Home Addition

[guppy]

My husband and I bought our first home 3 years ago. Since the housing market started dropping we've rethought some of our financial goals and decided we will be staying here for a while (instead of our initial idea of staying a year or two and then ''flipping'' - I think we watched too many of those cable home shows). Our home is 1200 sq. ft. and has 3 br and 1 bathroom. We'd like to bump out our dining room and create a 14x21 family room right behind it. Right now we have a small famil room in the front of our house but with the addition of (most likely) 2 children in the next few years, it doesn't provide us enough room. I suppose we'll call that the ''living room'' when we're done with the addition. Also, it'd be nice to have a second bathroom. We want to add a small powder room (approx 3x6?) in that 14'x21' space just so there's another place to ''go'' if someones using the upstairs bathroom. Ok, onto my question..

My husband and I currently have 4000 in an EF. We are working towards paying off our car loan (currently 4600 left on it) and his last student loan (approx 5200 left) by November/Decemer '09. After that we want to start saving cash for our addition that we want to start next summer. I figure by May we'll have about 7,000 saved to get started with. We are planning on getting a couple estimates this summer and I know that construction costs vary WILDLY in different parts of the country, but how much do you expect we should save up cash to do this addition? We live in the Lehigh Valley in Eastern PA (The outskirts of Allentown). My husband and father are very handy. My father can run the electrical (if the city allows- need to check permits first) and my husband spent many summers doing construction work. We are looking for someone to do any excavation, pour concrete slab foundation, plumbing for bathroom, studs/framework, sheeting the outside. We want to do everything ourselves from the studs in. Including our own costs, should I be setting aside 15k? or more like 30k? I'm just wondering how much its run some of you if you've done a simiar job? I don't plan on buying new furniture for this room or anything, so none of those costs are needed. I am fine with hand me downs from the family.

Again, I understand numbers are going to vary immensely, so believe me I am going to get my estimates this summer, I'm just looking for a general idea.

Thanks in advance!!!

[segmond]

forget it, learn to manage the space you have. the problem with many people is bad space management. there are plenty of people who are homeless today and would be happy to have a 400sq ft to call home.

if you do the addition, think of the impact on your property taxes as well, plus the added forever cost of electric/heating, you are going to have to run ducts or add a radiator there as well. you are most likely going to go over budget too. just make best of what you have.

[swanson719]

I disagree. It might be better to look at it from a different view. How much would it cost to buy something with what you guys want? How much would it cost to have it done? Get some itemized estimates for your area - which are generally free - and then figure in an additional 10 to 15%. That's your true cost to plan for. When you know how much it would cost to have the work done, or do it yourself if you subtract labor from the estimate if the city allows, figure you could spend that amount of money and move houses. You're going deeper in debt either way, so why not just find a house and move?

[Taribor]

14 x 21 slab will probably run you around 4-5k for the slab (I'm in Northern Cal so it may be cheaper for you). You also have to factor in incorporating the addistion into your roof line. If you adding plumbing, how far to tap into existing line, and do you have to crack through foundation to access it?

I think you are looking at around 15-20l for new foundation and framing/roof. Your 7k will disappear very quickly just for the concrete and initial supplies, but after that, it sounds like your dad/husband can make the dollars go further.