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buy or do an addition

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Matisse

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Hubby and I finally decided to try for baby number 3. We need a bigger house. We've talked about just doing an addition in a few years, but I got thinking this morning that if I have to pay PMI to refinance my current house, why wouldn't I just take the loss on this house and move? I know we could get what we have left on our mortgage for this house. In all, we'd be down probably close to 100k, but we could easily come up with 3.5 for another house, and I cannot believe what you can get for so little. I think we'd more than make up for our loss. We didn't pay PMI when we bought this house, so while we have no equity in our current house, at least we aren't underwater.

I need to make a decision soon, putting it off for 3 years isn't possible. We need to redo a bathroom, but if we are just going to sell, there is no way we are going to gut it. We'd just leave it alone and let the next people deal with it. It is the only thing we haven't updated in this house...... I've hated this bathroom since the day we moved in, but it is a giant project! All I know is that I have some money saved up to redo it, and I want a new bathroom and a bigger house.

The question is, what is the smartest thing to do financially: addition or move?
 
Move................great market...............you'll kick yourself later for not taking advantage of it. We just moved in December. We're upside down on our old house so we're renting it to a great tenant.

We got our 3 brm, 3 bath, finished basement which includes a full kitchen and bath, attached 2 car garage, brick ranch with a new roof and new AC for $129k.
 
mrsmom said:
Move................great market...............you'll kick yourself later for not taking advantage of it. We just moved in December. We're upside down on our old house so we're renting it to a great tenant.

We got our 3 brm, 3 bath, finished basement which includes a full kitchen and bath, attached 2 car garage, brick ranch with a new roof and new AC for $129k.
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I really have to move out of NY. :surrender:I could be living like a queen somewhere.
 
I have heard about additions costing way more than budgeted. Depending on how you do it or what you are going to do, there will be extra costs. Maybe you'll have to live in a hotel for awhile or maybe you'll have to eat out a lot. None of that is covered by a loan.

Moving can be a pain as well, but at least you know what you are getting into. I say go for the new house!
 
I'm contemplating the same thing... take a big loss (and we'd owe money at closing) but with hopes that the new place is in a better location (schools, commute, etc.) I can't make up my mind. Too many variables and I always seem to make the wrong decision.
 
One of our neighbors is taking a loss on their current home so they can buy a larger home (also expecting #3.)

Just too good of a buyers market NOT a sellers though so it works both ways.
 
We looked into doing an addition when we were having our 2nd. It was just much easier to buy the size you want then to go through all the hassle of an addition. We have never regretted it. I recommend to buy and not do the addition.
 
boyzrus said:
I have heard about additions costing way more than budgeted. Depending on how you do it or what you are going to do, there will be extra costs. Maybe you'll have to live in a hotel for awhile or maybe you'll have to eat out a lot. None of that is covered by a loan.

Moving can be a pain as well, but at least you know what you are getting into. I say go for the new house!
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When I worked in a hotel there was a family living there for 6weeks while their addition got built. One thing led to another and 6weeks turned into 4months. They celebrated christmas at the hotel:-( I agree with everyone else, just buy new
 
jschwemi said:
When I worked in a hotel there was a family living there for 6weeks while their addition got built. One thing led to another and 6weeks turned into 4months. They celebrated christmas at the hotel:-( I agree with everyone else, just buy new
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We lived in a hotel for 4 weeks before our new house was ready. It was a PITA! We didn't have kids yet, but we had to move the big dog to the inlaws cuz he couldn't be cooped up all day. We had a lil kitchen but the stove was crap so we ate out all the time. The 4 weeks there was as much as our mortgage. Luckily we got out 1 week before Christmas! I don't suggest a hotel if you have kids!

I say buy a new house - re-modeling always takes longer than expected. My BIL & SIL are planning a re-model now. They will have to get out for like 7 months. No idea where they are going to go!
 
My brother did a build and stayed here on weekends. He owes me. He has a giant house--with two bedrooms that no one uses. He travels to Cali for work, so he isn't even there every other week. He has a gfriend and her son living there, but he owes me.

My parents would also take us in too. My mom would love having her grandkids around! So, we wouldn't have to live in a hotel, and yes, I plan on having to be out of the house for at least 6 months. We have a nicely finished basement, so we might be able to get away with eating elsewhere and sleeping here too for part of the time.

It would be a pain, but new houses mean new headaches. I know this houses problems! I also like the idea of being able to design my own space. Even if we bought a new home, I know me, I'd redo everything. We could take our current appliances with us, but I really would like a double oven ;-)

I know, I know, it's always easier to just go buy a house, but I also like the idea of doing a project that takes time, so that way we have more time for money to come in. The thought of taking out a giant loan on a new mortgage kind of scares me.
 
I have the name of a great guy that does additions if you decide to go that way. They live in Wheaton are familiar with all the codes etc. He has done numerous houses--and has always come in on his budget. I know one house he did and it ended up being 1,000 more but that was because the owners changed their minds on what they wanted at the last minute.
We were going to do an addition on ours but couldn't afford it--these guys are brothers and they were so reasonable and nice to work with (with giving estimates etc)
I guess you could look around, see if you like anything--would you need to change schools, did you want the same area--also watch for taxes---because depending on the area the prices can jump from what they say they are in MLS> When my brother did his addition, he filed for something that had him exempt from taxes for a while--so you might also want to consider that idea.
Prices are great right now--so it is a tough choice--Good luck (We live in a 3 bedroom ranch one bath with five kids--so if you decide to wait--it can be done:)
 
kmjlovesjesus said:
I have the name of a great guy that does additions if you decide to go that way. They live in Wheaton are familiar with all the codes etc. He has done numerous houses--and has always come in on his budget. I know one house he did and it ended up being 1,000 more but that was because the owners changed their minds on what they wanted at the last minute.
We were going to do an addition on ours but couldn't afford it--these guys are brothers and they were so reasonable and nice to work with (with giving estimates etc)
I guess you could look around, see if you like anything--would you need to change schools, did you want the same area--also watch for taxes---because depending on the area the prices can jump from what they say they are in MLS> When my brother did his addition, he filed for something that had him exempt from taxes for a while--so you might also want to consider that idea.
Prices are great right now--so it is a tough choice--Good luck (We live in a 3 bedroom ranch one bath with five kids--so if you decide to wait--it can be done:)
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sounds like us kmj, we are the same 3 bed, one bath ranch and 4 kiddos:-) Only 850sq feet here! It can be done!
 
kmjlovesjesus said:
I have the name of a great guy that does additions if you decide to go that way. They live in Wheaton are familiar with all the codes etc. He has done numerous houses--and has always come in on his budget. I know one house he did and it ended up being 1,000 more but that was because the owners changed their minds on what they wanted at the last minute.
We were going to do an addition on ours but couldn't afford it--these guys are brothers and they were so reasonable and nice to work with (with giving estimates etc)
I guess you could look around, see if you like anything--would you need to change schools, did you want the same area--also watch for taxes---because depending on the area the prices can jump from what they say they are in MLS> When my brother did his addition, he filed for something that had him exempt from taxes for a while--so you might also want to consider that idea.
Prices are great right now--so it is a tough choice--Good luck (We live in a 3 bedroom ranch one bath with five kids--so if you decide to wait--it can be done:)
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I'm in Wheaton. PM me his information PLEASE!

I just keep thinking, if we do an addition, everything will be NEW. New roof, new everything. So for a little bit of pain in the ****, you get a new house with no headaches. It's so tempting to me.
 
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