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Old 09-28-10, 03:16 PM
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I'm with Sarah--get estimates from everyone and compare your options. Look at potential new-to-you homes and flesh out which would be better for your family.

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Old 09-28-10, 06:38 PM
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Right--- I already kind of know what the addition would cost. We got a couple estimates last year when we did the kitchen. I also already kind of know what we could sell our house for right now, because we also tried to do that for just 6 months before I got pregnant 2 Aprils ago.

I also know how much the new-to-me houses would be. It's less than what we'd "have into" this house, and less than what we could get out of this house, post addition. Our area has the highest unemployment rate in the state and so our real estate prices are sagging bigtime. On the other hand, we bought low in the height of the market, so we got "lucky."

The way our house is set up, there's no way to make the other rooms bigger. All the bedrooms are on the second floor.

I'm just not sure how to "do the math." I mean, I can add and subtract, lol, but I'm not sure how to use those numbers to figure it all out.
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Old 09-28-10, 06:57 PM
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I would probably calculate as follows:

Purchase Price of new house
+Estimated closing costs
+Estimated moving costs
- Estimated sales price of current house
- 6% sales commission on current house
= Net Cost of Moving

Net cost of moving/# of years you plan to stay in house = moving cost per year

Cost paid for house
+ Cost of past improvements
+ Estimated cost of new improvements
= Total amount invested in house
- Current value of house
- Estimated value of improvements (you'll need to get comps of houses with 4 bedrooms. If all the houses in your neighborhood have 3 bedrooms, you're not likely to get much value out of the improvements, but you can calculate by finding out average $ per square feet and adding on value for the added square feet)
=Net cost of Adding On

Net Cost of Adding On/# of years you plan to stay in house = Cost of adding on per year
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Old 09-29-10, 09:26 AM
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Bottom line is >>>> do you see yourself living there 10 years from now? How is the school system and all other factors? If the answer is YES to those questions then you need to consider money more. Will adding on to the house make you fully happy with the home or will you still not like the small rooms you have? If that is a big factor then don't do it.

Basically you never want to have the top of the line house in the neighborhood unless you bought it and benefited from that scenerio. If you make improvements and you have more invested than you can get out of the house it is most likely not the right decision unless you never plan to move.
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Old 09-29-10, 08:10 PM
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If we move, it'll be in the same school district where we are now. The school system has an excellent rating on the state report cards, it's near my mother's house and the sitter, and it's a good halfway point between the ILs house in the sticks and my work in the "city." So are all the other homes we'd consider though.
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