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would it be cheaper to remodel and add or buy a house?

 
oldfashionSAHM

Asked by oldfashionSAHM at 8:50 PM on Jun. 25, 2010 in Money & Work

Level 16 (2,514 Credits)
This question is closed.
Answers (10)
  • A lot will depend on whether or not you can do some or most or all of the work yourself. It's not the materials that cost so much -- it's the labor!

    I bought my house and 10 acres for $22K. Handyman's special. Thankfully my dad is skilled when it comes to building homes and I have experience in drywall, so we did 90% of the work ourselves. We redid insulation and plumbing, added a bedroom, turned the garage into 2 more bedrooms and a family room, replaced all the windows and put on new siding and a new roof. We paid to have the electric redone and to have a bathroom remodel. All of this more than quadrupled the value of the house but cost less than $25K. We now have a 5 bedroom home for the grand total of $47K. You can't buy them for that price.
    michiganmom116

    Answer by michiganmom116 at 9:02 PM on Jun. 25, 2010

  • I've always heard that remodeling ends up being more expensive because it almost always turns out to be more money than you planned for. I would never remodel and add onto a house. Starting fresh would be so much easier.
    Ash9724

    Answer by Ash9724 at 8:51 PM on Jun. 25, 2010

  • you need to speak with a real estate agent and tell them what you plan to spend on remodeling, etc. and they will tell you if that is a good idea or not. you don't want to spend money on remodeling if it's not going to increase the price of your house enough to make most of it back.
    princessbeth79

    Answer by princessbeth79 at 8:54 PM on Jun. 25, 2010

  • Depends on how much the new house would be compared to how much adding on would be. You would also need to consider how much the new addition would add to the value of the house.
    AmazingAmanda

    Answer by AmazingAmanda at 8:55 PM on Jun. 25, 2010

  • I would just buy another house or just build one.
    mamaofficer

    Answer by mamaofficer at 8:57 PM on Jun. 25, 2010

  • we are not planning on ever moving if we add on and remodel. but we can either add on 2 bedrooms and a living room and turn ours now into a dining room. we are already on 3 acres of land.

    if we bought a house we would be looking at a 5 or 6 bedroom with at least 4 to 5 acres of land.
    oldfashionSAHM

    Comment by oldfashionSAHM (original poster) at 8:59 PM on Jun. 25, 2010

  • It's going to be cheaper to buy new than remodel. Remodeling will cost you in hard and soft costs. You will have to live around and in a construction zone - which is horrible - if you remodel. Trust me - buy a new house!
    Katt709

    Answer by Katt709 at 9:17 PM on Jun. 25, 2010

  • i think consulting a real estate agent is a good idea, they would have an idea as to how long it might take to sell your home, and what you might get for it.
    if we had more land, i would rather add on than move. once you live in your own home for a while you know just what it would need to make it perfect for your family.
    i have 5 kids, and i think a mudroom would be great for our family, but where i am i could get a 500,000 home and still have no mudroom!
    i think it depends on what you need, and what you have to sell.
    either way, it will be exciting and new!
    happy2bmom25

    Answer by happy2bmom25 at 9:26 PM on Jun. 25, 2010

  • Look up homes on the Internet, see what houses the size/area you are looking for are selling for. Then figure out what your remodel is going to cost, and your home would be worth (based on the square footage after the remodel), and compare the two. My only concern in remodeling would be that you could "over improve" your existing home and not be able to sell it for what you have put into it. (We are in that situation, we need a new garage, we'd never get the money back out of it).
    Scuba

    Answer by Scuba at 9:34 PM on Jun. 25, 2010

  • My brother just got a four unit house and they let him put remodeling/appliances in the loan. The program is no down payment and no closing cost PLUS lowest interest rate in America. See if they have an office within 60 miles from you. If so, go to a workshop.
    I went and I the program is UNBELIEVABLE!
    https://www.naca.com/members/purchaseStep.jsp
    If you go to the workshop I would love to hear what you thought about it!
    GDIMOM

    Answer by GDIMOM at 1:57 AM on Jun. 26, 2010