Home Remodel/Addition Advice

[BengalHawk62]

(03-25-2016, 01:36 PM)Benton Wrote: To the bold, you've got some options. If you've got equity in the house, you might be able to secure a home equity loan. Or talk to the bank and see if you can refinance. If you've got any equity in the home, plus the expected increase in value due to the renovations, you might be able to get it refinanced.

One thing to watch there is you may not get as good of a rate. Or you might get a better one.

You might also read up on FHA 203(k) loans. I think even though you already own the home, if you meet the other standards, you might qualify for one of those.

Either way, the easiest way is just sit down with a banker you trust. Have any paperwork you've got on your existing home loan, and any increases in assessed value. Also have the estimates given by the contractors. Usually a bank can tell you within a day or two what options you'll have.

As far as the cost, kind of hard to do that on a message board. But, in general, you're doubling your size, so expect to about double what you paid for the house. It's normally cheaper to built up than out, as it saves concrete costs, roofing costs, etc. And you wouldn't change the footprint so you wouldn't have to do as much landscaping work. What you're describing, though, sounds like roughly $70-$100,000. The garage alone (if just bare studs but with service) will be $25-30,000. Exterior materials make a big difference in the cost, as well as what type of roof it has.

(03-25-2016, 01:56 PM)bfine32 Wrote: Did you leave a 1 out? if not your current house would be the addition.

WTS, Make sure you are planning on growing roots or it may be more beneficial just to sell and upgrade.

No, its that small.  That's why we are adding an addition.   And we're trying to sell, but not having any luck so we've been thinking we love our location, why not build to our satisfaction and stay?  The house was perfect for me and the dog.  But now that I got married, its just a little too cozy in there for both me and the wife. 

As far as a loan goes, I would love to get the equity out of my house into a loan and then add any additional funds in the construction loan.  Then after its all done, combine everything into one new new mortgage.  That's how I have it figured in my head anyways. 
IF we could get the addition/remodel done for $70k and the new garage for $25k, I'd be super happy!  Its not like we are looking for any high end materials.  Just basic drywall walls, windows, carpet, etc.  But what I'm afraid the real expense is going to be into updating the furnace/central air unit.