Remodel, move, or make it work?

[bettymae1121]

You're right. We are blessed in many ways.

I have called a remodeling company to come out for an estimate/ideas. I think it's just the interest rates that are making me consider other options, and the thought that moving sounds easier than living through them tearing off the back of our house! With all the remodeling we've done in the last 7 years, another big project is like, really? Although this one, we won't be doing ourselves!

I'd lean towards adding on. You can kill two birds with one stone, depending on your house layout. Depending on the layout, you can add on living space downstairs (to help accomodates entertaining your large family, or just having a bit more day-to-day room for a family of 5) and add that 4th bedroom upstairs. Depending on cost and layout, I'd even consider adding on a 3rd bath, preferably a 2nd bath upstairs, making one of the baths a master bath and the other one for the kids. Think outside the box too, don't just think of adding a kid's bedroom, maybe the new addition should be a master suite and use the old master for one of the kids! Can't do a 2nd story addition due to layout/cost? Maybe a master suite on the 1st floor is the way to go!

When you do an addition, it's best to add on EVERYTHING you want at that time, as you don't want to be in a position of a year later thinking "I really wish we'd added X while everything was all torn up". Get quotes for everything you'd ideally like, if they come in too high then start subtracting the stuff you can live without (make a list prioritzing the must haves with the "wouldn't it be nice" items).

 

[Grimley]

I'd finish the basement! Our family room with fireplace and huge gameroom are both down there. In my MIL's old house, they had a huge dining room downstairs, complete with a bar and fridge.

We love our basement. Another thing to consider is, with a finished basement you'd have a place for your older two to play when the baby is sleeping where they won't have to worry about being quiet.

The extra living space from a finished basement really makes a difference.

 

[disneybound31]

We were going to put an addition (approx. 14x16) onto our house for my mother when we moved her in with us (battling lung cancer) we were quoted almost 40K.
Both DH and I were thinking around 20 to 25K.

See, I was also hoping for a 20-30k figure, but I fear it will be over 40k, as well...bummer...we wanted to spend about 40k total to have room addition plus a couple other very minor projects done by same contractor. DH and I have NO education to do most any home project.

I have the materials to do TrafficMaster Ceramica with grout in our laundy and dining rooms, but we are so terrified of messing up the project we have procrastinated since May- and you aren't supposed to lay the stuff after the weather cools so we are running out of time...

 

[A Mickeyfan]

I purchased my 1465sf home back when I had 2 children. The month after closing, I found out I was pregnant. I made it work and glad I did. We are still in that same house! My children are now 18 (will be 19 in Oct), 23 & 25. My 23 year old just moved to Hawaii At some point, I am sure my 25 year old will move out too.. and guess what, I will have a 1465sf home for me, my DH and just one adult child... so I am glad I made it work. Sure it was tight at some points.. but we did it. Our home is ours free and clear, we have no mtg on it.. we will retire in this home...and it will be the right size for us too..

 

[englishteacha]

I'd stay and make it work. You're in a good location in a town you like, near people you like. We're considering moving because we're 2 hours away from our loved ones and our house is tiny (800 sq. feet, 2 bedrooms, 1 bath). But we're even thinking of trying to make it work here just because we'd save so much money by staying.

 

[kirstenb1]

We love our basement. Another thing to consider is, with a finished basement you'd have a place for your older two to play when the baby is sleeping where they won't have to worry about being quiet.

The extra living space from a finished basement really makes a difference.

I'd kill for a basement!!! We built our home pre=kids, and would change several things 2 kids later. At the top of the list would be a basement. I have fond memories of a total crud unfinished basement growing up. My Mom threw a horrid avocado green scratchy seventies couch down there with a TV set. I watched General Hospital everyday after school, sitting on that couch. Anyone else remember Mikos Kassadine? LOL!!! And I'm the oldest of six kids, so she could have some peace from all of us, just from a couch and TV!!

Anyway, it would be a great place to put all the kids' toys/clutter. I still would try to add a bathroom down there too.

 

[njmom47]

I love our finished basement! We have a 3 br 1 1/2 bath townhouse, but added a bedroom, a huge storage closet and an office in the basement. When the kids start moving out (they're 19, 18 and almost 16) we'll have just enough room. I think staying put and adding on/remodeling is the way to go. I would be thrilled to have family living that close to me, especially if we got along so well (as it seems you do).

 

[cbg1027]

I'd stay where you are and have two of the kids share a room. I grew up in a similar situation - five people in a 3 bed/2 bath 1300 sq ft home.

My parents had the master, my sister and I shared a room with bunk beds, and my brother had his own room.

Society in America has perpetuated the whole land of plenty '1 room per kid' idea. You don't need to live outside your means just so each kid can have their own room.

As someone pointed out, a third child will mean more costs. Maybe one day when the new addition is in school you could go back to working full time. Then if you still feel like you need more space, you might be able to better afford a remodel or move.

 

[myhoney]

Thank you for all of your responses! I am much more excited about the remodel, and am looking forward to the company coming out to give us ideas, not just about the addition, but also to see if he has any tips about our kitchen!

For what we expect the addition to cost, and based on the refi terms, we should be able to add on the room, finish the basement ourselves, and end up with the same mortgage payment we have now! We'll add 7 years back on to the mortgage, but that's not a biggie. We had planned to pay it off early once I started back full time, so we'll keep that as our plan.

And, to those of you that pointed out that kids grow up and move out, you reminded me of one of the reasons we bought this house. It is the perfect size for DHs parents, and not too much yard to take care of. And now that we'll have a master bedroom on the first floor, we won't need to move as we age!

So, again, thank you for helping me step back and see it from a rational point of view!

 

[pigletto]

Congrats on your decision OP. From reading your initial post I got the feeling that you love your home, and being close to family and that it is the ideal situation for you.
A remodel will give you much more room. And if in a few years you decide to revisit the decision it will likely make the house more marketable. I think you've made a great choice!

 

[Irin997]

That's great OP! Be sure to update us on everything going on!

This is a great post for me and my DH because we are currently searching for our first house. I have a 10 year old DD and DH and I want to have more kids in a couple years (we just got married this summer). Trying to figure out how much space is enough without being too small or too big is really tough. We are looking for a home to stay in for a very long time so finding that balance has been difficult.

 

[DisneyDizzy]

I would stay-put and remodel as well. But then, we've moved 13 times in 11 years. We owned our own home for 3 1/2 of those. And now that I am in a house I love, I'd do everything I could to make it work. I never want to move again. How exciting too! You can make it everything you want. And you don't inherit someone else's problems. You know what you've got and how you've taken care of the house.

We have a finished basement for the first time and LOVE it. There is a huge family room, a storage room, a laundry room and a guest suite with a full bath. People come visit us all the time now that they have a place to stay!