Seeking guidance from the collective

How do you stay so happy?:dunno:

I have never believed in simply agreeing with a friend to make him happy if i cannot in all conscience agree with his point.

Since this is our safe haven from the World outside i will refrain from further realistic comment on this thread as to my line of thinking.



Now as to alterations if they gonna be done I would go with move the garage out sideways. That way the roof pitch continues, it only adds a few extra rafters, you only need to expand roof, front and rear walls to the width required.
 
Rob, if the side is pushed out, then all the trusses would have to be changed out or a beam installed to hold them up. I do also believe that 10,000 is a bit short. Sorry Rennie, not sure this is what you was wanting to hear.

I think the best bet would be find a "very" good local contractor and go from there. Oh, don't get the one's with new trucks. You will be making that payment also.
 
I was not going to wade into this but walking away is a bad idea for several reasons. Main one being you agreed to pay back the money you borrowed and your word should be your bond. I don't care if it is some big corporation, you still made a commitment. You don't agree to build a woodworking project for someone and then just walk away when you realize your going to loose money.... well shouldn't. Some would.

Even if you do your still responsible for the difference so walking away will not solve the problem. Lets assume you owe $100K and the house is worth $70K so your $30K underwater. So you lay the keys on the counter and walk off. The lender will probably sell that house for $50K and then come after you for the $50K still owed because that is what you agreed to. So now you are in worst shape than before.

Renee, as for the house I will put on my Appraiser hat. Adding on the garage in a good economy would "most likely" be a bad investment. Meaning that it would most likely add less value (maybe none) to the house than it would cost to build. (Of course I don't know your market) The "average" buyer doesn't need a larger garage. MOST buyers just would not be willing to pay extra for something they do not need. Swimming pools are like that here. They return maybe 10-15% of the cost to build. So your putting yourself further underwater.

Now, as long as you know the risk I am not saying you shouldn't do it. Just realize your may never get that money back. Your plans may be to stay there forever but you never know what will happen and you may need to sell it in year.

The economy is bound to come back at some point. But when is anyone's guess. Your area may have been over priced and prices may never come back to what you paid. I just don't know you market so there is no way I can say. These are things to keep in mind and that no one can answer.
 
Rob, if the side is pushed out, then all the trusses would have to be changed out or a beam installed to hold them up.

:huh::huh::huh:

Steve, I admit that I am not a builder, contractor, or architect. But my understanding of trusses is that the load is carried by the walls under each end of the truss.
With Rennie's house, the trusses over the garage bear on the front and back walls. So if he goes out the side it seems that he would NOT need a beam. On the other hand, if he goes out the front he would also NOT need a beam, if he leaves the front wall alone. (ie, just access the new space through the old garage door space) But if he takes down the front wall then I think he would need a great big beam.
 
Art, my bad. I was looking at the SU model you did and had my head somewhere else. Thanks for catching that. I will go sit patiently in the corner now and put on the pointed hat.
 
What are the height restrictions in the area? Can you go up?
Up would be very expensive. The house has a crawlspace with walls that would need to be beefed up. The floor is built on a post and beam system and there are no bearing walls anywhere in the interior of the home, so no place to support floor joists. Lastly, all exterior walls are 2x4 with celotex sheathing except in the corners so there would be a lot of extra work there as well. Height restrictions are 2 1/2 stories, but, if I'm going to live here a long time I really don't want to add stairs.

Interior room is really not the issue. I think we have enough. A little tight perhaps, but enough. The two primary reasons for thinking about moving in the first place were to have our own place and an opportunity for a larger shop. Both of those fall into the "like" column rather than the "need" column. So, I guess both are optional.:rolleyes:

Rob, I agree to a point, but only when we are talking about businesses, a home is not the same. When you close down a business you have certain one time expenses, but when you walk away from a home, you still have to put a roof over your head each month. :dunno:

As to finances, I do not know Rennie's situation, so I have no way to comment on that, I very much doubt that Rennie is so irresponsible as to let this expansion put him in a bad financial situation, and I'm not saying that you think he is irresponsible either Rob. You are correct that paying off the mortgage is always a good thing, maybe the expansion could be spread over a longer time frame, to defray the cost, while paying more on the mortgage each month?

