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We live in a really cute, but completely dumb step up house. It was built in 1919 and has 4 tiny bedrooms, 1 bath. The one bath is upstairs so if we are in the basement, we have to run up 2 flights of stairs to get there. My DS has a hard time making it sometimes.<br><br>
Anyway, the other things we don't like about the house are no garage, no central air (the upstairs get very hot in the summer), a small kitchen with few cupboards.<br><br>
The things we LOVE about the house are huge backyard, great neighborhood, decorated the way we want it, 4 bedrooms, perfect square footage for us.<br><br>
So here is the question: Do we stay in the house and spend money on a major remodel to add a main floor bath, a garage, some storage space and a new office? We would also update the kitchen with new cupboards and countertop. Plus put in central air.<br><br>
Or...do we keep it the way it is and sell in a couple of years and try to find a house that has things we want.<br><br>
As far as financially here is how we are sitting:<br>
We own $56,000 on the mortgage. The remodel would be about $45-50,000 for a total of $106,000.<br><br>
If we sold the house, we would be able to sell it for about $90,000 the way it currently is. That would mean we would have $34,000 to put towards a different house. The housing market in our town is stable and we would be looking at spending about $150,000-170,000 for an older home that has been updated and has the things we would want.<br><br>
What would you do in our situation?<br>
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If you love the location, I would stay and add the things you want slowly. It can be so hard to find a lovely yard and neighborhood.<br><br>
Blessings,<br>
~Traci
 

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I would update ...<br><br>
BUT talk to a real estate agent also. 1) IF you can locate a larger house in your "perfect" neighborhood, that is owner by a "house flipper", you could try to negotiate a trade-up. This would save $$$ in realtor commissions and house-selling uncertainty. 2) You want to make sure the improvements you do will increase the resale value of the house by at least 75% of their cost.<br><br>
Be sure to shop around and find the right contractor. We had a bathroom-addition project go over budget, and end up at double the cost. (Partly because we added a cathedral ceiling to the job <img alt="" class="inlineimg" src="/img/vbsmilies/smilies/dizzy.gif" style="border:0px solid;" title="Dizzy">: Still, it was a little stressful th have that happen!)<br><br>
You may be able to make a small 2-story addition that would include a rough-in for a second upstairs bath, and/or a large upstairs closet.<br><br>
Depending on how your house plumbing is arranged, it may be fairly easy to put a bathroom in the basement. We were lucky with our current place, and it just took a little jack hammer work, because the waste pipes were below the basement floor level. If you do this, include the rough-in for a shower, just in case of future need. Our super-contractor even put in a new window in the basement wall, for a very reasonable price!
 
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