I'm thinking about adding a second floor to my parents' single-family home in Queens, NY. They have a ranch-style house from the 1960s, and since many of the homes in the area have been modified to include second stories, I don't anticipate zoning issues with the Department of Buildings. My parents' mortgage is paid off, and they're planning to retire soon. They offered me the chance to live with them but build the second floor for my privacy. The house is 1,175 sq ft on a 3,500 sq ft lot, and they have a good-sized backyard. I like the location and would prefer this arrangement over moving to Long Island. Recently, the house was passed down to me through my family's will. I'm curious about the pros and cons of this project in the current market. I earn about $220k working in Manhattan and have around $150k in savings. I would appreciate any insights or advice on this.
2 Answers
It's great that you're considering staying close to your parents while creating your own space! If you see yourself living there long-term, I recommend getting some quotes from contractors. Just a heads up, don't be surprised if the costs come in at over $150k for the project. When designing the second floor, think about how it can blend with the first floor. You could structure it to accommodate both your needs and potentially rent it out later on if that’s your plan. Also, consider how to make the first floor accessible for your parents as they age.
You're probably looking at a $250k+ project, so be prepared financially. It's a big investment, but it can add significant value to the home. Think about your return on investment (ROI) down the line, especially if you plan to rent out part of the house after your parents are gone. Do some research on potential increases in property value after renovations to help you weigh your options.
Thanks for the advice! I'm definitely looking at making it a long-term change. What do you think about keeping it a single-family setup? Would it help with property taxes?