So if you go ahead with the expansion, you would put a veranda in between the two, or an uncovered porch? Would you grow some shrubs or something fro some privacy? :wave:

Thanks Stu. My financial situation is not the greatest, but suffice it to say that I have no debt other than the mortgage and there is more than enough in the bank to pay off the mortgage and live for a few years more without income. I have a low rate mortgage and it makes financial sense for me to keep it because the income I earn on my savings plus the tax benefits of mortgage interest out weight the interest cost of the loan. Not by much, but it is positive.

Yes, the open porch would fill the space between the expanded garage and the bedroom wing. It would have arts & crafts style columns and railing with some shrubbery in front. A walkway would come off the front of the porch opposite the front door and branch out to both the driveway and street.

Looked at the first picture again. You might have to do something with the 2 vent/ exhaust pipes and the chimney could be real close to the new valley also. Without knowing the width of the house, I am thinking the new ridge, over garage, will be higher then the other two ridges. Won't notice it from the front, but you would see a small upside "V" from the back.

My initial looks at this tell me I'll be OK on the vents and the ridge should match the one on the opposite side of the house - but it's something I'll keep my eye on. Thanks.

Rennie,
It's a nice plan, and certainly doable, and it would be aesthetically pleasing to the neighbors, too. There might be a bit of problem with altering the grade on the left side of the driveway, adjacent the birch tree, though. It appears to be a bit steeper drop to the street than the right side.

My one big question, though, is your budget. Unfortunately, $10K doesn't go very far these days. With the grade work, the re-roofing of the whole house, the concrete work, and the materials cost for the addition (assuming you're doing the building work yourself), I'd be thinking something more than triple your estimate.

Contrary to Rob's opinion, I think you should do it. Make the house/shop into what you want to spend the rest of your days in, and let your heirs be the ones to worry about the market value. :D

You've seen my place. That's what we're doing. We've got/are getting it the way we want to live in it, and we'll let somebody else quibble over what it's worth when we're done with it.:)

The grade on the left is not as severe as it appears in the photo but worth exploring.

Yes, you are right. If this will likely be my last house it needs to fit only us and our kids can worry about marketability. :rofl:

I have a firm quote on the roof without the porch and garage extension of $4K. Most of the porch work I would do myself contracting out the tie-in to the existing roof and some of the primary framing. The electrical and interior finishes in the garage would be all me as well. I need to add more for the driveway and, admittedly, I have little experience in pricing that out. I don't believe it will triple, too many hungry contractors and willing friends around here, but it will be more than $10K.

My wife brought up this exact point last night when I was talking to her.

It reminded me of the fact that when we bought our home 12 years ago, the reason it was forsale was that the previous owner had been widowed, and he was now getting remarried, and they wanted a new place to build new memories.

I also have to say that Rob makes a very good point. The financial position of you and your fiancee is really none of our business, but it sounds like you owe quite a lot on this mortgage yet. Please be careful, prudent, and wise with your money! :thumb:

That said... I believe that this is what you are talking about?

View attachment 45651

And a porch of some sort would fit along the front of the house between those two wings?

Thanks for the drawing Art - you hit it! Janet and I have talked long and hard on this. Yes, we would like our own place, I have spent many hours designing it and we would do it tomorrow if we could. In fact, we could, but it would leave us with less savings than we would be comfortable with. We are both looking at this from a practical stand point. She feels comfortable here. I don't need "things" to remind me that Linda was such a blessing to me for 25 years so most of her things have already been passed on to the kids. What remains in the house is mostly all "me" (the TDW guys can tell you my house is nearly empty as some had to sit on the floor during their visit :rofl:). Janet will be bringing some of her furniture with her and we have been working together picking out cabinets and colors for the rest of the interior updates. I have no fear that she will know that this is her house when we are done.

