Is it worth it to add a 2nd floor?
I'm renovating a house with flat roof. The house is 1240 sf in South San Jose (Valdosta Rd, 95121). We plan to move in & live in a house for about 5, 7 years before getting a bigger place. Due to damage, leak, & the age of the roof, we will have to remove the roof & the ceiling to make repair. . I'm considering if I should add a 2nd floor. Here are a couple of options. Your input & advice are appreciated :-).
Option 1: Add 2nd floor. Due to the side of the house & the lot, we can only add a 367.5 sf, at the cost of about $100K.
Option 2: Change flat roof to slope roof. This will make the roof last longer, plus some arctic space for junk. Cost about 20K.
Option 3: Leave everything as is, and re-roof the flat roof. Cost about 5K to 8K.
We have cash for the project & can handle the monthly payment for the house. If you are us, which option would you pick? and why?
Thank you :-)