Answers (4)
- Anne Mortensen, "Anne L. Mortensen"
- Contributions:148
- Belinda Singh, "westcoastrealtor"
- Contributions:188
I am more inclined to advise looking (at least) for a home meeting your need for additional space. You may be surprised what is available.
However, if that does not pan out, take into consideration the extreme amount of dust, debris, lost time and aggravation that goes along with construction, especially if you have a spouse who will share decision making aspects of the project. You will be surprised to learn the two of you may disagree on fixtures, colors, textures, etc.
Also, please hire a professional architect to make sure that your addition adds value to your home for resale purposes. A lot of people enclose porches and convert garages (sometimes without permits) and the entire expense is lost on resale because of basic design flaws.
- Dan, "the_country_hick"
- Contributions:4827
Then you have realtor fees and closing costs to consider. That will probably take you down to about $90k +/- if you can actually sell for that $100k. You will pay more closing costs when buying another house.
Add $42k to $90k and you have about $132k. Even if we add the $13k for the hvac you are up to about $145k.
Can you buy a different house for around that price that would be comparable to what your current house would be upgraded to? If not and you like your neighborhood upgrade. If you can buy around that price consider how well you like your neighbors and if you want to risk a new location and new neighbors or not. Then just make a decision.
Buying you will have a new mortgage with amortization taking a lot more interest costs than now. This will need to be balanced against the new loan (unless paying cash) and old mortgage (if there) which a lender would be best to explain. In short the longer you have a mortgage the more money goes to the amount owed. The first few years almost nothing goes towards anything but the interest on the loan.
- SoCal_Engr
- Contributions:6604
Spend $55K (likely more, once you get into it) on a $100K house? Not likely. What are the other houses in the area like? Are they similar to what you have now, or are you the little-house-on-the-block?
my home is worth 100,000 iwanted add an addition that will cost 42,000,central heat and air 13,400
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