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mommy2Two
LIF Infant
Member since 3/07 218 total posts
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Getting Money Back on Additions
this is a spin off to my original post about cost of additions.
do you think you will recieve money back during resale if you expand your house
extra family room: cost approx. $20,000
do you think you would recieve this back in resale if you sold your house (in about 5 years from today)
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Posted 3/3/08 3:50 PM  |
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Prudential Douglas Elliman Real Estate
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Getting Money Back on Additions
yes, based on what I've heard on HGTV, adding square footage does increase your value. I personally hate though when somebody expands too much and basically leaves no backyard. There are many houses on LI like that.
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| Posted 3/3/08 3:57 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Getting Money Back on Additions
you should if you have enough room to have a backyard.
if you add a closet or two to the planning of the room, you definitely increase the value since it could also be turned into another bedroom.
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| Posted 3/3/08 4:07 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Getting Money Back on Additions
I think in 5 years, you would see an increase. Most additions (or remodels/updates/etc) usually give a 60% to 80% ROI. If you are adding the space just to sell it immediately, you'll probably lose money (80% return is less than the 100% you invested).
More space is usually more betterer.  (typo intentional)
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| Posted 3/3/08 4:08 PM |
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jewels
Stop and smell the flowers
Member since 7/06 1538 total posts
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Re: Getting Money Back on Additions
I think so but only if the house in not lacking some other obvious upgrade that could have been done instead. I only say this because we saw a house we really liked with a really nice family room add on. But they never put a bathroom on the 2nd floor (even though there is plumbing there). It just seemed like the wrong choice or too much of a remodel without other basics.
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| Posted 3/3/08 9:51 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Getting Money Back on Additions
You may or may not get a return depending on your local RE market.
For us, an addition would be $50K. Not worth it in our neighborhood. I can buy a bigger house for cheaper than it would cost me to do an add-on.
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| Posted 3/3/08 10:12 PM |
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mommy2Two
LIF Infant
Member since 3/07 218 total posts
Name:
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Re: Getting Money Back on Additions
Posted by smdl
You may or may not get a return depending on your local RE market.
For us, an addition would be $50K. Not worth it in our neighborhood. I can buy a bigger house for cheaper than it would cost me to do an add-on.
do you live i ny?
i am in li, western suffolk. my area is very middle class. it's hard to say exactly if it is worth it with same concern as you mentioned above. i've noticed other homes in my area that cost same amount with more sq feet but more work (old people who never upgraded). but i definitely understand what you mean by not worth it in our neighborhood kind of thing. one of my concerns is that i am not sure if i will be here forever.
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| Posted 3/4/08 11:55 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Getting Money Back on Additions
Posted by mommy2Two
Posted by smdl
You may or may not get a return depending on your local RE market.
For us, an addition would be $50K. Not worth it in our neighborhood. I can buy a bigger house for cheaper than it would cost me to do an add-on.
do you live i ny?
i am in li, western suffolk. my area is very middle class. it's hard to say exactly if it is worth it with same concern as you mentioned above. i've noticed other homes in my area that cost same amount with more sq feet but more work (old people who never upgraded). but i definitely understand what you mean by not worth it in our neighborhood kind of thing. one of my concerns is that i am not sure if i will be here forever.
I am in Eastern Nassau. We don't know how long we will be in our house either. We decided not to do the extension but renovate the house to increase market value (bathrooms, windows, siding, roof).
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| Posted 3/4/08 8:18 PM |
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