building an addition?
+ Reply to Thread
Results 1 to 6 of 6

Thread: building an addition?

  1. #1
    Posting Addict
    Join Date
    Dec 2005
    Location
    Southwestern PA
    Posts
    11,678

    Default building an addition?

    So, I don't know if I mentioned on here, but we have been looking to sell our 3-story house and get a large ranch home because of Isaiah's disability. We have been having to carry him upstairs to go to bed every night. Trouble is, we're having a lot of trouble selling our house, and we have to sell in order to get the rural development loan for a new house. We could try to rent the house and get a conventional mortgage, but not sure if we will qualify because I have been barely working because of Isaiah, and mortgages are tough to get anyway.

    So, I was thinking why not just add a bedroom onto the first floor. We already have a new bathroom there. We could then stay here for a couple of years until we get our legal settlement, and we can use that to help pay for an accessible home for Isaiah. We have about $15K to work with, and we have about $18K of equity in our current house. I figure an addition may cost between $10K and $20K, but I'm not sure, because I've never really looked into it. I would also want to have the floors done in the dining room and living room. The other major improvement we would probably want to do is re-wiring the 3rd floor, but I think we could wait till we got next year's tax refund for that.

    So, what are your thoughts? Does it sound feasible? Does it sound like more or less of a hassle than buying a house? What about making it a sun room/enclosed patio instead of a traditional bedroom? Would that make it more of a selling point when we are ready to get rid of the place?

    Deb ................. DH Norm
    DS Caleb, 13 ...... DS Patrick, 12
    DS Isaiah, 8 ......... DS Thomas, 7

    DD Cherish, 6....... DD Emily, 7\18\13 ....... Ripple, 17
    William, 14 weeks, 4/11/12

  2. #2
    Supporter -Asha-'s Avatar
    Join Date
    Feb 2012
    Posts
    173

    Default

    If you have a property that is big enough, I would add on. But do you feel comfortable to sleep on a different floor than Isiah? That's something to consider. We sleep on a different floor than our kids, it took some getting used to, but it's fine now.
    I have no idea about costs, hopefully it's not too expensive. 3 story house? Must be huge!

    Badwater Basin Y'all!

  3. #3
    Posting Addict gardenbug's Avatar
    Join Date
    Mar 2007
    Location
    Elora, Ontario
    Posts
    9,509

    Default

    When we worked on our present home (15 years ago) refinishing the floors throughout the place was very inexpensive. We had a wall removed, wallpaper taken off at least 6 rooms, some closets and cupboards were taken out and a bit of painting done for under $6,000. The work on the barn was close to $40,000 and there's not much to show for it either! It could easily use another 30-40 thousand to make it safe!
    Removing stuff is pretty inexpensive. Doing your own priming and painting is a real savings!
    Moving to a new place just soaks up money...with a new roof, a new furnace, new appliances, etc etc etc. It never ends.
    Good luck making your decision. Selling a home is a nerve racking business!
    Leo (3 1/2) with Malcolm the cat

  4. #4
    Posting Addict
    Join Date
    Jul 2002
    Posts
    9,515

    Default

    We have thought of adding on to our house too--because it will be cheaper than us moving to a bigger house. Our only holdback is that we don't want to be in this area for that long. I like the sunroom idea too--I think it would add value! I also agree that it might be hard to have Isaiah on a different floor than you. Thats another of my issues with us building on because someone would have to move way downstairs--ours is 3 levels, but not 3 floors. Tri-level, with potential to be 4 level, as we have an almost 6 foot crawl space under the 2nd level.

    There is a LOT of grunt work you can do yourself to save money. Even drywalling is not hard. We did our own pergo floors, ceilings (removed popcorn ceiling and retextured), painting etc.

    Good luck with your decision!
    Holly
    DS 2/04
    DD 10/05
    DS 7/08
    DS 1/12
    #5--a GIRL due 3/2/14!

    Visit eyeMateys.com for fun Amblyopia eye patches today!

