(Closed) I really need advice-Considering putting on an addition

posted 7 years ago in Home
Post # 3
Member
6572 posts
Bee Keeper
  • Wedding: February 2010

Could you rent out that place and buy or rent a bigger place for you guys? My husband and I just bought a bigger house b/c we have a baby coming soon and our townhouse just won’t work. We would lose too much money if we sold, so we’re going to be renting it out instead until the market gets better.

Post # 4
Member
3344 posts
Sugar bee
  • Wedding: August 2010

I think the best way to add value is to add an extra room.  I don’t think an extra bathroom and closet are going to add alot of value to the property.

Post # 6
Member
14496 posts
Honey Beekeeper
  • Wedding: June 2011

How big is your house?  How many bedrooms?  Would you do the addition yourself?  If it would raise the value of the house, and allow you to stay in it longer, it would probably be worth while.  Most people want more than 1 bath these days anyhow so I dont see how you could lose by adding a bathroom.  If you sold, would you buy a new place?  The way I see it, you may “lose” money on selling your place, but whatever you buy next has come down in value also from the time you bought yours, so really if you buy/sel at the same time, and you’re playing in the same market, it looks like you take a big loss on paper, but its sort of a wash.

Post # 8
Member
1927 posts
Buzzing bee

@jackndiane:  How long are you planning to stay?  If you are going to be leaving in 5 years anyway I don’t think it makes sense to spend money on a renovation when you likely won’t make that money back.  If you plan to stay in this house a long time, I agree with @JoJo Bananas: that you should spend some more money and do a larger scale addition.

Post # 10
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

The big city bees are probably wondering how it could even be possible to have a house and two people not fit into it! No closets? Welcome to New England living! We have lots of dressers and cabinets to make up for it. Good luck finding an apartment or home that has more than one bathroom, too. Guess what – we share!

My point isn’t to make you feel bad, but to point out that people happily live in 600 square feet together many places in this country. It requires inventive storage solutions and getting rid of all that crap you didn’t need anyway. I’m going to assume that your house isn’t as tiny as the apartment my husband and I have happily lived in for almost 3 years, mostly because I grew up in the south, and truly small homes (by big city standards) simply did not exist.

Post # 11
Member
1137 posts
Bumble bee
  • Wedding: September 2010

I would consult a local real estate agent. If the value of your house + the cost of the renovation is less than or in line with the comparable sales for similar homes in your area, then it could be worth considering.

For instance, if your house is a 2 bed, 1 bath and is valued at $175k, and the addition would cost $30k, you should be sure that a 3 bed, 2 bath in your area would sell for at least $205k.

Also, take into account how long you plan to live there with the renovation. Sometimes even if the dollars and cents don’t make you a profit, the ability to live in a house you love and make it work for you is worth it.

Post # 12
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

@jackndiane: HAHAHAHAHAHA

Sorry.

I just read that your house is 1200 sq ft and you think there isn’t enough room for the both of you. Hahahaha.

Do you know what that house would cost in Boston, if you could even find that kind of square footage without an hour’s commute? $550,000+.

Needless to say, because of cost, most people live in way less than that. Go through your stuff, get rid of the crap you don’t need. You’ll be surprised at how much space you DON’T need.

Post # 13
Member
9029 posts
Buzzing Beekeeper
  • Wedding: June 2011

How many bedrooms does your house have? is it a one bedroom house?

Post # 14
Member
14496 posts
Honey Beekeeper
  • Wedding: June 2011

@jackndiane: That sounds like a pretty good size!   Your OP siad there was only one bathroom??  If there is already 2, and only 3 bedrooms, I dont think adding another bathroom is worth while.  3 bed/3 bath to me is over kill and I certainly would not pay extra for that.  For that size house, an addition would not render a very good return imo.

Post # 16
Member
542 posts
Busy bee
  • Wedding: October 2011

I really don’t think you are going to recoup the cost of adding an additional bathroom and some storage if you already have a 3 bed/2 bath. If the two of you really have that much stuff, you could probably do a storage unit for years for cheaper. I also don’t know about your area, but many people aren’t sure real estate has bottomed out yet, so your home values could decrease further (of course, they could also go up!)

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