Move or re-invest?

[DBQR4CY]

My wife an I have been in Ankeny for nearly a decade now. We have been in our current home for over 5 years now. We live in the SW corner of Ankeny and coming to the point of do we move to a house with a 3 car (or larger 2 car) and a few more hundred sq ft or do we create what we want in our current house? We like our location and that we have some space (nearly half acre which is primarily in the back and more private) and we have some great neighbors. Problems are that we have a small two car garage (400sq ft) and no way of adding a 3rd car attached, we don't have a true master bathroom as our bedroom is on the first floor and the bath is shared with that floor. We also don't have a big open space when people are over or as our very young children get older. We bought our house just under $200,000 and know that with what we have done plus market increases we could sell and expect around $250,00.

We really want to stay in Ankeny for reasons like daycare (in-home) and the schools (they can walk 3 mins to Crooker). Problems with Ankeny is that when you look at the next level homes in the $300,000-$350,000 you either get generic new homes or its a 30 year old house that has the size, interior spaces, a decent yard but hasn't been remodeled or updated since it was built. Then you're stuck having to stick a bunch of money into it having to update it.

If we stayed we could drop $60,000-$80,000 and never have to move for a few decades if we wanted. Our does have space that I could have a detached single car garage built (I drive a truck and we have a camper that I pull with it) but it would be opposite side of the garage (idiot builder ruined the ability to really do some awesome things by the way they positioned the house). We could easily add a nice addition off the back and create a great room that's roughly 20'x20'. Then we could also update our kitchen and probably have the house re-insulated. I'm also not afraid of doing some of the work as I built our shed (10'x12') mostly by myself and we added a front porch and stone halfway up the front elevation.

Building is pretty much out of the question as a half acre lot goes for nearly $100,000 (which is just plain stupid). Hard to find current lot size in any homes either new or existing that don't require $10,000's in updates. I know investment wise moving would be the best option and if we stayed we would be by far the most expensive house in the neighborhood but that doesn't bother me since we would be there for 20 years or longer. Also, property taxes in Polk Co suck! They can mess up your monthly payments fast!

 

[ISUTex]

remodel your house and add a room.

 

[Die4Cy]

Build or find a house you like and move there. It costs real money to get what you want. Your old house will sell in about 45 minutes. Many comfortable, affordable communities that are still uber convenient to the metro area with $25K- $40K lots.

Saying this from a place of regret.

 

[isuno1fan]

Big believer that that way to build wealth is to not move unless you absolutely have to. If you can make it work, stay where you are at.

 

[CYdTracked]

If you have the lot size I'd get some estimates from some builders on what it would cost you to add on to your existing house. If all you need a 3rd stall in your garage for storage just build a storage shed in the back yard and it would serve the same purpose. I know if we ever have to move again I don't know what I would do without a 3 car garage as it basically is my storage shed for all my outdoor stuff.

Half acre lot you should have plenty of room to add onto the existing house and you will pay dearly to have that size of a lot if you were to build new or move to a comparable size property. Plus if you like your neighborhood that is value in itself too.

 

[NWICY]

My wife an I have been in Ankeny for nearly a decade now. We have been in our current home for over 5 years now. We live in the SW corner of Ankeny and coming to the point of do we move to a house with a 3 car (or larger 2 car) and a few more hundred sq ft or do we create what we want in our current house? We like our location and that we have some space (nearly half acre which is primarily in the back and more private) and we have some great neighbors. Problems are that we have a small two car garage (400sq ft) and no way of adding a 3rd car attached, we don't have a true master bathroom as our bedroom is on the first floor and the bath is shared with that floor. We also don't have a big open space when people are over or as our very young children get older. We bought our house just under $200,000 and know that with what we have done plus market increases we could sell and expect around $250,00.

We really want to stay in Ankeny for reasons like daycare (in-home) and the schools (they can walk 3 mins to Crooker). Problems with Ankeny is that when you look at the next level homes in the $300,000-$350,000 you either get generic new homes or its a 30 year old house that has the size, interior spaces, a decent yard but hasn't been remodeled or updated since it was built. Then you're stuck having to stick a bunch of money into it having to update it.

If we stayed we could drop $60,000-$80,000 and never have to move for a few decades if we wanted. Our does have space that I could have a detached single car garage built (I drive a truck and we have a camper that I pull with it) but it would be opposite side of the garage (idiot builder ruined the ability to really do some awesome things by the way they positioned the house). We could easily add a nice addition off the back and create a great room that's roughly 20'x20'. Then we could also update our kitchen and probably have the house re-insulated. I'm also not afraid of doing some of the work as I built our shed (10'x12') mostly by myself and we added a front porch and stone halfway up the front elevation.

