Updated about 3 years ago on . Most recent reply
Denver- Home Addition or NOT
BP Community,
I’m in a pickle and need advice. My family purchased a home for $730k back in 2019 (2,400 sqft) 4/3 fully remodeled farmhouse with 1 car garage (we finished laundry home and added huge backyard patio, fireplace, etc). Home is worth $970k today and 10,000 sqft lot. Needs new roof, HVAC, insulation and redo front porch due to water damage before sale. Buyer’s market btw
We have permitted plans to build a 2.5 car garage (detached- 24 x 24), add 350 sqft living room and redo the main level (walk in closet, pantry, double vanity master bath) & to convert the 1 car garage to 5th bedroom (3 bedrooms on main). Project cost 300k and will give us 2,900 sqft 5/3. SP of homes ranges anywhere from $350-$500 ppsf
We are not sure how long we plan to live in this house. I don't think the ROI is there for the FULL 300k project plus 6-8 months construction. Homes in my neighborhood skyrocketed and a 2-car garage is rare on my street and many homes are 4/3. Pandemic prices of similar homes are 1.25- 1.4 mil similar sqft with 2 car and 5 bedrooms fully remodeled.
So, should I go ahead with the full 300k project (6-8 months, need to move out, etc)? Or only budget 100k on added 2.5 garage and convert existing to 5th bedroom (1-2 months), HVAC, roof replace a few windows and plan to resell 1.2 mil? Or just do nothing. I don’t want to waste the 30k we already spent on construction plans b/c many homeowners won’t go through with project and $1 mil is already top of entry level budget to get into neighborhood. Any thoughts?