Is a room addition a good idea?

Hey all. I’m not sure if this a good place to ask but here it is. Our family is growing and we would like some more space. Our home was built in 2010, .29 acre lot, 2,400 sqft 4bd 2.5 bath. We purchased it for $460k two years ago and had a realtor tell us comps would come back around $675k – $700k. We have looked at buying a bigger home but with the market the way it is in Utah along with the area we want to stay in, it’s hard to find what we want under $1m. Interest rates are a turn off as well.

We have had four quotes for adding on to our home and the one we would go with is going to be around $175k after everything is all said and done. This would be a two story addition that adds two bedrooms and one bathroom upstairs and a dining room and living room downstairs for a total of 1,024sqft. We have cash available for the cost of the addition so we would not be financing anything for it.

Our question is mainly centered around doing the addition or not. I’d be okay breaking even if we sell in the future, I just don’t want to lose money on it. We like the neighborhood and our area. This isn’t a home we consider our “forever” home, which is adding to the indecision. Thoughts? Personal experiences?

submitted by /u/acgeek
[link] [comments]

Hey all. I’m not sure if this a good place to ask but here it is. Our family is growing and we would like some more space. Our home was built in 2010, .29 acre lot, 2,400 sqft 4bd 2.5 bath. We purchased it for $460k two years ago and had a realtor tell us comps would come back around $675k – $700k. We have looked at buying a bigger home but with the market the way it is in Utah along with the area we want to stay in, it’s hard to find what we want under $1m. Interest rates are a turn off as well. We have had four quotes for adding on to our home and the one we would go with is going to be around $175k after everything is all said and done. This would be a two story addition that adds two bedrooms and one bathroom upstairs and a dining room and living room downstairs for a total of 1,024sqft. We have cash available for the cost of the addition so we would not be financing anything for it. Our question is mainly centered around doing the addition or not. I’d be okay breaking even if we sell in the future, I just don’t want to lose money on it. We like the neighborhood and our area. This isn’t a home we consider our “forever” home, which is adding to the indecision. Thoughts? Personal experiences? submitted by /u/acgeek [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!