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I know it is very hard to suggest based on a short online post, but a rough guess is also welcome.
Here's situation.
We live in unincorporated King County, WA. We own nice flat fenced hedged well done by now horse acre. House is 2430 sf rambler. By now, house is too small for our needs and is not designed for what we like it to be. We are missing formal dining, home theater, 2nd office, I need a shop, and pretty much, live in qrts.
House is valued at about $460K. Unfortunately, area is mostly mobile homes, with inclusions of scattered here and there properties from $300K into over $2mil. But those mobile homes sit on quite large parcels, acre, 2 acres, and such. It's historical Boeing mid level employes retirement area.
Our house is paid for.
About 7 months ago we decided to upgrade neighborhood and started looking for properties in $800K+ range. 5000 or sf, several acres. We value privacy and elbow room.
We simply can not find what we want. Something's always deterring and every time we come back home, we say - well, our house/property is the best. And it sort of is a nice property, if you do not look past the fence.
Now to forget, we are also stuck in immediate vicinity due to family nearby and employment commute.
At some point, I started entertaining idea of remodeling what we have. I can easily add another wing, with shop/garage, likely about 2000sf improvement. If not more. We could turn our current house into exactly what we want. This would have put us somewhere into $850K-$900K price range amidst area where everything is $130-$250K, with scattered $700K and up properties.
Or, we could build. Will cost us between $135 - $150 per sf plus additional costs, like septic, county fees, etc. Plus land. We are looking at around $750K plus around $100K land plus this and that. Again, due to us being pigeonholed into the area, finding the right land won't be easy also.
Thing is, county is moving in with expansion fast and furious. Everything around is booming, roads expanding, businesses moving in, developers developing. If not for the cheap mobile homes around, I'd have never moved.
Now we are finally getting to my question. Considering that in about 10 years, most of the trash in the area is likely to be gone, what do you reckon is better: remodel, which is most likely less overall than new construction, or build a new house? I am well aware that remodeling is more per sf, but overall will be definitely less than new construction. Plus, we do not have to do any major changes to our life, and stay happy where we like it, mostly, anyway. Hoping that area will pull up to higher standards, one way or another.
I know it is very hard to suggest based on a short online post, but a rough guess is also welcome.
Here's situation.
We live in unincorporated King County, WA. We own nice flat fenced hedged well done by now horse acre. House is 2430 sf rambler. By now, house is too small for our needs and is not designed for what we like it to be. We are missing formal dining, home theater, 2nd office, I need a shop, and pretty much, live in qrts.
House is valued at about $460K. Unfortunately, area is mostly mobile homes, with inclusions of scattered here and there properties from $300K into over $2mil. But those mobile homes sit on quite large parcels, acre, 2 acres, and such. It's historical Boeing mid level employes retirement area.
Our house is paid for.
About 7 months ago we decided to upgrade neighborhood and started looking for properties in $800K+ range. 5000 or sf, several acres. We value privacy and elbow room.
We simply can not find what we want. Something's always deterring and every time we come back home, we say - well, our house/property is the best. And it sort of is a nice property, if you do not look past the fence.
Now to forget, we are also stuck in immediate vicinity due to family nearby and employment commute.
At some point, I started entertaining idea of remodeling what we have. I can easily add another wing, with shop/garage, likely about 2000sf improvement. If not more. We could turn our current house into exactly what we want. This would have put us somewhere into $850K-$900K price range amidst area where everything is $130-$250K, with scattered $700K and up properties.
Or, we could build. Will cost us between $135 - $150 per sf plus additional costs, like septic, county fees, etc. Plus land. We are looking at around $750K plus around $100K land plus this and that. Again, due to us being pigeonholed into the area, finding the right land won't be easy also.
Thing is, county is moving in with expansion fast and furious. Everything around is booming, roads expanding, businesses moving in, developers developing. If not for the cheap mobile homes around, I'd have never moved.
Now we are finally getting to my question. Considering that in about 10 years, most of the trash in the area is likely to be gone, what do you reckon is better: remodel, which is most likely less overall than new construction, or build a new house? I am well aware that remodeling is more per sf, but overall will be definitely less than new construction. Plus, we do not have to do any major changes to our life, and stay happy where we like it, mostly, anyway. Hoping that area will pull up to higher standards, one way or another.
Add on to existing. Thats what I would do. The only scary part is the mobile homes and you're hoping the area will pull to higher standards. What if it doesn't
I am inclined to add to existing myself.
otherwise, there are all flaming signs in the skies that area is going better. Costco, Home Depot and LA Fitness moved in 2 miles away. Major arterial about 2 miles away is covered in new strip malls. Local Multicare expanded and is adding a formal hospital wing. Apartment complexes built in the town close.
