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thanks. You may be right. I have almost no money now to throw even at the down payment of the land.....maybe i should re-evaluate in a few years. my fear again was/is that the same piece of land that goes for 200k would be 400k in a few years....due to rising prices in general, and further development of the surrounding areas that would make any piece of land in my area more attractive...
If the land for building double in value surely your current home value would increase to offset that right?
our small den off of our living room is where the desk and computer is. our attic bedroom is our "guest room". my 3.5 yr old and 2 yr old have bunk beds in one br, my infant is in the other, and we're in the master.
Gues rooms are nice to have. but i really don't know many people that have them.
Do you have a finished basement? You really need to use a legal-bedroom as an office?
Yes. i'd need the office to be upstairs...even though the basement is finished and being used currently for the kids to play. we definitely need a guest bedroom as we have in laws that stay with us for one or two months a year.
Quote:
Originally Posted by Lowexpectations
If the land for building double in value surely your current home value would increase to offset that right?
I guess so, but maybe not at the same ratio. who knows.
Is there any feasible way to renovate your current home to add a fifth bedroom?
Now that i'm thinking about it, yes, it's possible. right above the garrage....But that still does nothing for the amount of land, and the 'new' factor. And i doubt if the value of the house will go up by 50k if i spend 50k making that 5th bedroom. (our house's value is at the top of how much it would/could go for. in other words, no matter what i do to the house (aside from gold-plating it), nobody will pay 1Million for it.)
Now that i'm thinking about it, yes, it's possible. right above the garrage....But that still does nothing for the amount of land, and the 'new' factor. And i doubt if the value of the house will go up by 50k if i spend 50k making that 5th bedroom. (our house's value is at the top of how much it would/could go for. in other words, no matter what i do to the house (aside from gold-plating it), nobody will pay 1Million for it.)
That only matters if you would then turn around and sell. If you plan to stay put for many years to come, the value of the room addition is irrelevant.
You can afford to do what you want, so, decide what you want. Is the extra cost of moving and building new worth it to you and your family? Only you can say.
Now that i'm thinking about it, yes, it's possible. right above the garrage....But that still does nothing for the amount of land, and the 'new' factor. And i doubt if the value of the house will go up by 50k if i spend 50k making that 5th bedroom. (our house's value is at the top of how much it would/could go for. in other words, no matter what i do to the house (aside from gold-plating it), nobody will pay 1Million for it.)
I'm not sure how you can say the house is at the top of the value that someone would pay. If you add more sqft it is likely someone would pay more. Also just because you spend 50k adding on and it add less value doesn't mean it's a loss or wasted, closing cost on selling a 600k are close to even with your 50k not to mention the second transaction you would have to go through.
That only matters if you would then turn around and sell. If you plan to stay put for many years to come, the value of the room addition is irrelevant.
You can afford to do what you want, so, decide what you want. Is the extra cost of moving and building new worth it to you and your family? Only you can say.
Good point.
Thank you.
Quote:
Originally Posted by Lowexpectations
I'm not sure how you can say the house is at the top of the value that someone would pay. If you add more sqft it is likely someone would pay more. Also just because you spend 50k adding on and it add less value doesn't mean it's a loss or wasted, closing cost on selling a 600k are close to even with your 50k not to mention the second transaction you would have to go through.
i can say that because the houses (even updated ones like ours) go for around 550k. adding another bedroom may increase the price but i doubt by much. again, who knows.
Also, although i get your point about the costs typically involved with selling and the 'second transaction', where is your 50k closing costs coming from?
ps. i will no doubt be selling without going through an agent to save the roughly 36k in commission fees. To me, that's insane!
i can say that because the houses (even updated ones like ours) go for around 550k. adding another bedroom may increase the price but i doubt by much. again, who knows.
Also, although i get your point about the costs typically involved with selling and the 'second transaction', where is your 50k closing costs coming from?
ps. i will no doubt be selling without going through an agent to save the roughly 36k in commission fees. To me, that's insane!
You would know what your range is in the neighborhood if you had a realtor friend as they could pull comps and see what 5 bedroom updated sales were going for. Real estate commission, transaction cost, title policy, origination fees and on and on. Buying and selling real estate cost something even if you try to cut out a realtor. Good luck in your housing conundrum
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