Considering an addition to house
Question: My husband is 75, I am 70. We recently downsized from a large home and property in the country. We feel we are one room short where we purchased and would like to add on a family room. We have a large family and get-togethers are a little cramped in our new home. Is it wise to add on a $50,000 addition at this stage of our lives? I know we will enjoy it for however long we may have to live in it. Will we get part of our investment back if we have to sell it for maybe health reasons? We are in good health at this time. We can pay for the addition, or would we be wise to mortgage it? – H.D.
You have to decide which priority is most important to you – lifestyle or financial return. It is unlikely that you would recover the full cost of a $50,000 addition to your new home, however a local real estate agent would be in a better position than me to advise you on that. However, if the property is well-located and the addition is in harmony with the existing house, you should recover some of the investment.