I have never believed in simply agreeing with a friend to make him happy if i cannot in all conscience agree with his point.

Since this is our safe haven from the World outside i will refrain from further realistic comment on this thread as to my line of thinking.



Now as to alterations if they gonna be done I would go with move the garage out sideways. That way the roof pitch continues, it only adds a few extra rafters, you only need to expand roof, front and rear walls to the width required.

Rob, your comments are always welcome. Everyone needs someone to help them keep firmly grounded in reality and kudos to you for taking on the tough job.:thumb: Keep it up!

Going out to the side is not an option due to setback requirements. One of the blessings of owning a corner lot.:(

Rob, if the side is pushed out, then all the trusses would have to be changed out or a beam installed to hold them up. I do also believe that 10,000 is a bit short. Sorry Rennie, not sure this is what you was wanting to hear.

I think the best bet would be find a "very" good local contractor and go from there. Oh, don't get the one's with new trucks. You will be making that payment also.

I hear you on the new trucks.:rofl::rofl:

No truss changes going out to the side, but can't go there anyway. See answer to Rob's post above.

Continued in next post....
 
I was not going to wade into this but walking away is a bad idea for several reasons. Main one being you agreed to pay back the money you borrowed and your word should be your bond. I don't care if it is some big corporation, you still made a commitment. You don't agree to build a woodworking project for someone and then just walk away when you realize your going to loose money.... well shouldn't. Some would.

Even if you do your still responsible for the difference so walking away will not solve the problem. Lets assume you owe $100K and the house is worth $70K so your $30K underwater. So you lay the keys on the counter and walk off. The lender will probably sell that house for $50K and then come after you for the $50K still owed because that is what you agreed to. So now you are in worst shape than before.

Renee, as for the house I will put on my Appraiser hat. Adding on the garage in a good economy would "most likely" be a bad investment. Meaning that it would most likely add less value (maybe none) to the house than it would cost to build. (Of course I don't know your market) The "average" buyer doesn't need a larger garage. MOST buyers just would not be willing to pay extra for something they do not need. Swimming pools are like that here. They return maybe 10-15% of the cost to build. So your putting yourself further underwater.

Now, as long as you know the risk I am not saying you shouldn't do it. Just realize your may never get that money back. Your plans may be to stay there forever but you never know what will happen and you may need to sell it in year.

The economy is bound to come back at some point. But when is anyone's guess. Your area may have been over priced and prices may never come back to what you paid. I just don't know you market so there is no way I can say. These are things to keep in mind and that no one can answer.

Thanks Jeff. No, I have no intention of walking away. A deal is a deal.

Around here shop space is a big thing. Nearly 1 in 6 homes advertised uses the word "shop" somewhere in the description. On my block there are 9 homes. 1 has a separate 24x24 shop building, 4 more have at least 50% of their garage converted to shop space and 2 others have small shop areas within the garage. Storage space is also at a premium. Within 5 miles of my home I would estimate there a re probably 6 storage facilities each having many hundreds of units. So, what all this means to me is an extra 8' at the end of the garage might not be golden, but it will attract buyers and might recoup some, if not most, of the investment. Now, the pool in my backyard? That's another story.:rofl:

We are also putting some money into bath and kitchen upgrades. I know my money will eventually come back on those.

Our area did not suffer the huge over valuing that some, like SoCal, did. I purchased my home 13 years ago for $88K. At it's peak, about 3 years ago, it was valued at $130K. Right now I might be able to sell for 100K, but I might have to wait a while for that deal. More likely $90K, hence the $30K negative position. All that being said, I am not as bad of as some.:)

:huh::huh::huh:

Steve, I admit that I am not a builder, contractor, or architect. But my understanding of trusses is that the load is carried by the walls under each end of the truss.
With Rennie's house, the trusses over the garage bear on the front and back walls. So if he goes out the side it seems that he would NOT need a beam. On the other hand, if he goes out the front he would also NOT need a beam, if he leaves the front wall alone. (ie, just access the new space through the old garage door space) But if he takes down the front wall then I think he would need a great big beam.

