Baby Corner


 
Old 09-28-10, 03:16 PM
Dopey406's Avatar
is loving her husband and children!
Administrator
 
Join Date: Oct 2003
Location: Ohio
Posts: 24,935
Thanked 1,189 Times
Points: 882
Level: 10
Weekly Activity 86070%
Default

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.


 
Reply With Quote
 
Old 09-28-10, 06:38 PM
VIP Member
 
Join Date: Jul 2003
Location: Romper Room
Posts: 14,854
Thanked 1,117 Times
Points: 7
Level: 1
Weekly Activity 620%
Default

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.
Reply With Quote
 
Old 09-28-10, 06:57 PM
rudolphia's Avatar
is reading!
Rudi - VIP CL & mom of 2
 
Join Date: Mar 2005
Location: Chicago suburbs
Posts: 13,465
Thanked 681 Times
Points: 2
Level: 1
Weekly Activity 120%
Default

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
Reply With Quote
 
Old 09-29-10, 09:26 AM
savannah33's Avatar
is enjoying life!
Another Perfect Day
 
Join Date: Mar 2001
Location: Guyton GA
Posts: 83,549
Thanked 1,422 Times
Points: 17
Level: 1
Weekly Activity 1620%
Default

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.
Reply With Quote
 
Old 09-29-10, 08:10 PM
VIP Member
 
Join Date: Jul 2003
Location: Romper Room
Posts: 14,854
Thanked 1,117 Times
Points: 7
Level: 1
Weekly Activity 620%
Default

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.
Reply With Quote
Latest Articles
Pregnant Woman's Guide to The Zika Virus
Get the latest information about the zika virus during pregnancy including how to protect your unborn baby or infant, signs and symptoms, complications, and prevention.

Fetal Development Video
Video showing how a fetus developed during the 40 weeks of pregnancy. Fetal Development Video

Adventure Vacations with Your New Family Are Possible
If you spent time as a couple exploring vast areas of the world, that doesn't have to end just because you have a new baby. Here are 6 tips to make your vacations fun for the whole family. Plus, vacation ideas to help you get started.

The "Mozart" Effect: How Music Helps Your Baby's Development
Can your baby really be smarter if your listen to Mozart, or other classical music, during pregnancy?

What to Expect Postpartum: Your Period
The postpartum period brings many changes to a woman's body. Learn what to expect with your period including when it will return and warning signs to watch out for.

May 2017 Baby Photo Contest Winner
May 2017 Baby Photo Contest Winner
"Kiara"
Congratulations jaydipdave!

Calculators & Tools

All times are GMT -4. The time now is 09:40 AM.


Pregnancy | Fertility | Baby | Toddler | Free Baby Stuff! | Community | Baby Names

About Baby Corner | Advertising | Editorial | Contact Baby Corner | Terms of Use | Privacy Notice


Powered by vBulletin® Copyright © 2017, vBulletin Solutions, Inc.