I want to see, what is developed about a mile north of us. They just started clearing about 5 acre lot. If that were to be a new large family house, I'll stay. Clear sign to me that one way or another there will be more and more better homes incoming, raising overall nicer properties value.
Plus, I don't have to hassle with builder and move. Also, neighbor to the west is next to losing his property, he's past foreclosure court, and we will buy him out. Add 1.7 acre and keep it as investment. Or rent. But then we'd have had a nice 3 acre property that can be re-sold in 10-15 years, when we'll have to downsize due to age.
I am inclined to add to existing myself.
otherwise, there are all flaming signs in the skies that area is going better. Costco, Home Depot and LA Fitness moved in 2 miles away. Major arterial about 2 miles away is covered in new strip malls. Local Multicare expanded and is adding a formal hospital wing. Apartment complexes built in the town close.
I want to see, what is developed about a mile north of us. They just started clearing about 5 acre lot. If that were to be a new large family house, I'll stay. Clear sign to me that one way or another there will be more and more better homes incoming, raising overall nicer properties value.
Plus, I don't have to hassle with builder and move. Also, neighbor to the west is next to losing his property, he's past foreclosure court, and we will buy him out. Add 1.7 acre and keep it as investment. Or rent. But then we'd have had a nice 3 acre property that can be re-sold in 10-15 years, when we'll have to downsize due to age.
If you're not a property value hound and you plan on living there for 15 years I guess go for it. Just make sure the contractor is not a fly by night outfit. Are you borrowing or self finance? Is big land/property the norm in your area?
Large parcels overall. Plenty of acre and up. Ours is acre, neighbor to the west is 1.7, to the east 4 mobile homes sitting on 0.75 to over an acre, south east of us $500K property with cow pasture. $2.06 mil and $1.7 mil properties 3/4 mile east of us. Like I said, it's mixed pot.
I am likely to finance and kill loan fast and furious. I like cash reserve on hand. I have a buddy who spent lifetime in construction, I'll seek his advice on who to use. He knows EVERYONE of value in the area.
Large parcels overall. Plenty of acre and up. Ours is acre, neighbor to the west is 1.7, to the east 4 mobile homes sitting on 0.75 to over an acre, south east of us $500K property with cow pasture. $2.06 mil and $1.7 mil properties 3/4 mile east of us. Like I said, it's mixed pot.
I am likely to finance and kill loan fast and furious. I like cash reserve on hand. I have a buddy who spent lifetime in construction, I'll seek his advice on who to use. He knows EVERYONE of value in the area.
That's good. I was thinking you may be overbuilding for the area. But that doesn't seem to be the case.
A local guy here built a huge mansion where everything in the area is SFR 1400 sq ft average and tried selling it and lost his shorts on it.
Good luck. I can tell you it will be a love hate relationship. Word of advice no matter how mad you get never yell at your wife. She's on your side.
Mobile homes are 'mobile' and when it comes to added area amenities and property value increases, mobile homes will be viewed as temporary place-holders. The very fact that the mobile homes in your area reside on large parcels of land, plus local zoning restrictions, will tend to support this concept.
The only time you need to worry about mobile homes is when an area attracts large, commercial mobile-home parks. Unless that is the case, it sounds like you are sitting in the middle of a 'boom area' that will only increase in value.
Re: your question, I would strongly consider adding-on ... and even trying to pick-up an adjacent piece of property ... before improvements start to drive prices up. With property value increases, you might even be able to pay for your home improvements -- by re-selling the second lot later ... at a profit.
Jumbo renovation loans are available, have you looked into them?
I think the max renovation is $250,000 over sales price.
PM me if you would like more info on this.
I also see the million dollar homes with singlewides in the area, have they changed the zoning on them to make sure they cant replace the old with a new SW?
From what you've stated here, I'd remodel if I were you. You like where you are, you're comfortable, the area is blossoming, the addition will make your home just what you want, and you've looked elsewhere an found other places to be lacking. You've thought this out and are setting yourself up for a wonderful future. Best wishes.
Mobile homes are 'mobile' and when it comes to added area amenities and property value increases, mobile homes will be viewed as temporary place-holders. The very fact that the mobile homes in your area reside on large parcels of land, plus local zoning restrictions, will tend to support this concept.
The only time you need to worry about mobile homes is when an area attracts large, commercial mobile-home parks. Unless that is the case, it sounds like you are sitting in the middle of a 'boom area' that will only increase in value.
Re: your question, I would strongly consider adding-on ... and even trying to pick-up an adjacent piece of property ... before improvements start to drive prices up. With property value increases, you might even be able to pay for your home improvements -- by re-selling the second lot later ... at a profit.
Nice. very nice. Thank you. That's exactly my feeling about the area too. The way it is, county ran out of land to build on and the wave is moving down south our way. This was very helpful.
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