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Fort Lauderdale area Broward County
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Old 02-27-2013, 07:13 PM
 
2 posts, read 1,508 times
Reputation: 10

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I've been given the ok from the wife to build a ht add on to my home. I plan to build in the back yard.

We have no equity because of the housing bubble.
We both have excellent credit and a healthy income.

My question is how should I finance it?

I've been looking at a secured line of credit or a secured loan. What other options are there?

I also have the slightest idea what this project will cost. I'd like to do about 200-250. Sq with a small restroom and office included. Has anyone done anything similar? Thanks for any help
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Old 02-28-2013, 09:46 AM
 
Location: Vero Beach, Fl
2,965 posts, read 12,914,023 times
Reputation: 2226
I have done two additions to previous homes. One was attached to the main dwelling; the other not. We did not recoup our expenses.

Start doing your research by

1. Go to reputable contractors/builders, getting written estimates
2. What will it cost to get electrical hookup plus meter
3. Plumbing
4. What affect will it have on your home owners insurance and property taxes
5. Determine what the return will be on this.
- Make sure that this can be a multi functional space that. can be easily converted to mother-in-law suite, an
office, garage, etc.
6. Determine interior cost, tile, carpet, furntiure, a/c, etc.
7. What type of roof will you have?
8. Windows - hurricane impact or regular

Oops, got carried away and didn't address your main question.
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Old 02-28-2013, 12:18 PM
 
2 posts, read 1,508 times
Reputation: 10
Thanks this will really help me. I plan to have a half bathroom and a small office in the room. I have a llc so I plan to write the office off on taxes if I can.
I will most like use the builder as my contractor because they are trustworthy.
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