Home Selling in Greensboro>Question Details

Babybug0507, Home Buyer in Greensboro, NC

Should I expand my house or buy a different one?

Asked by Babybug0507, Greensboro, NC Mon Feb 20, 2012

My fiancé, daughter and I just bought a new home and we absolutely LOVE it! The neighborhood is extremely peaceful and we have wonderful neighbors. The only problem I have with our house is that the kitchen and bedroom above it are too small. I don't want a huge kitchen, but I feel that when there are 2 people in the kitchen at the same time, you constantly run into each other. My fiancé and I have been talking about expanding the kitchen out 10-12 feet as well as expanding the bedroom out above the kitchen. We then would like to completely remodel the kitchen. We are both in our 20's and this is our first home. Our house is 1,665 sq feet which we both feel is plenty of space for our daughter and ourselves, but I'm not sure if it's worth going through the whole process of expanding 2 rooms or if it would be better just to buy a different home. Any suggestions would be greatly appreciated!

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Check out the recent home sales for comparible homes in your area. You will want to consider your return on investment on any improvements, remodel work or overall expansion to the property. Think longterm as to your plans and the location of your current home. After doing your research and considering ROI, do what makes you most happy in the longrun. Hope that helps.

-Mike
1 vote Thank Flag Link Mon Feb 20, 2012
Since you just bought it, it makes sense to do some things to make the house comfortable for your needs rather than the previous owners needs! I would suggest getting a few different contractors to give you estimates and some ideas of what they think would give you the roominess you desire for the right price. Since you just purchased the home recently, you are probably aware of local prices and areas, and the key is to not spend more than what the total selling price would be with the new upgrades in case you did have to sell in the near future for an unexpected reason. And remember, just as you may not need or like the previous owners decorating, the same may apply when you sell, and new owners may want to change things again! So keep those estimates down! Best, Terry Bell
0 votes Thank Flag Link Sat Nov 10, 2012
That is a great question when the market is a little soft. I would make sure your home is updated to today's standards before selling in a Buyers Market. Also make sure that you don't over improve and then not be able to sell for the price you want. Doing cosmetic things like paint/fixtures/countertops goes a long way.

If you have experience in expanding and updating then go for it as long as you won't be the biggest home in the neighborhood.
0 votes Thank Flag Link Wed Feb 29, 2012
That is a great question when the market is a little soft. I would make sure your home is updated to today's standards before selling in a Buyers Market. Also make sure that you don't over improve and then not be able to sell for the price you want. Doing cosmetic things like paint/fixtures/countertops goes a long way.

If you have experience in expanding and updating then go for it as long as you won't be the biggest home in the neighborhood.
0 votes Thank Flag Link Wed Feb 29, 2012
If you love it... do it.

There is something to be said about finding a good neighborhood and having great neighbors. If you plan to live there another 20 years.... don't just think about resale value.

There is value in the living environment you are creating. There is value in the community you are a part of.

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0 votes Thank Flag Link Tue Feb 28, 2012
Hello, and congratulations on your new home. The first thing I would consider is what will your house be worth after the renovation, versus now. Then add up all the money you will have invested into it at that point. Do the numbers work? Chances are you will need to add some significant space, such as another bedroom and/or bath, in addition to the kitchen expansion before you really jump up the value. The other thing to consider is will you then outprice your neighborhood. You really dont want to be the largest house compared to most of the nearby residences. I know some good remodel builders that would be able to assist you. Then I would be happy to do a Comparative Market Analysis to determine where you fall in price range.
0 votes Thank Flag Link Mon Feb 20, 2012
Hi Babybug - In order to know if you should stay/expand or pursue a larger home you need a professional Comparative Market Analysis from a REALTOR. I would be more than happy to meet with you, view your home, and prepare a free comparative market analysis that may assist you in the direction you feel would be the best approach for your home/financial needs. I have been assisting buyers and sellers since 1995 in Guilford County. Donna Puckett - Keller Williams Realty of Greensboro - 336-601-8182 - dpuckett@triad.rr.com
0 votes Thank Flag Link Mon Feb 20, 2012
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