Is there a risk that with the addition your home will be overbuilt for the neighborhood? With such extensive improvements it might be less expensive to buy a home that already has the features you need/want. The cost to renovate/add can be 2 or 3 times the cost of existing features. Even though the home is a recent acquisition a move may be cost effective, and easier on the family. All home decisions involve compromises on location/features/price. Families unwilling to compromise may be risking their financial future....We just bought a house at the end of 2023 for $695k. Remaining mortgage balance is $591k at 7.5%. I am estimating the addition/renovation will cost $500k but that’s likely on the high side and maybe by a considerable amount...
Statistics: Posted by 123 — Tue Feb 06, 2024 12:06 pm — Replies 7 — Views 356