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Would adding a second floor make sense financially for my home?

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December 16 2008 - Glenview
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Answers (6)

Now is not a good time for an upgrade like that if you are planning on increasing the value of your home enough to justify the price to make the addition. Also if there are a decent amount of two stories in your neighborhood then it would make sense when the market is better. If there are no two story homes in your neighborhood then it probably wouldn't be a good idea.

Brian
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January 23 2009
Hello GGrescue! I just came across your posting and thought you might need a little advice seeing that the majority of the answers above are fairly general and from people who may not be familiar with the City of Oakland. Adding on to your home is a big decision and I would recommend getting a local expert out to your home to discuss whether it makes sense in the Glenview area right now. Glenview is a beautiful neighborhood which we have represented numerous buyers/sellers and if you would like we'd be more than happy to come discuss the implications of adding onto your home. But whether it's us or another agent, make sure you discuss with local experts and contractors. Cheers!
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January 23 2009
As mentioned, this would completely depend on your neighborhood.  Are the majority of homes on your street much larger than your's?  Or would adding this addition make you the big house on the block?  If your house would stand out like a sore thumb, don't do it.

Obviously, another big concern is structure.  Many homes simply don't have the structure necessary to add another level on top.  Be sure to consult with a structural engineer.
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December 23 2008
Profile picture for Melody91
In my humble opinion, it depends WHERE you are located; what your motivation is (to save moving and add living space more economically) OR to sell, in which case, I would rubber stamp the advice about checking out the  reality and availability market in your area.
What you want to avoid is overspend for your own tastes, only to resell and to find it is not the neutral or most economic way to upgrade you home for the current market.
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December 21 2008
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In this market, hell no, too much of a risk.
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December 18 2008
If it does not overprice your home for the area. There is too much available on the market right now, look and see if you can find what you want in something that is already built.
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December 18 2008
 
Related Questions
Would adding a second floor make sense financially for my home?
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Latest answer by Brian Atkinson
January 23 2009 | 6 answers
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