  5. #5
    Posting Addict tink9702's Avatar
    Join Date
    Sep 2008
    Posts
    5,620

    Default

    *Frequent Lurker*

    Hi, I work for a mortgage company so have some experience with what you are discussing. How does your home compare to others in it's neighborhood? If it's similar in size, or smaller than adding on (bedroom or sunroom) would be a good idea and you'd get the money back when you sell it. If your house is already the biggest and adding another room would make it larger than any of the other houses, then you will not get your money back when you sell, your house would be at the top of the market range already. Deciding between a sunroom/bedroom would depend for me on how many bedrooms the house already has. If it's a reasonable number, then do the sunroom.

    As far as applying for a mortgage, how much is the 18k in equity as a percentage of what the house is worth? Would you need a loan that was more than 80% of the value of the home? If not, getting a mortgage might not be as hard as you think. Then again, the biggest thing would be your credit history and your debt profile. If you have very few debts and your DH makes decent money you might be able to qualify for a FHA or Conventional loan. It's worth a call to a mortgage lender (please don't use a broker) to see if you might qualify, many will not charge you anything to look at your credit and do a mock up of what a loan would look like.

    Good luck - big decisions are tough!
    ~~Mel

    Ethan - June 21, 2009
    Olivia - December 5, 2010
    5w3d - October/November 2012

    My Ovulation Chart

  6. #6
    Posting Addict
    Join Date
    Dec 2005
    Location
    Southwestern PA
    Posts
    11,678

    Default

    Quote Originally Posted by tink9702 View Post
    *Frequent Lurker*

    Hi, I work for a mortgage company so have some experience with what you are discussing. How does your home compare to others in it's neighborhood? If it's similar in size, or smaller than adding on (bedroom or sunroom) would be a good idea and you'd get the money back when you sell it. If your house is already the biggest and adding another room would make it larger than any of the other houses, then you will not get your money back when you sell, your house would be at the top of the market range already. Deciding between a sunroom/bedroom would depend for me on how many bedrooms the house already has. If it's a reasonable number, then do the sunroom.

    As far as applying for a mortgage, how much is the 18k in equity as a percentage of what the house is worth? Would you need a loan that was more than 80% of the value of the home? If not, getting a mortgage might not be as hard as you think. Then again, the biggest thing would be your credit history and your debt profile. If you have very few debts and your DH makes decent money you might be able to qualify for a FHA or Conventional loan. It's worth a call to a mortgage lender (please don't use a broker) to see if you might qualify, many will not charge you anything to look at your credit and do a mock up of what a loan would look like.

    Good luck - big decisions are tough!
    Thanks. The biggest problem we have is that we have a really depressed housing market in our town. Most properties seem to be on the market for a year or more. I thought about renting it out and using the rental income toward a conventional mortgage. (We already have an FHA, so we wouldn't qualify for that.) Our home is a good size (but comparable to the rest of the neighborhood), but the area is less desirable. We would need to qualify for a mortgage for about 2.5x what our current house is worth in order to get a single level home, since those are primarily found in better school districts, etc., where property values are a lot higher.

    The house is worth about $60K. My DH makes ok money, but not fantastic. We both have very good credit. We have significant student loan debt, but we've pretty much paid off everything else except our mortgage and one car. Our debt payments are at a decent level as a percentage of our income.

    The sun room might add some value, though the back yard is already pretty small, and we'd have to use up about 1/3 of it to add on.

    As for having Isaiah on a different floor, that wouldn't be such a big deal. He has overnight nursing, and the nurse can stay on the 1st floor with him. Also, we have a video monitor in his room.

    Deb ................. DH Norm
    DS Caleb, 13 ...... DS Patrick, 12
    DS Isaiah, 8 ......... DS Thomas, 7

    DD Cherish, 6....... DD Emily, 7\18\13 ....... Ripple, 17
    William, 14 weeks, 4/11/12

+ Reply to Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
v -->

About Us | Contact Us | Privacy Policy | Sitemap | Terms & Conditions