Building is pretty much out of the question as a half acre lot goes for nearly $100,000 (which is just plain stupid). Hard to find current lot size in any homes either new or existing that don't require $10,000's in updates. I know investment wise moving would be the best option and if we stayed we would be by far the most expensive house in the neighborhood but that doesn't bother me since we would be there for 20 years or longer. Also, property taxes in Polk Co suck! They can mess up your monthly payments fast!

Sounds like staying would be a better choice financially, but more than likely you'll end up in a different house especially if you start looking ad find out what you can sell your for.

 

[BCClone]

House problems solved.

 

[jdcyclone19]

My wife an I have been in Ankeny for nearly a decade now. We have been in our current home for over 5 years now. We live in the SW corner of Ankeny and coming to the point of do we move to a house with a 3 car (or larger 2 car) and a few more hundred sq ft or do we create what we want in our current house? We like our location and that we have some space (nearly half acre which is primarily in the back and more private) and we have some great neighbors. Problems are that we have a small two car garage (400sq ft) and no way of adding a 3rd car attached, we don't have a true master bathroom as our bedroom is on the first floor and the bath is shared with that floor. We also don't have a big open space when people are over or as our very young children get older. We bought our house just under $200,000 and know that with what we have done plus market increases we could sell and expect around $250,00.

We really want to stay in Ankeny for reasons like daycare (in-home) and the schools (they can walk 3 mins to Crooker). Problems with Ankeny is that when you look at the next level homes in the $300,000-$350,000 you either get generic new homes or its a 30 year old house that has the size, interior spaces, a decent yard but hasn't been remodeled or updated since it was built. Then you're stuck having to stick a bunch of money into it having to update it.

If we stayed we could drop $60,000-$80,000 and never have to move for a few decades if we wanted. Our does have space that I could have a detached single car garage built (I drive a truck and we have a camper that I pull with it) but it would be opposite side of the garage (idiot builder ruined the ability to really do some awesome things by the way they positioned the house). We could easily add a nice addition off the back and create a great room that's roughly 20'x20'. Then we could also update our kitchen and probably have the house re-insulated. I'm also not afraid of doing some of the work as I built our shed (10'x12') mostly by myself and we added a front porch and stone halfway up the front elevation.

Building is pretty much out of the question as a half acre lot goes for nearly $100,000 (which is just plain stupid). Hard to find current lot size in any homes either new or existing that don't require $10,000's in updates. I know investment wise moving would be the best option and if we stayed we would be by far the most expensive house in the neighborhood but that doesn't bother me since we would be there for 20 years or longer. Also, property taxes in Polk Co suck! They can mess up your monthly payments fast!

The big question you need to ask yourselves is, do you really NEED more space or do you WANT more space?

We were in a similar situation are you a few years ago. We decided to remodel because we loved the area and had a nice lot. If you like the area and your lot/location. You won't regret doing the remodel and staying put. Plus upgrading to bigger house would cost more than our remodel and we got to help design the remodel. Were in Polk City and if you want, PM me and I can give you our contractor who did ours. Smaller company with great service and reasonable prices.

 

[Gunnerclone]

Just build on. The garage thing sucks but could you add a pass through the back of your current garage to a big fatty new garage behind the house? Obviously would change the attached vs detached setup but you could build a two story garage with an office/living space on top. Get the 3 car spaces below. Heat it, cool it. Sweet setup.

 

[MeanDean]

If you have the lot size I'd get some estimates from some builders on what it would cost you to add on to your existing house. If all you need a 3rd stall in your garage for storage just build a storage shed in the back yard and it would serve the same purpose. I know if we ever have to move again I don't know what I would do without a 3 car garage as it basically is my storage shed for all my outdoor stuff.

Half acre lot you should have plenty of room to add onto the existing house and you will pay dearly to have that size of a lot if you were to build new or move to a comparable size property. Plus if you like your neighborhood that is value in itself too.

Depending on the layout they could also consider a tandem. That is add a stall behind the existing two car.

Not ideal but depending on if the third stall is mainly for storage or lawn care/gardening equipment it could work very well.

 

[JP4CY]

I think I would include condition of carpet, shingles, and windows. That's a $50k bill sometimes.

 

[CaptivaCyGuy]

We are in a similar situation to what you are describing. After meeting with some local builders we found that we could upgrade the current home for much less than building a new home of similar size. The only problem is with all the upgrades to the current home, it will be well over the typical home values in the neighborhood. Not an issue until we eventually sell and realize we aren't going to get equity for the upgrades we made.

 

[Angie]

We were in a similar position about a year and a half ago. We had a home that was built in about the mid-90s, a traditional two-story with a finished basement. I ideally wanted a more modern ranch.

