Hello Bogleheads, first off, thank you for your helpful guidance throughout the posts in this forum! I have leaned a lot!
I need an advice on a house addition project:
My house's current value is ~ 1.3M ($700 per sqft). I am thinking extending our living room to another 500 sqft. The current design build quote is $400 per sqft. It requires around three months for permits and 4–5 months for construction. I understand that the actual cost can be double and the actual time it takes can be even more. The construction is isolated until the time that they need to attach the extension to our living room which is the final stage. When I compare this scenario to moving to a different house with the same size (after addition) I hardly can justify that. This is because our current mortgage is less than 3% which is impossible in the current market.
I was wondering if you can share your opinion on this matter. Does this extension make sense assuming it can be done with no financing if it costs up to 150k?
I need an advice on a house addition project:
My house's current value is ~ 1.3M ($700 per sqft). I am thinking extending our living room to another 500 sqft. The current design build quote is $400 per sqft. It requires around three months for permits and 4–5 months for construction. I understand that the actual cost can be double and the actual time it takes can be even more. The construction is isolated until the time that they need to attach the extension to our living room which is the final stage. When I compare this scenario to moving to a different house with the same size (after addition) I hardly can justify that. This is because our current mortgage is less than 3% which is impossible in the current market.
I was wondering if you can share your opinion on this matter. Does this extension make sense assuming it can be done with no financing if it costs up to 150k?
Statistics: Posted by user435 — Tue Nov 26, 2024 11:58 pm — Replies 0 — Views 37