Addition vs. Move

8 years ago

We have decided that our house needs a master suite. It is currently a 3/1.5 built in the 1920s.

Here are the pro's to adding on:

We love our house and our neighborhood because it is walking distance to a great school, parks, pool, etc.

Our house has a 2 car garage which is a rare find in our neighborhood.

We finished our basement a few years ago and it is really beautiful and functional.

The problem, as you might have already guessed, is the cost of the addition compared to what it will be worth when complete. We have professionally drawn plans, approval from our town, and have ordered a "subject to improvements" appraisal to get an idea of what the home's value will be with a master suite. We should have this back in a few days.

Has anyone been through this? I have done my homework and, in my part of the country, home additions like the one we are considering will bring about 60 cents for every dollar spent. I guess I need to wait a few more days and see what the appraiser comes up with. I'm just starting to think I'm not going to like the number...

If you have been through this process, I would love to hear from you.

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