Builiding an addition??

[icefisherman]

I have a typical walk out, split level house built in 03. I was thinking about either adding on or moving. I would like to build one room off the top level out the back and one right below it. Maybe 15x15? The top would be a bedroom, and the basement level would be a addition to the familyroom.

Are additions worth it? We like are lot, and neighbors. What would be a real ruff ballpark price to have a contractor do something like this? How hard is it to get a loan for a addiition in this economy with good credit? Just toying around with the idea right now.

[JohnMickish]

I might know something about this. We went thru the same process over the last year. The addition we where going to do on our rambler came in at about $100 per square foot, unfinished space. That was for a sided/roofed shell, 1 level with footings and no basement. 600 sq/ft of that was concrete slab.

Financing can be a real biotch unless you have some serious equity in the house. For us, we are pretty even and it came down to this. Someone from the bank came out and assessed the property and guessed what the addition would do to the value (they did look at similar properties with similar mods to get their guess). The bank will want a very detailed estimate from your builder. If the bank does not feel the value is there then you can guess the rest.

For us it was a very slow and frustrating process. Good luck, if I had to do it over again I would sell the house and start over.

[Eric Wettschreck]

As far as pricing, I have no idea. However, bids from most reputable contractors are free.

As stated, the loan process can be interesting. Having good credit and equity in the house helps a ton. I'm not you but I understand where you're coming from. You said you like the lot and enjoy the neighbors. Tough choices.

First thing to do is contact a couple of Generals. Get some bids and that will give you a starting point.

[JohnMickish]

Eric brings up another good point. Your credit score will play a huge factor in the deal. For us, both my wife and my credit scores are right at 800 and our income is more than the house is worth, but it was still a very frustrating experience. A few bad apples have really ruined the banking industry for the rest of us honest people.

[icefisherman]

Thanks for the info guys! I guess we will forget about the addition idea. We had the house built in 2003 when the housing market was booming. With finishing my basement off, I would be lucky if I had $1.00 of equity in the house. Haha! I am probaly still upside down. Oh well at least we still have a nice house, just a little cramped.

[JohnMickish]

I forgot to add that there are other factors that will determine whether or not the bank will like the idea or not, such as forclosures in the area, and I'm not just talking down the street. It's an ugly business right now and the banks are still very gun shy.

[Eric Wettschreck]

Finishing your basement added equity to the house. I can't say how much as I'm no appraiser, but it added to it. That will help.

[dougger222]

Back in 1990 my father added a 20x20 living room on the main level a bedroom below with a finished 2 car garage. He GC'd everything and it cost him $50,000. Guessing the garage added $15K or so.

Keep in mind these were 1990 prices.

[FlagsDown]

You could plan on anywhere between $200-$300 a square foot depending on finishes, etc.