| Posted By |
Message |
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Remodeling Advice Needed
We have a 3 br tiny colonial in a nice neighborhood. We would like to have more space and are considering remodeling the basement (which is currently a cellar). Here is the issue: the basement has low ceilings (approx. 6-6.5 feet before finishing) and we will have to consider digging out in order to finish it.
Also, as I mentioned, the house is small. If we were to stay here for the longrun, we would have to add an extension (1st and 2nd floor) in order to accommodate the family we plan on having.
I am torn; do we finish the basement (probably at least a 30K job because of structural work), stay a few years and consider an extension (another very considerable expense) or do we wait another year and try to buy something bigger? As I mentioned I love our neighborhood so we would want to stay local, but if we sell we will be lucky to get what we paid (we bought in April 2006).
I know this is rambling, but I appreciate any advice. TIA!
|
Posted 8/21/08 9:25 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
|
Re: Remodeling Advice Needed
I would do the basement, then re-look at the extension part in a couple of years when it is need and take a look at the housing market. A finished basement would add a lot of value to your house. And since you bought in around the peak time in the housing market in 2006, you paid more then it's worth now I'm sure. You could always hire an appraiser to give you and estimate on your home now and ask them if it would pay off to finish the basement and maybe sell in the next 5 years. I hope that helps! GL! 
|
| Posted 8/22/08 10:38 AM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Remodeling Advice Needed
Do you need the space ASAP?
if not, I would wait another year or two.
You will probably be able to sell for a profit at that time or you will be able to do your extension. it doesnt sound like $30K for the basement will do much now - you are better off using it towards the extension or moving.
|
| Posted 8/22/08 10:45 AM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Remodeling Advice Needed
6-6.5 ft ceiling is very unusable by most people.
For $30K you are almost talking about a small addition.
I would not do the basement.
|
| Posted 8/22/08 11:03 AM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by smdl
6-6.5 ft ceiling is very unusable by most people.
For $30K you are almost talking about a small addition.
I would not do the basement.
I also have columns that need to be removed, and the main beam needs to be replaced in order to make the space liveable. The 6-6.5 ft. is before adding a ceiling - which would make the height even lower - my DH is 6' already. This is why we need the extra work done and why the decision is so difficult for me to make!
|
| Posted 8/22/08 4:13 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by Meaghan729
Do you need the space ASAP?
if not, I would wait another year or two.
You will probably be able to sell for a profit at that time or you will be able to do your extension. it doesnt sound like $30K for the basement will do much now - you are better off using it towards the extension or moving.
We don't need the space right now, but will in the upcoming year or two. If we do the basement it would be the full length of the house - definitely something we could use.
I'm so torn between selling or really adding to the house- I'm not sure it's worth it to put the money into the basement to then in turn sell in a few years, but then again we will outgrow our house quickly without it finished when we have kids.
|
| Posted 8/22/08 4:19 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by JldDolphin
I would do the basement, then re-look at the extension part in a couple of years when it is need and take a look at the housing market. A finished basement would add a lot of value to your house. And since you bought in around the peak time in the housing market in 2006, you paid more then it's worth now I'm sure. You could always hire an appraiser to give you and estimate on your home now and ask them if it would pay off to finish the basement and maybe sell in the next 5 years. I hope that helps! GL!
We'd be lucky to get what we paid if we sold now, and considering we upgraded windows, floors, and heating system, I'm reluctant to sell and lose money on the house. Part of me says do the basement and sell in 5 years, the other part says don't invest any more money and see what you can get when a more ideal home pops up.
|
| Posted 8/22/08 4:22 PM |
| |
|
longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
|
Re: Remodeling Advice Needed
I would not do the basement. I would put on an addition or sell in a couple of years.
all the best.
|
| Posted 8/22/08 4:28 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Remodeling Advice Needed
You will never be able to sell the basement as living space. The ceiling is too low.
Most people would have to put their head down to walk there.
You will recoup your money on an addition or sell for something bigger.
Not for unusable space.
|
| Posted 8/22/08 4:49 PM |
| |
|
KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
|
Re: Remodeling Advice Needed
Don't bother with the basement unless you're planning to stay quite awhile to enjoy it. The 2007 Cost vs. Value report indicates a 75% return on investment nationwide, and only a 60% return in the mid-atlantic region which included NY. You'd be spending a lot of money and wouldn't like improve the value of your house enough short term to warrant the cost.
|
| Posted 8/22/08 5:03 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by smdl
You will never be able to sell the basement as living space. The ceiling is too low.
Most people would have to put their head down to walk there.
You will recoup your money on an addition or sell for something bigger.
Not for unusable space.
If we redid it we would dig out to achieve a 7foot ceiling.
I know an addition or selling is probably the better options - I'm just not sure if I'm ready to move or live in the midst of construction yet. Thanks for your advice.
|
| Posted 8/22/08 5:09 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by KLSbear
Don't bother with the basement unless you're planning to stay quite awhile to enjoy it. The 2007 Cost vs. Value report indicates a 75% return on investment nationwide, and only a 60% return in the mid-atlantic region which included NY. You'd be spending a lot of money and wouldn't like improve the value of your house enough short term to warrant the cost.
Thanks for this information!
|
| Posted 8/22/08 5:10 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Remodeling Advice Needed
Posted by MrsMadness
Posted by smdl
You will never be able to sell the basement as living space. The ceiling is too low.
Most people would have to put their head down to walk there.
You will recoup your money on an addition or sell for something bigger.
Not for unusable space.
If we redid it we would dig out to achieve a 7foot ceiling.
I know an addition or selling is probably the better options - I'm just not sure if I'm ready to move or live in the midst of construction yet. Thanks for your advice.
Is $30K including the digging? That does not seem like much to dig and finish a basement.
|
| Posted 8/22/08 5:37 PM |
| |
|
LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
|
Re: Remodeling Advice Needed
Posted by smdl
Posted by MrsMadness
Posted by smdl
You will never be able to sell the basement as living space. The ceiling is too low.
Most people would have to put their head down to walk there.
You will recoup your money on an addition or sell for something bigger.
Not for unusable space.
If we redid it we would dig out to achieve a 7foot ceiling.
I know an addition or selling is probably the better options - I'm just not sure if I'm ready to move or live in the midst of construction yet. Thanks for your advice.
Is $30K including the digging? That does not seem like much to dig and finish a basement.
Yes - but no bathroom would be included in that price
|
| Posted 8/22/08 6:01 PM |
| |
|
