We've been in our current house for nearly 9 years and we're located in a desirable Midwest city. When we first moved in, my wife was pregnant with our first child, and shortly after we welcomed our second kid. Our home was built in the 1920s, and while we've updated some appliances and replaced the main floor carpet with hardwood, we haven't done much else. In 2019, we initially wanted to move but faced a crazy housing market where we got outbid repeatedly. Our location is amazing, as we're on the edge of the city but feel suburban, with great views and access to amenities. Now, we're considering expanding our garage to a heated 3-car with a play area upstairs, which would cost about $170K. We also want to add more square footage to our home, create a master bedroom with an en suite bath, and remodel the kitchen, with estimates around $600K. We love our location but occasionally feel frustrated with the house. Given the costs involved, is it insane to spend an amount nearly equal to our original home value on an addition?
1 Answer
Honestly, it's usually better to buy a house that already fits what you want rather than just adding on. Sure, it might be tempting to stay where you're at, but a $170K addition is still a hefty price. Plus, it's tough to add on in a way that truly works with your home’s style; sometimes, those renovations end up looking like they belong in a different world altogether. Look at your neighborhood too; you don’t want to overspend for the area!
Yeah, our land isn't particularly special, but we're right next to a lake and a park, which is great. The market here is pretty strong, and houses are selling fast, but it’s still a gamble!