Very true. My first thought would be to simply reuse the existing door and leave the current opening intact. That, I think, would minimize costs and, since the garage is not all that wide, not introduce large wing walls that need to be worked around. Old house - no seismic bracing to speak of in the current walls flanking the garage door. Should be easy to poke through with electrical and dust collection if needed.
 
Our area did not suffer the huge over valuing that some, like SoCal, did. I purchased my home 13 years ago for $88K. At it's peak, about 3 years ago, it was valued at $130K. Right now I might be able to sell for 100K, but I might have to wait a while for that deal. More likely $90K, hence the $30K negative position. All that being said, I am not as bad of as some.:)

Rennie,

I just want to point out what I feel is some strange thinking by many people. That is, the overall gain (or loss) in any real estate transaction is based on something other than the difference between what they currently owe on their mortgage (plus any improvements) and what they will receive from selling their house. You are counting as a loss what you could have potentially received if you sold at the height of the over inflated real estate market. Many people are basing their decision making on this "missed" opportunity and not addressing what is real now. Who cares what it was three years ago. That was an anomaly that we probably won't see again in our lifetime. I suspect that the growth in real estate will be more in line with what existed prior to that that amomaly.

Not knowing what you have left on your mortgage I can't say what your profit is, but I know you don't have a loss because you claim you can still get a price better than your initial mortgage cost (and I am assuming the improvements you have put into it).
 
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Rennie,

I just want to point out what I feel is some strange thinking by many people. That is, the overall gain (or loss) in any real estate transaction is based on something other than the difference between what they currently owe on their mortgage (plus any improvements) and what they will receive from selling their house. You are counting as a loss what you could have potentially received if you sold at the height of the over inflated real estate market. Many people are basing their decision making on this "missed" opportunity and not addressing what is real now. Who cares what it was three years ago. That was an anomaly that we probably won't see again in our lifetime. I suspect that the growth in real estate will be more in line with what existed prior to that that amomaly.

Not knowing what you have left on your mortgage I can't say what your profit is, but I know you don't have a loss because you claim you can still get a price better than your initial mortgage cost (and I am assuming the improvements you have put into it).
Bill,

I have to go back and look, but I don't think I said I would take a loss on the value of the house. Clearly I have made about 20%. What I do remember saying is that I would lose money selling it because it is currently mortgaged for more than its resale value. Perhaps lose is the wrong word. Essentially, If I sold today I would have to pull over $20K from savings to cover the difference between owed and sold. In one respect, I lose all the profit over the past 20 years, but that is my own fault. When Linda took ill we needed to get hands on cash for medical expenses and used the equity in the home. It was not a bad thing since I was also able to lower the overall interest rate as well.

The supposition that it will take many years, if ever, to get back to the value it enjoyed 3 years ago is exactly why I am considering these improvements. Not so much to make it more salable, but to make it more livable for my tastes and needs.

If I said or inferred I would lose money on the value of the house I apologize.:doh::eek:
 
because it is currently mortgaged for more than its resale value. Perhaps lose is the wrong word. Essentially, If I sold today I would have to pull over $20K from savings to cover the difference between owed and sold.

Looks like I am the one that is wrong Rennie. I did not realize you had a second mortgage on the place and have a total mortgage greater than current value. I thought you were counting the lost opportunity as a loss. Never mind!:eek:
 
Looks like I am the one that is wrong Rennie. I did not realize you had a second mortgage on the place and have a total mortgage greater than current value. I thought you were counting the lost opportunity as a loss. Never mind!:eek:
No problem Bill. I still like you. :D After all, you look like me.:rofl::rofl:
 
Well Rennie, If it were me since the neighbor hood is a good one and since your Fiance has no problems with the house, i'd go for the addition.

