U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-18-2018, 10:51 PM
 
67 posts, read 96,810 times
Reputation: 40

Advertisements

Cross posted—-

So, we bought this house 4 years ago. We love a lot of things about it, but we are one bedroom and one bathroom short (it’s a 3 bed, 2.25 bath house) we converted a lower living space into a bedroom and want to add a bathroom adjoining this room in the side yard. We are gettting quotes around 120 k to add a 220 sqft bathroom and closet. We will eventually need another bedroom and kitchen when our parents move in a few years down the lane and we’re thinking of building an ADU in 2-3 years to meet that need. Given that we have an immediate outflow of 115k and another expense of around 250 K in 2-3 years, what would you do ?

1) build the bathroom now and ADU in 2-3 years
2) sell this house and buy another 5 bedroom house to meet all our needs
3) build bathroom and bedroom now so that cost per sqft is reduced
4) something else

Would love your thoughts on how to solve this dilemma!
Reply With Quote Quick reply to this message

 
Old 05-19-2018, 03:21 AM
 
Location: Cary, NC
31,636 posts, read 55,374,605 times
Reputation: 30188
Quote:
Originally Posted by bluefeather1978 View Post
Cross posted—-

So, we bought this house 4 years ago. We love a lot of things about it, but we are one bedroom and one bathroom short (it’s a 3 bed, 2.25 bath house) we converted a lower living space into a bedroom and want to add a bathroom adjoining this room in the side yard. We are gettting quotes around 120 k to add a 220 sqft bathroom and closet. We will eventually need another bedroom and kitchen when our parents move in a few years down the lane and we’re thinking of building an ADU in 2-3 years to meet that need. Given that we have an immediate outflow of 115k and another expense of around 250 K in 2-3 years, what would you do ?

1) build the bathroom now and ADU in 2-3 years
2) sell this house and buy another 5 bedroom house to meet all our needs
3) build bathroom and bedroom now so that cost per sqft is reduced
4) something else

Would love your thoughts on how to solve this dilemma!
Will your current neighborhood pricing support the investment in expanding your home?
Or, would you be pricing your home way above the values your neighborhood would support?
There is nothing "wrong" with owning a home from which you cannot get your investment returned, but it is wise to recognize that possibility before your embark on two projects.

What would I do?
I would shop the market for a few months to know what $375,000 + the value of my current house would buy me.
I may find something else that I love just as much, with spaces I need, and with consideration of comparative efforts, i.e., hassle of moving vs. living through renovations.
If I couldn't find something on the market that had good potential, and I really wanted the spaces you mention, and could afford to proceed, I would probably do both projects at the same time and hope to save on construction costs.
Reply With Quote Quick reply to this message
 
Old 05-19-2018, 06:15 AM
 
10,274 posts, read 6,515,435 times
Reputation: 10857
Quote:
Originally Posted by bluefeather1978 View Post
Cross posted—-

So, we bought this house 4 years ago. We love a lot of things about it, but we are one bedroom and one bathroom short (it’s a 3 bed, 2.25 bath house) we converted a lower living space into a bedroom and want to add a bathroom adjoining this room in the side yard. We are gettting quotes around 120 k to add a 220 sqft bathroom and closet. We will eventually need another bedroom and kitchen when our parents move in a few years down the lane and we’re thinking of building an ADU in 2-3 years to meet that need. Given that we have an immediate outflow of 115k and another expense of around 250 K in 2-3 years, what would you do ?

1) build the bathroom now and ADU in 2-3 years
2) sell this house and buy another 5 bedroom house to meet all our needs
3) build bathroom and bedroom now so that cost per sqft is reduced
4) something else

Would love your thoughts on how to solve this dilemma!
220 sq foot bathroom? It many be cheaper to find another bigger home if you have equity in this one instead of spending $120K now and $250K later. I'm guessing you live in an expensive area and the home is worth close to a million if you plan to spend so much.
Reply With Quote Quick reply to this message
 
Old 05-19-2018, 07:00 AM
 
Location: Cary, NC
31,636 posts, read 55,374,605 times
Reputation: 30188
Quote:
Originally Posted by LifeIsGood01 View Post
220 sq foot bathroom? It many be cheaper to find another bigger home if you have equity in this one instead of spending $120K now and $250K later. I'm guessing you live in an expensive area and the home is worth close to a million if you plan to spend so much.
"...bathroom AND closet...."
Doesn't sound like wild SF to me.
Reply With Quote Quick reply to this message
 
Old 05-19-2018, 07:27 AM
 
10,274 posts, read 6,515,435 times
Reputation: 10857
get a chamber pot and a Tupperware storage container and you are done.

and what's a .25 bath?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top