Preface: Neither will happen for about another 4 years... My lovely bride and I intend to be 100% debt free within 3 years. We DO NOT want to move from our property, it has 12 acres, city sewer, natural gas, good well water and good proximity to city misc shopping.
The existing house has a 2 year old roof and new furnace/ a.c. last summer. It's costs $300/mo to cool it in the summer and $180/no to heat in the winter with 26" of blown fiberglass insulation in the attic. House was built in the late 60s, has 200 amp service, very little wall insulation 3 bed 1 bath, 1400sqft ranch. Small bathroom, decent size rooms and basement laundry. House needs new windows (existing were installed early 90s, cheap), new siding and new doors along with wall insulation.
We would like to add another bathroom, make the kitchen a little larger (and Reno it), add a master suite, make our existing bathroom a little larger, and add a first floor laundry. If we did the reno, we would all of this and reno the existing 3 rooms and add more insulation. We would also widen the existing hallway to accomadate a wheelchair and widen all door ways to fit a 36" door. The addition would be about 20'x40' and would involve removing 2 walls and raising a 20'x20' existing roof and floor to match existing. It would be nearly a complete gut with replacing new HVAC since there will be more sqft. I would contract out all work, my ball park guess is all this work would cost $150k and take 2-3 months.
Other option is have a new ranch style house built directly behind our existing, 3 ft away and demo old house. I have been looking at modular houses (not trailers) that come in pieces on a truck. If I went this route, it would cost about $200k.
Either option will be our lifetime house, hence wide hallways and doors.
With the wealth of knowledge here, what would YOU do?
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