Hey guys. Im a 22 year old female anticipating her first home. I am excited about a hot buy especially because It has equity in it. However It only has 2 bed 2.5 bath. Now this is more than enough for me but I think most families are looking for atleast 3 bed 2 bath now days. To describe the home it looks like a traditional condo two story etc and basically sits on a slope/hill. (not a condo) There is a deck behind the house. The home is made of brick and is 20 years old. Im wondering if I should take down the deck and add a large master suite in a few years and if this would be possible on a house that looks like a traditional condo (sitting off to itself). I was thinking :idea: to add a large room in the back of the house and place a walk out deck on the top of it. Ive seen decks before on top of houses that look nice and luxurious. I have a friend of family that remodeled tony braxton's interior but I will have to find home contractor/builders. How much equity in the home would I probably need to do this? I have not bought yet but I am considering it. Aren't there rules when building on to homes as far as constructioning etc. Can this room be built on a slope?
This is a hard question to answer, as where you live determines market values and construction costs. Here in Iowa, a home like that would go for about $120K. A room addition like that here could be $15-20K easy. The more DIY you are, the less expensive of course. We're thinking of adding a 2nd garage and plan to have them do only the roughing in of electricity etc., and we'll do all the finish work ourselves.
your right about the cost it is listed at 127k here in Georgia. Are there rules that you have to go by as far as the room etc. what is DIY? What exactly are you planning to do yourself? Im thinking they could build the base fram, do electric work, and then I along with my brother and sister can Do all the rest. I dont mind at all. I am probably going to lay new carpet etc when I move in, Im going to chop then down on the price of the home difinately. It needs new cabinets etc, So i figured I do these renovations when I get in and build some equity....alont with the equity they are leaving....and then in about 2-3 yeears add a room. Im just all for having what I want and exactly how I want it. Plus it ads value. Thanks
The people you need to be asking about what you can build and where are the city planning office and a good contractor, also your realtor will know some of the answers too. With building codes being different in each city, it is really impossible for anyone not in your city to give you good advice. Also, if you are planning on using equity to finance the building project, it will be, on average, 5 years before any of your payments are applied to the principal of your mortgage, up until that time you are paying on the interest. At that point you will begin building equity in the house. Again, the realtor can get you the correct answer on that. Also, depending on the neighborhood, adding on to a house can do you more harm than good. Local taxes on homes are based on the houses square footage. Add a nice master suite and your taxes go up which means your house payments go up. If your home is appraised and taxed at a higher rate than others around you, it will be almost impossible to sell it in the future, once a prospective buyer finds out how much the taxes and payments will be.
I agree, asking local realtors, contractors etc., is the way to find out what you need to know. DIY is do it yourself. Take note of neighborhood association rules also, they may have stipulations on what you can and cannot do, including housing additions. Check with your local banks how they handle home equity lines (or loans) and find out what their terms are before making a decision. Our banks only finance a percentage of the equity you have in the house, not the full amount (if you want the lowest rate). You may find you won't have enough equity to achieve what you want to do. Our county assessor puts all the appraisals online. We can see our assessment, as well as our neighbors, and it even lists the selling prices from the most recent sale. Perhaps your county does the same. Would be worth a look.
Georgia right? I guess it all depends on what code are. I know where i am in NY there are alot of codes and restrictions to what you can add and what you cant. if you add your taxes usually go up... so it depends... but if you find out more info and you can do it then why not? real estate is a great buy... especially if that price is a good price for the area.... to me thats a steal. but youd fall over if you knew what my house cost... im still trying to pick myself up off the floor from the shock. i need to leave NY
thank you you have been of big help I think the good thing to do is just to find something I like....with equity so Im in good shape. I sometimes find myself being greedy but its just me what can't I do in a 2bed 2 bath and a huge deck already. And Im telling you I saw the neighborhood it almost seem like I was going to the library lol very quiet and neat. ttyl
