Tags: remodel , addition , value , space , rock , hard place , family , bathroom , living room , second story, added , 20K , 45% , 20% , 50K , 70K , home , Renton , neighborhood , war , cottage , Shawn , Far West Design
With the down-spiral of home values having affected nearly all of us, it becomes necessary to be creative when it comes to upgrading our living environments.
If you purchased your home between 2004 and 2008 - like my wife and I did - and you are in need of a bigger house - like we are - you know all too well that you will need a very creative plan to find that extra space you need so badly. You can't afford to buy another, bigger house. You can't afford to add too much space to your existing home. And if you could afford to add a lot of space, would you be able to recuperate the expense in the near future, should you have to sell?
Our case: We purchased a home in the Renton Highlands at a time when homes were still demanding a pretty high price. Now that we are expecting our first child ( thank you, thank you) our house will be getting smaller, very soon. The cost of adding a second story to our 1943 home would add 50-70K to the overall investment. Meanwhile, all other homes in our area are priced 20% lower than two years ago and we would be adding 25%, for a total of 45% above market prices, and there may not necessarily be a demand for a large two-story home in our neighborhood of war-cottages. Does this sound familiar?
So, what do you do?
I have been drawing plans and creating spaces for many, many years and it always surprises me how much change a creative minor addition can actually bring. By increasing the living room by 5' , eliminating the current back door and placing it somewhere else, exchanging the bulky washer and dryer for an under-counter state-of-the-art combo, stretching the second bedroom by 6' - I gain a third bedroom, a second bath and a larger existing bath! And I can build it for less than 20K (using market price as an example, not my own crew), leaving our home at 7% above the other identical homes, but with a better and larger layout.
So, before you go to exteremes or just follow the norm, look for a clever solution that will yield much more satisfaction. If you need guidance, or if you have an idea but you'd like a second opinion of an expert, contact Shawn at Far West Design, LLC.
Was the Article Useful?
I hope you enjoyed the article! Please rate it at the following link, your feedback is highly appreciated:
