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Answers (12)
- sunnyview
- Contributions:25139
If you need the space and you can control costs on the bedroom addition, I would do it. Selling and moving costs money so if you do a little work to make your house livable for your family for the next several years, I think it would be worth it. 3 bedrooms will sell better in most markets as long as they are not too funky and I think even a small baby's room or "office/den" would appeal to more buyers than a 2 bedroom.
- ** Mike Rosen - Assoc Broker, "ProvidentMike"
- Contributions:1644
I don't think you will recoup the cost of doing an addition if you plan to sell your home anytime soon. If you need the extra space and you plan to stay in the home for a while then your personal enjoyment may be worth the cost. In general though, home additions are money losers in my opinion (when you're talking about return on investment).
- Joan Braunschweiger, "Morris County NJ"
- Contributions:1543
Linuxos,
Those numbers aren't the greatest in favor of an addition.
In 5 years you may break even.
On the other hand you may not.
Which means that I really can't help you much.
Which further means that not knowing what the market will bring in the next few years you have to pro and con this issue for yourself. There are too many personal variables that only you are privy to.
Whatever it is that you decide to do, I wish you the best of luck.
Those numbers aren't the greatest in favor of an addition.
In 5 years you may break even.
On the other hand you may not.
Which means that I really can't help you much.
Which further means that not knowing what the market will bring in the next few years you have to pro and con this issue for yourself. There are too many personal variables that only you are privy to.
Whatever it is that you decide to do, I wish you the best of luck.
- linuxos77
- Contributions:5
Looking at sales on Zillow for 3 bdrm, 1 to 2 bth houses there's a huge range (due to high short/foreclosure sales). In our section of town (though not my neighborhood) a lot of houses are on 4-5,000 sqft lots, most in my neighborhood are 10,000+ sqft (mine is 10,200). The houses on the small lots with 3 bdrm mostly sold for about $190k-$225k, with the larger lots, about $200k-250k... This was sales from early 2010 till now. However in these sales there's a decent number of $170-180k transactions due to foreclosures and short sales (houses of varying conditions, some in rough shape).
The current Zestimate for my house is $204k, if that matters.
This forum is such a great resource because frankly we're nervous about putting ourselves in a worse situation than we are now, however we work hard and want to live in a house that makes us happy and works for us. and really like any advice we can get.
The current Zestimate for my house is $204k, if that matters.
This forum is such a great resource because frankly we're nervous about putting ourselves in a worse situation than we are now, however we work hard and want to live in a house that makes us happy and works for us. and really like any advice we can get.
- Joan Braunschweiger, "Morris County NJ"
- Contributions:1543
linuxos77,
Although Ginny obviously knows your area, I don't, I think you would do just fine adding another bedroom, maybe half bath. Especially if you are in a neighborhood of mostly 3 bed homes. And it could probably be done under 30k, depending on your house.
I am curious, what have 3 bed, 1.5 bath houses been selling for in your neighborhood?
You may not recoup all your costs in 5 years but it will definitely make your house more marketable. 2 beds greatly reduces your buyer pool.
Although Ginny obviously knows your area, I don't, I think you would do just fine adding another bedroom, maybe half bath. Especially if you are in a neighborhood of mostly 3 bed homes. And it could probably be done under 30k, depending on your house.
I am curious, what have 3 bed, 1.5 bath houses been selling for in your neighborhood?
You may not recoup all your costs in 5 years but it will definitely make your house more marketable. 2 beds greatly reduces your buyer pool.
- Ginny Gorman, "rihousehunt"
- Contributions:65
You are in a tough space situation no doubt. Perhaps there is a way to re-configure your bedroom space with the living room to give you a small nursery...talk to a coupld recommended contractors locally & see if it's feasible.
- linuxos77
- Contributions:5
We currently have a finished basement with a regular basement window and bulkhead. We've pondered converting the office to a bedroom but can't imagine putting our 2 year old alone down there (or the upcoming baby obviously). We also don't like the idea of having our room down there either (quality of life thing for us, or what not). If either of our kids were older (we have a 2 year old and another on the way this fall), we'd maybe consider that, but not at this age. The whole finished basement is also protected by a sump pump (and backup pump), but if we ever had an incident, we'd hate to lose a neccessary part of our home living space (vs what is now just an office and rec room/TV room type space).
- linuxos77
- Contributions:5
Neighbors on both sides of us are very long term residents (I believe they own their houses outright). Adding the new bedroom certainly won't outbuild for the neighborhood (we're in fact one of the smaller homes there). Most of the surrounding houses are 3 bdrm, 1 or 2ba ranches and raised ranches built around the 1950s. We're not looking to make a profit on the addition, we just want something that will make the house work for us until the market improves (we'd be willing to give it several years (like the 5 I mentioned). Our worry is that we're already underwater by say 35/40k (or more), and if we put the $28k into the addition we'll be even more underwater if we really want to sell after waiting out the market for several years (should things not improve). While we like the current house for now, we know we definitely don't want to be there forever. But on the flip side, we don't want to sell at such a huge loss during what is hopefully the bottom of the market. We're wondering if things stay stagnant in the market for the next 5 years.. If we would be even more underwater.... Or if we'd likely be able to recoup a majority of that investment.
- Ginny Gorman, "rihousehunt"
- Contributions:65
I would not put on an addition knowing Cumberland as I do at this point but what I would suggest is see about making a room downstairs & installing one of the 'escape' windows to make it a legal room. This will be less costly. Prices are expected to stay flat for a few years except in certain pockets in RI...You have too much of a differential between what buyers will pay for your house and what you owe to add on truthfully. best to you, ginny gorman
- James Callas, "ABBAUSA"
- Contributions:960
Adding the addition and perhaps a second bath will be your best option
1. Staying for more than 5 years
2. 2nd Child on the way and space will be ready within 90 days or less.
You will recoup on the bath and the bedroom as long as it fits your current house style and you are not overbuilding for your neighborhood. (seems like you are under in footage and the addition puts you in better shape for future resale).
Make sure your neighbor is sound and in good shape.....meaning not going down hill due to the housing market.
You will enjoy the addition, both the baby and the bedroom. Add the bath that normally yields 65 to 85% return on investment.
Good Luck!
James Callas - Realtor®
- NTETS, "Mr Caveat"
- Contributions:6436
Would we recoup cost of addition going from 2 bdrm to 3bdrm
maybe not immediately, but i'm sure you would if you stayed the 5 more years you are planning (assuming the BR is a decent size... consider an attached BR too? little more, much better return). i think it is a great idea that you want to make this home your long-term residence... the cautionary part i have is even if the home's value goes up by 30-40k because of the addition, there is no guarantee that in 5 years you would get 30,000 in profit.
maybe not immediately, but i'm sure you would if you stayed the 5 more years you are planning (assuming the BR is a decent size... consider an attached BR too? little more, much better return). i think it is a great idea that you want to make this home your long-term residence... the cautionary part i have is even if the home's value goes up by 30-40k because of the addition, there is no guarantee that in 5 years you would get 30,000 in profit.
- MELISSA PERRILLE, "MISSYMP"
- Contributions:10
I would ask a Realtor or Appraiser to review your current market to make sure you wouldn't over improve your home for the area. Another option would be to rent your current home and wait for the market value of your home to increase. I can help your if you would like to get a general idea of market value/Rental value for your home.
is an addition a mistake?
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