Thread: To build on or move on?

I'm currently still in the same house I bought before my wife and I were even married (dating) and I've updated it over the years up the wazoo but it has come a time when we are starting to out grow the house with a kid and new toys and such.

I really love the area, I love my large lot in the middle of the city, and I love my outdoor area and large live oaks.

The problem is really if I add on I will really be pricing myself out of the neighborhood (an older one) but my hopes are that others will come along and buy some of these older houses and do the same thing I did. But that is a hope and not quite reality yet.

What is your opinion? Build On or Move on? Pros / Cons ?

Rex,

We faced the same issue 4 years ago... We live in a very average neighborhood (average house price is around 400) but we loved the area, the schools, the neighbors and we developed a lot of friends. We really wanted to live in the same area with just a bigger house. We agreed that we would not sell the house for another 10 years or so if we tweaked it a little. So guess what... We added and added and remodeled.

Yes our house will probably be appraised at about 30k over the house next door, although we spent over 250k remodeling !
However if you take that 250k over 10 years, and assume you are getting use of the 250k in everyday life, then the loss is minimal after 10 years. Cause the flip side is moving will cost you more $$ since you are probably going to pay more for the house you buy...

For us it was worth the investment... ONLY since we plan on keeping the house for a while... Our neighbors also started adding to their houses, so in a sense, they are bringing the house up in value too.... The key here is time.

It will eventually happen Rex. I see what you're talking about in Metairie. Massive add-ons and teardowns. Alot of these people moved to the Northshore and got tired of the commute. I think when people start getting tired of driving in from Prairieville and Denham in BR traffic- areas like yours will build up. Where in BR are you? I'm a little familiar with BR as my wife is from there.

We will be facing an even more difficult situation than you soon. We live next door to my parents on a lot that they gave us. It has been great so far, I am an only child and we help each other out. I work at night a lot and they keep an eye on my family and are there to help out the wife. If I had known how much my financial situation would change I would have sucked up the big note and bought a bigger house to begin with. At the time I built my house, I got a 60k head start by getting a free lot. I would feel so bad to sell and leave a stranger next door to my parents. Same problem as you, if we add on we price ourselves right out of the neighborhood.

I wondering if adding on is any cheaper than starting new. Lot not considered. Might be a tad bit more due to the tieing in..

Also what type of space are you adding on? Naturally bedroom or den type space would be cheaper than adding a new kitchen or baths.

In my opinion if you love it stay there... We saw a picture of you backyard and it looked amazing! My family just added on and remodeled. it took a while, but if you find the right contractor it is well worth it... so i would say stay.

Originally Posted by Rex

I wondering if adding on is any cheaper than starting new. Lot not considered. Might be a tad bit more due to the tieing in..

Doing an addition vs starting new would probably be cheaper unless you are adding another kitchen, bathroom etc. Tieing into your existing structure is not that hard. Also, permitting tends to be quicker, cheaper and easier when remodeling vs new construction. Where are you located?

If you love your lot, your neighborhood and your neighbors, stay there and add on. No doubt. Oak trees FTW!

Can you buy your neighbors out, one by one? Kind of a stretch, but it might be a great retirement income down the road.

If you love your home, your neighborhood, your lot, etc, that changes everything. Those feelings are very, very tough to replace in total.

That said, understand that remodel are more expensive than new construction. You might not get your money back out of it right away, but if that isn't your primary concern, then don't let it be now.