We like the neighborhood that we are in. Been here for 13yrs.
Hubby wants a huge garage attached to the house. We currently do not have one.
We have gotten estimates on it and it is going to cost in the neighborhood of $40K.
My inlaws tell us all the time, why don't you just move?
Well, 1st off, we are very comfortable with our mortgage payments and yes borrowing $40k will increase our payments.
My dad lives two houses away and I care for him on his dinner needs. He comes over every night.
Our son will be leaving home in a few years for college and I had plans to knock down a wall to enlarge living space.
We like all of our neighbors. I love my home.
I hate the thought of making move with all the crap in the attic!
A new home will probably increase our payments doubled.
What would you do?
Oh, inlaws wants us to move closer to them! NOT
2007-07-11 03:17:07 · 5 answers · asked by Mom of 2 great boys 7 in Home & Garden ➔ Other - Home & Garden
We have added so much to the house already that it's value already is higher than the other houses here. We would never recoop the $ that we put into this house. This is a very old neighborhood.
And this is why we like it. We tried to sell it a few yrs back, and what it was worth, no one was willing to pay. So, basically this is why we are staying, but are happy here.
2007-07-11 04:20:59 · update #1
If you're comfortable where you are, then don't move. And if the in-laws don't like that, it's their tough luck.
2007-07-11 03:34:24 · answer #1 · answered by Tigger 7 · 0⤊ 0⤋
You have given all the emotional considerations for the move, and they are all fine. With what is above I would suggest staying put.
BUT
You also need to look at it from a business standpoint. If you were to spend $40k doing the garage addition, what effect will it have on your property value? Will you be able to recoup any of the investment?
I am not a firm believer that all home improvements increase the property value in like. Some improvements need be made for the pleasure and comfort of the homeowner. You just want to make sure you aren't investing $40k in something that will actually reduce your property value (although a garage will never do that).
2007-07-11 11:15:16 · answer #2 · answered by catsovermen 4 · 0⤊ 0⤋
Expand or improve the place you have. A $40K home equity loan should be more than manageable not knowing what your particular circumstances are. Even so, if you can't afford this you definitely can't afford a mortgage at current prices and rates. You pretty much answered your own question from what I see. The only down side to staying put is a little more money gone each month and the down sides the other way are too numerous to list. You do the math. I myself would just improve the space you already have.
2007-07-11 10:50:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I am a painting contractor, however I have been construction related all my life from pouring a slab up...I would first get other estimates..40k is way to high for a 400 to800 square foot garage..400 hundred feet is a 2 car garage..20x20 usually..but even 800 feet that price is way out of line!
2007-07-12 00:03:13 · answer #4 · answered by pcbeachrat 7 · 0⤊ 0⤋
If you like your home, your location, the neighbors and you plan on living there for a while longer then the answer is obvious. Build the garage.
2007-07-11 10:50:18 · answer #5 · answered by VanishingPoint76 3 · 0⤊ 0⤋