Wife and I purchased our residence 2 years ago and it’s nearly doubled in value. It’s a good sized house (4BR, 2.5BA, 3000sq ft). We purchased for $680k and it’s market estimate is now $1.15M.
With a growing family, and family staying with us for extended periods of time, we’d love to add an office, bedroom, and den. I think we could fit this into ~750sq ft over our garage. I got quotes last year to do this and it came in around $175k.
We’re deliberating pulling from a HELOC to build this addition. My mom says we should just sell and buy a bigger home. Problem is, a home with comparable stats in the area would run $1.5-$1.7M at the moment.
Any downsides to pulling the HELOC to do this work? Or downsides to building an addition in general?
Seems like a no brainer to me, as once completed, we’d have ~$700k in debt on a future valued $1.5M home, versus $1M in debt if we sold and bought new.
Submitted July 11, 2021 at 12:11AM by DrainBramage https://ift.tt/3i34GDw
