Home Remodel/Addition Advice

[BengalHawk62]

We are thinking of adding a large addition onto the house here this summer.  We've drawn up a couple different sketches with all of our ideas and have a couple contractors coming out to take a look at this to see if its even economically feasible.  What's the next step?  If the contractors come back saying ya, they can do this project within our budget, how do we get the funds to purchase this project?  We will have to take out a loan of some kind, but how does that loan work?   
Any advise on how to keep the overall cost of the project down would be appreciated.  The current house now is a little over 700 square feet and the new addition we have in mind is somewhere between 800-1100 square feet, no basement.  We want to add a big living room, a master bedroom and a big bathroom.  Also including a few modifications to the old house.  In the kitchen, just adding a bigger window and a dishwasher.  And taking the tub/shower out of the small bathroom we use now and adding a stand up shower.  Removing the current front door and replacing it with a big window.  (we'll be adding a new front door in the addition.)  Oh, and building a 24x30 garage in the backyard. 


For you folks in the know about line of work, what would your ballpark guesstimate be for this project? 

[Benton]

(03-25-2016, 01:01 PM)BengalHawk62 Wrote: We are thinking of adding a large addition onto the house here this summer.  We've drawn up a couple different sketches with all of our ideas and have a couple contractors coming out to take a look at this to see if its even economically feasible.  What's the next step?  If the contractors come back saying ya, they can do this project within our budget, how do we get the funds to purchase this project?  We will have to take out a loan of some kind, but how does that loan work?   
Any advise on how to keep the overall cost of the project down would be appreciated.  The current house now is a little over 700 square feet and the new addition we have in mind is somewhere between 800-1100 square feet, no basement.  We want to add a big living room, a master bedroom and a big bathroom.  Also including a few modifications to the old house.  In the kitchen, just adding a bigger window and a dishwasher.  And taking the tub/shower out of the small bathroom we use now and adding a stand up shower.  Removing the current front door and replacing it with a big window.  (we'll be adding a new front door in the addition.)  Oh, and building a 24x30 garage in the backyard. 


For you folks in the know about line of work, what would your ballpark guesstimate be for this project? 

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.

[*bfine32*]

(03-25-2016, 01:01 PM)BengalHawk62 Wrote: We are thinking of adding a large addition onto the house here this summer.  We've drawn up a couple different sketches with all of our ideas and have a couple contractors coming out to take a look at this to see if its even economically feasible.  What's the next step?  If the contractors come back saying ya, they can do this project within our budget, how do we get the funds to purchase this project?  We will have to take out a loan of some kind, but how does that loan work?   
Any advise on how to keep the overall cost of the project down would be appreciated.  The current house now is a little over 700 square feet and the new addition we have in mind is somewhere between 800-1100 square feet, no basement.  We want to add a big living room, a master bedroom and a big bathroom.  Also including a few modifications to the old house.  In the kitchen, just adding a bigger window and a dishwasher.  And taking the tub/shower out of the small bathroom we use now and adding a stand up shower.  Removing the current front door and replacing it with a big window.  (we'll be adding a new front door in the addition.)  Oh, and building a 24x30 garage in the backyard. 


For you folks in the know about line of work, what would your ballpark guesstimate be for this project? 

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.

[fredtoast]

-If you double the size of your home then your current heat/cooling system may have to be upgraded also.  

-Your entire roof may have to be replaced so that the new section will match the original.

=If you are going to get as loan do it before any work at all is done.  Banks will not lend money if it is possible that there is a superior lien for materials or work already done.

-Are you planning on living in the home while the work is being done?  That might be a problem with a job that big.  

[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. 

[*bfine32*]

(03-25-2016, 02:22 PM)BengalHawk62 Wrote: 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. 

Of course there is another option.

How attached are you to the wife?

[BengalHawk62]

(03-25-2016, 02:16 PM)fredtoast Wrote: -If you double the size of your home then your current heat/cooling system may have to be upgraded also.  

-Your entire roof may have to be replaced so that the new section will match the original.

=If you are going to get as loan do it before any work at all is done.  Banks will not lend money if it is possible that there is a superior lien for materials or work already done.

-Are you planning on living in the home while the work is being done?  That might be a problem with a job that big.  

1.  Yes, the roof will have to be replaced to match the new addition.  
 
2. Go to the bank is the first step after meeting with a contractor?  I need to know how much money to ask for right?

3. yes, we are planning on staying in the house while all this is going on.  when they are done with the addition, we can move into the new part and they can start in on the remodel.  That's what I'm hoping for anyways.....maybe that should be a question for the contractors? 

[*Wyche'sWarrior*]

(03-25-2016, 02:22 PM)BengalHawk62 Wrote: 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. 

How big of a unit do you currently have? About a 1.5 ton?  Our house is 2400 sf of living space, with an attached 600 sf garage (that a previous owner supplied duct work to), and I just bought a 3 ton unit for just under 2 grand, heat pump and air handler together.  It's not as expensive as you think, ESPECIALLY if you know someone in HVAC to do the install.