For us, we ended up selling and moving, but I don't know that I'd make the same decision in your place based off of the information so far. Here were our primary reasons for moving (as you'll notice, they're all things that you really can't change, or that are not financially practical to for the return on investment):

- Liked the school district, but our cul de sac was mostly very elderly. There were only two much younger kids with whom our children could play.
- Very irregular lot shape, so it would have been very difficult to fence in for our new dog, or to practically build onto the house.
- Two stories (whereas I wanted one - our young son is DEFINITELY crawling out a window at some point, so I'd ideally like him to not break his neck). Laundry was on different floor from the bedrooms, which sucked.
- Kitchen was very dated, honey oak (which I HATE). We likely could have painted the wood, but that's sort of a bell you can't un-ring.
- Our cul de sac was right off of a busy road that keeps getting busier due to new apartments and such moving in. The bus stop was not safe, as kids had to walk across the road, and people in said new apartments did NOT stop for the bus lights.
- Limited storage space that could not be expanded easily.

We moved into a ranch in a neighborhood with all of our kids' best friends within a block and a half, a park, easily accessed bus stops on streets that don't get much traffic, built a fence, much newer build so more modern finishes, etc. We got all of the things we could not really have gotten in any way on our old house - we got the things that were not tangible there.

It sounds like almost all of the things you want are doable, and easily so. So, I think it comes down to - do you LOVE your current house? Would you pick it again if you could add on the things you're proposing?

What I'd do is this:

- Go to a few open houses of houses in your new price range. See if there's anything you love - this is free to do, and doesn't take up a ton of your time. It will let you know exactly what the competition is, and you can be incredibly critical of those new houses vs your current house.
- Talk to a realtor. Tell them about what you are thinking about doing the house, maybe have them tour the house with you as you describe them, and see if they can give you an updated market assessment. This is also usually free, but make it clear you aren't positive you'll be selling so they don't feel cheated.
- If all of that lines up, talk to a couple of contractors and get bids for what you're planning to do. See if the cost will even out to the eventual profits.

 

[cyfan92]

Stay and re-invest in you current home almost always is the smarter investment. Especially with the INSANE cost to build right now. Also the quality of new construction is pretty bad until you hit a pretty high dollar price as GC's and subs are rushing to get as much business done as they can

 

[DBQR4CY]

I think I would include condition of carpet, shingles, and windows. That's a $50k bill sometimes.

Carpet and pretty much most of all the flooring we replaced a couple of years ago. AC went so that was replaced. Just had 5 windows replaced, 2 more windows need to be done but they will be more expensive due to size but don't mind that cost. Roof was just replaced this Fall thanks to the storms so that was only $1000.

 

[DBQR4CY]

We have been looking for about a year now at homes and we have gone through a couple. Everyone of them has had some pluses but then would still require several thousands to update. Why did builders ever put in large jet tubs? Haha, who uses those? Hello walk-in shower remodel!

 

[JP4CY]

Carpet and pretty much most of all the flooring we replaced a couple of years ago. AC went so that was replaced. Just had 5 windows replaced, 2 more windows need to be done but they will be more expensive due to size but don't mind that cost. Roof was just replaced this Fall thanks to the storms so that was only $1000.

OK, if I'm in your shoes and like your neighborhood I'd be more inclines to stay.

 

[DBQR4CY]

Adding onto our existing garage is a no go. The builder placed the home as close to the property line as legally possible for some oddball reason. Our bedroom is directly behind the garage so adding there is possible. The other side has plenty of room for a detached garage. If I ever meet someone from Savannah Homes I'm might punch them for some of the plainly stupid things they did.

 

[DBQR4CY]

Build or find a house you like and move there. It costs real money to get what you want. Your old house will sell in about 45 minutes. Many comfortable, affordable communities that are still uber convenient to the metro area with $25K- $40K lots.

Saying this from a place of regret.

Where is this? I work in Ankeny and my wife works close to downtown along 235.

 

[DBQR4CY]

The big question you need to ask yourselves is, do you really NEED more space or do you WANT more space?

We were in a similar situation are you a few years ago. We decided to remodel because we loved the area and had a nice lot. If you like the area and your lot/location. You won't regret doing the remodel and staying put. Plus upgrading to bigger house would cost more than our remodel and we got to help design the remodel. Were in Polk City and if you want, PM me and I can give you our contractor who did ours. Smaller company with great service and reasonable prices.

Yes, the way our living room is now you have traffic of the front door and stairs to contend with and if you rearrange it any other way you really make it smaller. There's 4 of use and a dog. When family visits it gets small. However our kitchen/dinning area and living room are all one open space.