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NicoDeluxe8 Jul 2016 22:22Hello everyone,
I’m currently facing a decision. I was given a house, which is generally in good condition. Unfortunately, the house has a small bathroom of about 2 by 2 meters (6.5 by 6.5 feet), and the kitchen could be larger. There is an old laundry room attached to the house, which would actually be ideal to convert into a bathroom and hallway. Now, I received an offer from a construction company, and I was almost stunned...
The attached laundry room is still half on the neighbor’s property, which doesn’t make things easier, and it measures about 7 meters by 3 meters (23 by 10 feet).
The company would disconnect the roof from the neighbor’s part so it can be raised a bit to gain ceiling height. They would also demolish and dispose of the walls. Additionally, a new concrete slab would be installed. Overall, the net costs are as follows:
$25,000 for demolition and reconstruction of the concrete slab and wall structure
$10,000 for the roof with a new roof frame and covering
$3,000 for windows (4 units) and an exterior door
$3,500 for tile work
Small additional costs such as scaffolding, etc.
In total, I am at $43,000 net, $50,000 gross. On top of that, there will be ceramic fixtures (bathtub, shower, toilet, washbasin) as well as electrical work and wastewater connections from the new bathroom to the existing connection in the basement. Since the current heating system would not suffice, a new boiler acting as an instantaneous water heater would be needed to supply warm water to the bathroom. That would probably add another $12,000 :/
So, I could get a loan of $80,000 over 30 years. But that seems too long for me (I’m 27). Alternatively, I could skip the extension, just move in, take a loan of only $40,000, make everything nice inside, and do some paving outside; or I could invest in my desired bathroom and incorporate the existing small bathroom space into the kitchen.
I’m not sure if this makes sense. The house is worth $20,000 (a mid-terrace house), and then put so much money into an extension? That doesn’t seem quite right to me. For $80,000, I could already buy a detached house around here.
I’m hoping for some feedback based on your experiences. People around me are split: some say move in without doing the extension, others say if you spend money, then do it the way you really want.
I should also mention that the extension is already structurally unsound, so the roof HAS to be redone anyway because it’s already leaking.
I look forward to your ideas. I also have floor plans if anyone is interested.
I’m currently facing a decision. I was given a house, which is generally in good condition. Unfortunately, the house has a small bathroom of about 2 by 2 meters (6.5 by 6.5 feet), and the kitchen could be larger. There is an old laundry room attached to the house, which would actually be ideal to convert into a bathroom and hallway. Now, I received an offer from a construction company, and I was almost stunned...
The attached laundry room is still half on the neighbor’s property, which doesn’t make things easier, and it measures about 7 meters by 3 meters (23 by 10 feet).
The company would disconnect the roof from the neighbor’s part so it can be raised a bit to gain ceiling height. They would also demolish and dispose of the walls. Additionally, a new concrete slab would be installed. Overall, the net costs are as follows:
$25,000 for demolition and reconstruction of the concrete slab and wall structure
$10,000 for the roof with a new roof frame and covering
$3,000 for windows (4 units) and an exterior door
$3,500 for tile work
Small additional costs such as scaffolding, etc.
In total, I am at $43,000 net, $50,000 gross. On top of that, there will be ceramic fixtures (bathtub, shower, toilet, washbasin) as well as electrical work and wastewater connections from the new bathroom to the existing connection in the basement. Since the current heating system would not suffice, a new boiler acting as an instantaneous water heater would be needed to supply warm water to the bathroom. That would probably add another $12,000 :/
So, I could get a loan of $80,000 over 30 years. But that seems too long for me (I’m 27). Alternatively, I could skip the extension, just move in, take a loan of only $40,000, make everything nice inside, and do some paving outside; or I could invest in my desired bathroom and incorporate the existing small bathroom space into the kitchen.
I’m not sure if this makes sense. The house is worth $20,000 (a mid-terrace house), and then put so much money into an extension? That doesn’t seem quite right to me. For $80,000, I could already buy a detached house around here.
I’m hoping for some feedback based on your experiences. People around me are split: some say move in without doing the extension, others say if you spend money, then do it the way you really want.
I should also mention that the extension is already structurally unsound, so the roof HAS to be redone anyway because it’s already leaking.
I look forward to your ideas. I also have floor plans if anyone is interested.
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