Home Shrinks as Family Grows

Oops! Your home is getting too small for your family. You need extra bedrooms. The kitchen has to be enlarged or updated, it’s about time you had a garage large enough to handle your cars. It’s strange how homes seem to shrink in size as families increase in number and children grow from toddlers to teenagers. The next obvious question is – should you add on a dormer, a new bedroom, garage, renovate your kitchen – or should you sell your present home and buy one that fits your family’s needs?
Advice: get estimates from contractors (then for safety’s sake increase the cost and time estimate by 50%). Don’t forget to crank in the stress factor that goes with remodeling.
You must also consider going to your local lender, where you have a realationship and sit down with him or her to see the best plan and options for you to pursue.  How much will you get (net) from your current sale, when you close? How much are you looking to spend for the next home?  What would it cost to renovate and expand my existing home to accommodate my current and future needs with your growing family?  Is there enough land/space to accomplish this task?
Many questions will come up that you haven’t thought of and my suggest is take your time and lay your plan and options out carefully.  This is not a market and economic times to play around with; just proceed with caution.  Know your options.  Interest rates are currently at a 45 year low and are surely advantageous to the buyers; however, see what the rates are for either a line of credit or bridge loan for your construction, that would lead to a new fixed rate conventional or jumbo mortgagethat would include the construction loan.  You might also consider, should I move out of my town to another one and purchase a larger home w/more property to stay within my budget?  Are the schools highly rated? Is local transportation sufficient for my families needs?  What community ammenities &  facilities are available that are comparable to my current town.  Many, many questions must be thought of and asked before you can make a major move or re-construction or your current home to anticipate and plan the best possible solution.  More over, will your family be comfortable while doing construction while living in the home?  Would you need to move out to a temporary rental?  Will the move to a new home in or out of the town be more tramatic to your children, since they might have very close friends that they might lose?  So many things must be contemplated so your family will be happy and less stressed out from the final decision.
With this information in hand, our office will be happy to sit down with you and discuss the value of your present home and show you a range of new and existing homes for sale which are already in move-in condition to fit your family’s needs.