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Sell, Extend, or Rebuild

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  • Jul 13th, 2015 10:50 am
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[OP]
Newbie
Jul 29, 2007
19 posts
3 upvotes

Sell, Extend, or Rebuild

I am looking for advice, suggestions, or people with experience on this.

I had an inheritance early this year and it has paid off the house, we are now debt free.

My wife and now are thinking of possibly upgrading via moving or doing an addition to the house.

A little background about the house, it’s a 1.5 storey bungalow 3 bed and 2 baths at about 1500 sq ft including a finished basement on a 44” x 150” lot. It was built in 1951, so the circulation and insulation is NOT the best. All the knob and tube had been replaced and there is a 100 amp service to the house. The foundation is made from foundation block and not poured concrete. There was an issue with water seepage through the blocks but that has been rectified by waterproofing the exterior. Bungalows in my area are selling for $600K-650K and the 2 storey houses are selling for $750K-800K.

My options:
1. Sell and move
2. Extend house and build second storey
3. Demolish and rebuild

If we go with option 2, I’m afraid of knocking down walls and finding issues that were hidden and need fixing.

We haven’t spoken to any contractors or build/design companies yet as we are still trying to decide what we want.

I’m looking for people with any experience in going through this process and the cost/benefit of the options. Thanks!
2 replies
Deal Addict
Jul 29, 2006
4163 posts
999 upvotes
Building a second storey will cost at least 200k, which wouldn't make it worth it in your neighborhood. Go find a new home.
Deal Fanatic
User avatar
Jan 17, 2002
7673 posts
906 upvotes
Toronto
Yeah if it was a 3-400K difference and you would stay in the same neighbourhood when upgrading, I might think about a reno and addition, but for 200K, much less risk to just sell and find a house that suits your needs.

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