Not to mention, if we did this reno we’d own the house outright by the time we needed to or would likely want to sell it – so it wouldn’t cause us to be upside down in our mortgage.