[fredtoast]

(03-25-2016, 02:28 PM)BengalHawk62 Wrote: 3. yes, we are planning on staying in the house while all this is going on.  when they are done with the addition, we can move into the new part and they can start in on the remodel.  That's what I'm hoping for anyways.....maybe that should be a question for the contractors? 

There will probably be times when your power and/or water is cut off.

[*bfine32*]

(03-25-2016, 02:31 PM)WychesWarrior Wrote: How big of a unit do you currently have?

That's kinda personal.

[*Wyche'sWarrior*]

(03-25-2016, 02:28 PM)BengalHawk62 Wrote: 1.  Yes, the roof will have to be replaced to match the new addition.  
 
2. Go to the bank is the first step after meeting with a contractor?  I need to know how much money to ask for right?

3. yes, we are planning on staying in the house while all this is going on.  when they are done with the addition, we can move into the new part and they can start in on the remodel.  That's what I'm hoping for anyways.....maybe that should be a question for the contractors? 

Definitely.......too bad you don't live in my area, I could hook you up with contractors, and get you a sweet deal on your concrete.

[*Wyche'sWarrior*]

(03-25-2016, 02:33 PM)bfine32 Wrote: That's kinda personal.

I like to know what I'm up against.

[*Wyche'sWarrior*]

(03-25-2016, 02:33 PM)fredtoast Wrote: There will probably be times when your power and/or water is cut off.

Borrow/rent a camper FTW.....contractor just needs to maintain schedule, and coordinate it all properly so you're not using it more than you need.....if those services are down for a few days.  They may be able to cut it off while they're at work, finish/cap off at the end of the day and restore the utilities for the evening.

[fredtoast]

A couple of years ago when I was looking at roofing i was surprised to find out how cheap metal roofs are. they used to be much more expensive than shingles, but now they are cheaper. They don't look right on every kind of home, but they are tougher than shingles and last longer.

[*Wyche'sWarrior*]

(03-25-2016, 02:38 PM)fredtoast Wrote: A couple of years ago when I was looking at roofing i was surprised to find out how cheap metal roofs are.  they used to be much more expensive than shingles, but now they are cheaper.  They don't look right on every kind of home, but they are tougher than shingles and last longer.

Shingles went through the roof when asphalt became a high dollar commodity.  Like everything else, they did not go back down with the oil prices.  Recycling has helped drop metal prices some recently as well. We used to have to compete with asphalt, because it was a cheaper pavement choice, that's not the case anymore.

[*bfine32*]

(03-25-2016, 02:28 PM)BengalHawk62 Wrote: 3. yes, we are planning on staying in the house while all this is going on.  when they are done with the addition, we can move into the new part and they can start in on the remodel.  That's what I'm hoping for anyways.....maybe that should be a question for the contractors? 

Depends on how you design your Garage. many folks around here build the garage first and then live in it while the house is getting done.

[*Wyche'sWarrior*]

(03-25-2016, 02:57 PM)bfine32 Wrote: Depends on how you design your Garage. many folks around here build the garage first and then live in it while the house is getting done.

Good plan too.....as long as you have good heat, I'd imagine it gets a little nippy in Iowa in the winter.

[*bfine32*]

(03-25-2016, 02:58 PM)WychesWarrior Wrote: Good plan too.....as long as you have good heat, I'd imagine it gets a little nippy in Iowa in the winter.

That's why I asked about Garage design. I know folks around the more rural areas in these parts whose Garage is superior to their house.

[BengalHawk62]

(03-25-2016, 02:38 PM)fredtoast Wrote: A couple of years ago when I was looking at roofing i was surprised to find out how cheap metal roofs are.  they used to be much more expensive than shingles, but now they are cheaper.  They don't look right on every kind of home, but they are tougher than shingles and last longer.

I've been wondering about metal roofs.  Not sure it would look right on my house, but I've seen some metal roofs that look like they've been sprayed with truck spray-in bedliner stuff.  Kinda like that Rhino-liner?  And you can get that in all different colors.  That stuff looks pretty durable.  But I don't know anyone who has ever worked with that stuff or had it installed on their roofs.  

[BengalHawk62]

(03-25-2016, 02:57 PM)bfine32 Wrote: Depends on how you design your Garage. many folks around here build the garage first and then live in it while the house is getting done.

(03-25-2016, 02:58 PM)Wyche Wrote: Good plan too.....as long as you have good heat, I'd imagine it gets a little nippy in Iowa in the winter.

I'm hoping that isn't necessary, but you never know.  I also hope we are done with winter now.  I wasn't planning on having a heated garage though.  Just getting electricity is fine with me.   If we have to, we've got relatives here that would let us spend a week or two in their basement while the house is getting done. 



But.........a heated garage would be freaking AWESOME! :)


Does anyone know about Geo-Thermal installation? Cost to install? Does anyone already have this?