I agree with Don Rennie. When I build something in the house I don't care about how it would affect resale value. If we are not happy with it then it was waste of money. To me doing renovations with worrying about if you'll get your money back if you sell can make for an unhappy existence in your home. Life's to short and you might as well get what you want and not worry about what others might or might not buy!

I remeber one condo build out we did in a highrise. It was a little old lady and some of the colors and options she had picked did absolutely nothing for resale and probably made it difficult to resell but she said she didn't care and was going to get what she wanted and let someone else worry about it. It might not make financial sense but having to settle for something less than what you wanted doesn't make sense to me either.

Never really understood this whole underwater thing anyways unless your in the business of flipping houses for a living. Thats like worring about the resale value of a new car before you buy it. Once you sign the paper you lost money already so why buy it? For me I plan to stay where I'm at and make this what loml and I want. I'm not going to worry about things I can't control cause we will never get what we want. If you and your fiance are happy with your existing place then by all means do to it what will bring you the greatest pleasure from it.
 
Not to hijack this but, I have had this resale talk with my parents. Their house is old, as in 1850's 3 brick thick walls old. I was told, when you have to sale this old barn, anything over a dollar is a profit. Dump it fast and move on.
 
Any chance the rental market where you are would support renting this house with a reasonable chance of keeping it rented? Does your fiance have enough income to support her buying a house, or between the two of you could you afford to buy the other house and rent this one? Don't know if your situation permits looking at this option, but it hasn't been discussed so thought it might be worth a look.
 
It's been a while since I've bought shingles, but that's a pretty flat roof and something that I'd consider doing myself along with the framing. I'd think 10k might be enough if you did all of it yourself, personally I'd hire out the concrete/foundation work. :)

If you haven't had a real estate agent do a comparable market analysis or at least recently, I'd consider interviewing a few just to see what they have to say, it's free to do.
 
Any chance the rental market where you are would support renting this house with a reasonable chance of keeping it rented? Does your fiance have enough income to support her buying a house, or between the two of you could you afford to buy the other house and rent this one? Don't know if your situation permits looking at this option, but it hasn't been discussed so thought it might be worth a look.

I've given this some thought. With all the built in furniture, and the in-ground pool, there is a lot that could be done wrong by a renter that would cost me big bucks to fix. A pool liner is $3,500 alone. I might be able to rent it for enough to cover the first mortgage, but not the second. Personally, I've thought more about buying another house in my neighborhood for cash and renting it out. :D If renting were an option I think we might go that route, but I'm leery of anyone not taking care of the pool, damaging the new floors or built ins, or generally just being a bad risk. I've seen too many rental properties turned into dumps in a matter of months - longer than it takes to evict them. Scares me.:eek:

It's been a while since I've bought shingles, but that's a pretty flat roof and something that I'd consider doing myself along with the framing. I'd think 10k might be enough if you did all of it yourself, personally I'd hire out the concrete/foundation work. :)

If you haven't had a real estate agent do a comparable market analysis or at least recently, I'd consider interviewing a few just to see what they have to say, it's free to do.
As for the roof - yes, I'd do it myself except there are 2 roofs up there already. That means a complete tear off. Not something I want to do.

I had a friend who is an appraiser in my town look at the house late last year. I talked to him about the bath and kitchen upgrades and he said I should go ahead with them. Mine are original to the house, circa 1974. They need updating. I've not spoken to him about the garage/porch idea. He agreed that I will not likely see enough in a sale to cover my mortgage for at least two years (a combination of the value coming up and the loan going down). He's the one that gave me the 90K number after the bath and kitchen upgrades.
 
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rennie the tear off could be done by the church folk for a nominal fee, there must be folks in your church that are outa work and you could do both them and you a favor..the replacing after the mess is gone is a easy roof to do.. just do it in stages and sections so as to not get to much open to weather at once, depending on your crew..
 
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