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When they find out how much that room is going to cost, they might change their mind.
Also, I personally would never buy a house that has had an addition. It's never done right.
I agree. It costs over $1,200 just to get a driveway power washed and sealed.
Just got an estimate on getting a deck with a screened porch.... 115K with at least a 3 month wait.
Doing work yourself in the Northeast is a pain in the ass unless you know someone. Permits , inspections, etc. and often you need a licensed contractor for plumbing, electrical etc.
GreaterNYCDude says
Doing work yourself in the Northeast is a pain in the ass unless you know someone. Permits , inspections, etc. and often you need a licensed contractor for plumbing, electrical etc.
Already checked the county website for permits, and for the entire zip code only 42 showed up, and that was going back decades. Either their system doesn't work or nobody gets permits. Ever. Actually doing any plumbing and electrical is easy enough. I'd never pay someone to do that.
Just got an estimate on getting a deck with a screened porch.... 115K with at least a 3 month wait. They also want 1/3 up front, despite the lack of custom stuff in the job (WTF is up with that?). The deck is maybe 2-3' off the ground. It's not just me, was listening to a YouTube realtor (Sachs) which has a Tuesday night broadcast and they were mentioning someone else in my area who got an > 100K quote on a maybe 12' x 12' screened in porch.
The couple, both in their 30s, bought a three-bedroom colonial in Newton for $1.1 million — their first home — in 2019. During the pandemic, one of those bedrooms became a permanent office, and now [they are] pregnant with their second child, so they need more space. But nothing they see on the market right now makes sense for them: homes are either too expensive or too small, and, given the runup in interest rates over the last 16 months, any new mortgage would cost them significantly more per month than they pay now. So instead of moving, the couple has resolved to stay put and add a fourth bedroom. It’ll be a costly renovation but far cheaper in the long run than moving
(Source: BostonGlobe.com)
Ignoring the fact that a first-time homebuyer shouldn't need to spend > $1 million on a house, it raises a good point. If renovating makes more financial sense than moving to anyone with a low fixed rate mortgage, will we see an increase in construction activity on the go forward?