Opinions: Buy New Home, or Add on to Current Home?

Kathy116 Posted: Jul 26, 2004 10:00 AM

Opinions: Buy New Home, or Add on to Current Home?

As some of you know, my DH and I have been working with an architect for plans of expanding our home.

Now that we have figured out what we want, and how big of a house we want I am wondering if we should just move.

Our current home is around 2500-3000 square feet (I put a range in because we will be finishing our current 2 car garage into a two story great room).

The plans for the new addition is approximately 4000 square feet, so the total square footage of our home will be around 7000 square feet.

Now here's what I was thinking...instead of pouring say $600,000 into our current home and making it exactly what we want...should we sell it and just put that money into a larger home (I don't know if it'll be 600,000...I just got that number from doing the average square foot addition multiplied by $125 a square foot for basics, plus demolition work, plus other extras, ie. spiral staircases, curved stairs, etc....)

The other factor...right now we have an amazing view, and it's more than the average waterfront view...our home is close to the bluff, so you feel like you are floating on the water...most newer homes can't legally be this close to the bluff, so they loose some of that 'feeling'. We are also next to a type of ravine so there will not be any building on it because it is protected by the DEC and they will not allow someone to fill it in and destroy it. So, we have an exceptional view that we probably won't find with another home...and our home is almost perched out further than the regular coastline, so it's like our view is more than 180 degrees. We bought this home 5 years ago very very very cheap before the market went nuts, and would make a very nice profit.

We love our home, and I don't think my husband ever wants to leave ...we've been told by our land surveyer, architect, builder that we'd be insane to ever sell and will never duplicate the view.

I don't know, I'd like your opinions.
Thanks

Kriss2c Posted: Jul 26, 2004 10:30 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

Don't sell!

You have a waterfront home on Long Island. It may not be as lucrative as owning half of Bill Gate's empire, but it can only help you in the long run.

Kathy116 Posted: Jul 26, 2004 10:32 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

We would buy another waterfront home, but I doubt it would have such an expansive view as our current home.

btrflygrl Posted: Jul 26, 2004 10:47 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

I would expand your current home....you'll be designing it and making it everything you want...you lose that guarranty (sp??) if you sell and buy something else...plus the view is priceless!!!

Chloegirl Posted: Jul 26, 2004 10:48 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

I would stay where you are. The expansion will be costly and inconvenient however in the end it will be worth it. All the work will be your taste and what you guys want. If you buy another home you won't have the same view with all the great things you mentioned and you may have to do a ton of work to make that place the home you both love.

skew Posted: Jul 26, 2004 10:59 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

you are definetly at an advantage now as a seller, but not as a buyer. in this market i doubt you would be able to buy something comparable at a 'decent' price.

i would have your home appraised and research the market. there are a handful of gorgeous waterfront homes available, but be prepared to spend close to $2M.

Kathy116 Posted: Jul 26, 2004 11:36 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

thanks everyone

I've been doing research for months now...that's part of the reason why I got my broker's license...I have access to MLSStratus.

A woman a few doors down from me just bought her home...it was listed for 1.3 million, but she got it for 1.1...AND the house had to be gutted, it was in terrible shape...but it was a steal, I think only on the market for a few days.
Our home has been completely updated (we ripped it down to the plywood, and started over...new kitchen, new electric, nwe heating, new everything...even a new masterbedroom suite). So, I'm confident that we could get more than my neighbor's home.

However, it would be difficult to leave since this home is customized to our liking.
It's just that I lived through construction and renovations...it's not easy!

swags1016 Posted: Jul 26, 2004 11:41 AM

Re: Opinions: Buy New Home, or Add on to Current Home?

Kathy from the pictures I have seen of your amazing house and the information that you have given us, I WOULD NEVER sell that house!!! NO WAY!!! Your house is amazing. Yes, it may not have everything that you dream, but everything your dream cannot replace what that home does offer. Like your architect said it cannot be duplicated somewhere else. I would do what you want to the house, make as close to possible to your dream house and keep those amazing breath taking views!!!

jms100303 Posted: Jul 26, 2004 12:00 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

I would NOT sell! Spend the money to enlarge and improve your already amazing house. Since you have already updated everything to your liking and have a great piece of property - you will have a hard time duplicating that. The view itself is priceless. Sounds to me if you ever decide to move the best thing would be to build, but even then you wouldn't match the property and view.

Good luck.

palebride Posted: Jul 26, 2004 12:17 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

From the pictures you've shown, I would say stay and build on the house you already have.
It obvious that you and your husband love it...and no amount of money that you could make by selling it would be worth it.

Snowboardgirl Posted: Jul 26, 2004 02:11 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

if you build on to your current house, you can make it exactly what you want. If you move you may be getting a bigger house, but it may not be as custom built as you want, the way the renovation will be.

Did I make sence?

Bebalina Posted: Jul 26, 2004 02:31 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

i agree with the grls... extend ur home, this way its the way YOU want it.

Kathy116 Posted: Jul 26, 2004 02:35 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

Thanks again ladies for your opinions.

It's going to be a long process with finalizing these plans, getting approval from our community (that won't be a probem, our neighbor just built an 8000 square foot house), the town, then the actual building process.....
but as you all say, it will be worth it.

I better get used to dust again with all construction!

dgtlsunshine Posted: Jul 26, 2004 02:42 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

With the pics I have seen of your house I could never advise you to sell.

Fran M Posted: Jul 26, 2004 02:43 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

You could always test the waters. Go out and look. If you find something you like put your home on the market, if not expand.

kdelace Posted: Jul 26, 2004 02:44 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

id love to see pics of your home!!!

luvsun27 Posted: Jul 26, 2004 07:10 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

Kathy....from the pics that you have posted....I would not sell. Your home is beautiful...and you can expand it and make it your dreamhouse. Do anything you want. If you buy something else...you might have to do stuff to it that you like anyway....and you would lose those views. I would love to live in one of your closets because that house is great

Maribelle7777 Posted: Jul 26, 2004 07:14 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

Can I come live at your house? I swear you'll never know I'm there. I'll just sit at the windows taking in the 180 degree view.

Kathy, IMO - don't sell. That house sounds like a dream come true. Any other house you will buy now will go down in value in a few years when house prices drop.

I think you should add on to what you have.

Good luck!

Jenny5150 Posted: Jul 26, 2004 07:40 PM

Re: Opinions: Buy New Home, or Add on to Current Home?

It doesn't seem like there are many benefits to moving. I could see if you wanted more property or a different location, but just for a bigger home...it's not worth it.