The numbers don't make sense IMHO. Seems to me you'd have (probably) end up with a much nicer home if you invested $50-75k into expanding and improving your current home. Plus, the fact that new construction isn't all its cracked up to be. Is there and hoa to consider? How about lot size?
Oh, you're saying you currently have an hoa plus a small lot? I guess moving probably is your best bet then....preferably to a place with space!
My current house was $150K, is 1,400sq.ft., and has 3 bed rooms and 1.5 bath rooms. There isn't really room to add a second full bath room for my kids. Perhaps a shower stall could be squeezed in to the downstairs half bath room, but it would be very cramped. The laundry is also in the basement, so it all has to go up and down two flights of stairs.
We have already replaced the roof, windows, some carpet, upstairs shower, bathroom flooring, garage door and opener, and other smaller things. at least in this area it seems like you don't get very much of the money spent on improvements back out. We could continue doing things, but would never be able to fix the lack of a second full bathroom and inconvenient laundry location.
A new house would be 1,500-1,600sq.ft., and have two full bathrooms. Perhaps a ranch style. Laundry would be located near the bedrooms. A new house would probably cost between $250K and $300K.
Well wait, you say small lot. What's the size? My idea of a small lot is sub 5k...but that's based on how things are done in SoCal!
No need to install a shower. Just add a drain to the center of the floor (will want to redo the floor of the room for a slope to allow drainage) and install a shower head along one wall.
There go: the room is now a shower when it needs to be one. This was a common design in older buildings when I was in Italy.
How do you keep the water from running right out under the door? Not to mention the door is wood, and all of the walls would need to be waterproofed.
Spend a minimum of 114K to move for 100sq ft more space and another shower? Considering values would go up at the same rate for both houses, it's probably better to just sink 30K-50K into your current home when you get the money. But if having a bigger yard is what you want, then move. I opted for the most acreage + sq ft bang for my buck within a 10-15min total to my commute (current 25min but I would have been ok with up to 40).
Also, what about installing a laundry chute to the basement? That would ameliorate at least 1 trip doing laundry.
Yes, I have an HOA. I ve never had any issues with them. Their biggest point is that exterior maintenance and improvements get approved by the Architectural Standards Committee.
The lot is small. I would not be able to expand to either side.
Finally information, lot size and house plans would be a great help in the beginning. My first thought, HOA, MOVE!
edit: Your house does sound out of date, 2x4 walls, inefficient design(laundry location, lack of bathrooms), MOVE!
What's the norm now two bedrooms -one bath , three bedrooms-two baths, MOVE!
No need to install a shower. Just add a drain to the center of the floor (will want to redo the floor of the room for a slope to allow drainage) and install a shower head along one wall.
There go: the room is now a shower when it needs to be one. This was a common design in older buildings when I was in Italy.
Ah. All relative. 8k would be a big lot where I live...and it would easily run over 800k!My lot is 8K square feet. It is tiny. My last house that was a thirty five mile commute was 4 acres. I considered that adequate.
My lot is 8K square feet. It is tiny. My last house that was a thirty five mile commute was 4 acres. I considered that adequate.
Isn't that like 40x200? That is not puny in urban areas.