05:47AM | 08/11/02
Member Since: 08/10/02
1 lifetime posts
My 1928-built one-story brick veneer(actual yellow brick)home is in a downtown rapidly-appreciating neighborhood that is about to become listed on the national register of historic places(neighborhood district that is). The kitchen is original(yuck), full bath is in the hallway, master bedroom(small) only has a 1/2 bath, and the home currently is a 3br/1.5 bath. 1350 liveable square feet, another 400 square feet in porch(wrap around), and I do have a detached garage(200 sq ft) with a 550 sq ft above apartment that has about 100 sq ft in porch space. I paid $220K for it all and it was appraised last year for $250K.

The house across the street just sold for $470K and it is only 2600 sq ft, no porches, no detached income-producing garage/apt. My lot is 30% larger as well and I currently poay more property taxes. But the other home had all the new amenities renovated into(kitchen, roof, etc.). If I add a second floor addition to my home I would bring my liveable square feet to 2600. I would renovate the kitchen and add a modern master bed/bath in the second floor addition along with an extra bedroom or two. The second floor will also have a wrap around porch directly on top of the existing first-floor porch, bringing the total porch square footage to 800 sq ft.

I have been advised to simply raze the entire detached garage apt in the back of the home and build a new addition onto the back of the house. The idea is that it would be easier and less expensive. In my view, however, the curb appeal is unchanged and the end-result would look unlike the other homes in the neighborhood in terms of historic-quality.

I prefer a nice two-story structure whose design is in line with the neighborhood look, keeping the detached garage apt for income-production, and creating a home that has far more curb appeal and more total square footage than the home across the street and, thus, sells for more. I am looking to add 1300 new liveable sq ft via a new second floor and a renovated kitchen on the first floor with all new amenities. End result will look something like: 6br/3ba home with twin porches(1st and 2nd floor). 2600sf liveable, 800sf porch, 500sf apt liveable, 100sf apt. porch, 200sf garage.

Considering what the home across the street sold for, I think mine would go for $550,000.

The clincher: I can only add $150,000 to my existing $220,000 mortgage. Will, however, pay for my architect and structural engineer fees out of pocket. Can I do this? Should I?

Thanks guys!


04:05AM | 08/15/02
Member Since: 03/13/00
1678 lifetime posts
If you want to make as much profit as possible and are not in too big a hurry, my thought would be to start with those things that will have the most immediate effect - for example the new kitchen you mentioned.
Once you have completed that, you could have the place re-appraised and probably get more than the $150K that you can get now.
On the other hand, if your interest is to continue to live there without selling, just change the place to suit yourself, not the appraiser.


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