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My wife and I have had our first home in garden hills for around a year and its been great. Never thought my first home would be in a great area like this. Its a smaller cape (1130 sq feet, 1 bathroom) on a good size lot (10,000 sq ft). We would like a family soon but the size of this house will be a problem in years to come. I'm a think ahead kind of person and we discuss whether we will have to sell or have enough equity to do a major remodel with an addition or 2.
My question is to the folks who have done a project like this and what the cost was. I am hoping to have 60-80k in equity in 5-10 years in this house. What does this budget get you as far as living area and an additional bathroom? I've heard the rule of 100-150$ per square foot and that seems reasonable (600 sq feet x 150 = 90k).
We did some improvements when we bought the house and i'm at 35-40k right now. Refinancing to eliminate PMI and going to continue paying the original payment which will pay it down quite a bit more. We got the house for a steal.
My wife and I have had our first home in garden hills for around a year and its been great. Never thought my first home would be in a great area like this. Its a smaller cape (1130 sq feet, 1 bathroom) on a good size lot (10,000 sq ft). We would like a family soon but the size of this house will be a problem in years to come. I'm a think ahead kind of person and we discuss whether we will have to sell or have enough equity to do a major remodel with an addition or 2.
My question is to the folks who have done a project like this and what the cost was. I am hoping to have 60-80k in equity in 5-10 years in this house. What does this budget get you as far as living area and an additional bathroom? I've heard the rule of 100-150$ per square foot and that seems reasonable (600 sq feet x 150 = 90k).
Thanks for reading,
Rob
60-80-K sounds like a lot of equity in 5-10 yrs, but who knows it could happen again. That increase could be obtainable by the improvements you make and a bank will lend money on the new appraisal of an improved property. Find out what price homes are selling presently for with the increased footage you intend to add and with an additional bathroom! Garden Hills is a great place to live, but prices do go up more quickly north of Garden Hills Drive.
I understand the market is a crazy thing. We do joke all the time about living in the "ghetto of garden hills". The houses closer to glenn hills are certainly larger and go for 300+ however in my opinion they aren't much nicer than the capes and colonials near my house.
I'm basing my number on if this house stays at the appraisal figure we are using for the refinance. I'm also basing this on saving almost $200 dollars a month on PMI and continuing to pay that $200 on the note. I don't see whats complicated about that. Obviously this could all backfire and the market tanks as soon as we want to do this but who knows lol.
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