Question Details

Jason Anders…, Both Buyer and Seller in brooklaw, nj

Is it better to renovate @ this time, or buy new/resale home?

Asked by Jason Anderson, brooklaw, nj Sat Aug 23, 2008

My family has thoroughly outgrown our present home. We have three children in a 3 bedroom 1.5 bath house. We bought about four years ago and have gone through about $25000 in improvements over these few years. Our present asking price is down 15k since listing 7 months ago, leaving us making nothing but our investment into the property, if we get 5k less than our asking price. We have found land for sale that we would like to build on, but lack enough money to start the process. How does one start a project like this with the current market conditions? Would we be better off expanding and renovating our present house? We could probably add about 500square feet to the current structure by going out and up over present areas.
Next, We are considering modular homes and log home kits for our possible build? How much can be estimated to be needed in addition to the cost of the structures? The modular homes we like are around $180000 and the log cabin kit is around $150000.

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