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Dream house or should I be more pragmatic?

 
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amother




Magenta


Post  Wed, Jun 13 2018, 3:48 am
We live in a small house. We were lucky to buy when we did (8 years ago), because prices have gone up more than 50%.
I love my neighbors and my location.

We would like to renovate , because we have outgrown the house.

Two basic options are:
1) plan a dream house. with the en suite guest room and large laundry room and huge kitchen and all the amenities I'm missing and dreaming about right now. Go into major debt, take out another mortgage (or rather, remortgage our current mortgage) for the next 30 years or so.

2) be more down to earth, realistic and pragmatic.
The main difference would be to use some of the space to build a rental so that we can afford the new mortgage (it would be another $2000 per month)
We would get 1 more bedroom and almost double the area of the living space (dining room/living room are currently very small)
another bathroom.
I would also get a new kitchen because I have to move it to a different area. And slightly bigger than it is today.

What would you do?
of course I know what my brain is telling me...

But on the other hand, I'm saying to myself that I won't go through the huge strain and tircha and expense of renovating twice.
This is my one opportunity to really get the house I'll love.
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kenz




 
 
 


Post  Wed, Jun 13 2018, 5:28 am
amother wrote:
We live in a small house. We were lucky to buy when we did (8 years ago), because prices have gone up more than 50%.
I love my neighbors and my location.

We would like to renovate , because we have outgrown the house.

Two basic options are:
1) plan a dream house. with the en suite guest room and large laundry room and huge kitchen and all the amenities I'm missing and dreaming about right now. Go into major debt, take out another mortgage (or rather, remortgage our current mortgage) for the next 30 years or so.

2) be more down to earth, realistic and pragmatic.
The main difference would be to use some of the space to build a rental so that we can afford the new mortgage (it would be another $2000 per month)
We would get 1 more bedroom and almost double the area of the living space (dining room/living room are currently very small)
another bathroom.
I would also get a new kitchen because I have to move it to a different area. And slightly bigger than it is today.

What would you do?
of course I know what my brain is telling me...

But on the other hand, I'm saying to myself that I won't go through the huge strain and tircha and expense of renovating twice.
This is my one opportunity to really get the house I'll love.


I’m no expert but I say if you can manage it financially without choking, do what you dream of. I wouldn’t be deterred by 30 years if its doable and not too much of a strain. If you’ll be caused endless anxiety by struggling to pay every month, then I’d go practical.
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amother




Oak


Post  Wed, Jun 13 2018, 5:35 am
Are you kidding? To go into major debt for a dream house? No way.
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thanks




 
 
 


Post  Wed, Jun 13 2018, 6:17 am
Is the rental legal? Are you zoned for 2 family?
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Raisin




 
 
 


Post  Wed, Jun 13 2018, 6:39 am
A suggestion that might work for you. Build a guest suite that you can use either for your own guests or as an airbnb/short term rental unit.
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amother




Mint


Post  Wed, Jun 13 2018, 8:29 am
there are legal issues with airbnb that you would want to research before deciding to go in that direction. Is the debt just extending your mortgage or more then that?
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Rubber Ducky




 
 
 


Post  Wed, Jun 13 2018, 8:44 am
If you build a rental unit and are not zoned for it, a yenta neighbor can get you into trouble. If you have trouble renting the unit you may not realize the income you expect. If you get a tenant who doesn't pay or is a lousy tenant in other ways, how does eviction work with an illegal rental?

I would encourage you to build only what you can afford.
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