[Audrey]

Are the kids the same gender or 1 boy and 1 girl? If sane, they can share until they move out.

If different, then look into converting the basement into a bedroom for one when they would be old enough to safely evacuate if needed – maybe consider adding a door so an adult can access the bedroom if needed.

[Diann]

***Nevermind! I saw you wanted dormers.

That is just unbelievably expensive for what seems like a simple reno.

It’s not like you’re adding in a full bath and kitchen up there. Just bedrooms.

Why is is so high?

[Lori]

I would move to a larger home before doing this renovation. Have you been scrolling for houses for a while to get a sense of what you could buy if you don’t do the renovation? If your current house is work 650K, and you own it outright, it sounds like you’re in a good position to move to a larger home without draining your brokerage account.

I agree with you re: safety concerns about having a child sleep in the basement. And I do understand wanting to give your kids their own bedrooms.

I’m saying all of this as a 43 yr old who bought a home way under market and did a major gut renovation on it just last year. Expect a reno to cost way more than the original quote–so many things can come up that you just don’t anticipate at the start.

Have you seen: Does anyone live purely off of dividends and what are your three non-negotiable rules?

[Holly]

I can’t answer as I don’t know the neighborhood or what the cost of other houses are.

I’d be tempted to make the upstairs a master suite with dormer and beautiful bathroom with nice storage in the shallow parts under the roof and just have three bedrooms on the main floor with playroom, family room/ guest room in basement.

[Brande]

Are you in a HCOL area? That reno number seems high, but I’m in the midwest. If you can afford a house payment, I personally would do a cash out refinance instead of selling my brokerage.

You don’t currently have a mortgage so you are sitting on a lot of equity.

[Ankur]

For one child, that is crazy.

Make a bedroom in the basement for the oldest and take a nice vacation.

[Angela]

Don’t forget to add a healthy amount over the quote for overages and unforeseen expenses. I would plan AT LEAST 20% over budget.

Second thing to consider: does this put you at the top end or over the market in your current neighborhood?

If the rest of the house is in good condition, it sounds like this move could make this house work for your family for the next 20+ years. You still have bedrooms on the main floor to age in place. You’ve done well and saved. If this is your number 1 priority, you can do it.

[Robin]

Seems like a lot of extra rooms for essentially one child to have their own room. Can you build out and add a door to the basement for less than $300k?

[Lisa]

If it were me, I’d sell the house and buy something bigger with a better floor plan!

[Julie]

I like the basement idea. You can always add a security camera to keep an eye on things. Construction is just so crazy expensive right now and whatever they quote you is never actually the price in the end, and the timeline is like double what they say as well. Your property taxes would probably not increase if you finished the basement.

Not sure what your codes are in your area.

[Frank]

I would just sell and move to a bigger house before taking on something like that. Have you looked into that option? Just because you inherited a property does not mean you are bound to the land and building like some serf.

Upgrading or renovating older housing has to be the second worst financial decision Americans make after overspending on cars. Oftentimes it creates something that is not justified and does not really fit in the neighborhood, which subtracts from its value. And it all comes down to emotions and the romance of it, along with too much HGTV (and paying attention to what the Jones-friends are doing).

[Author]

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