Basement Theater/Game Room [Finished!]

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Necro:
Keep in mind we don't know all the details. For a simple 'extension' with a few electrical sockets, it's a lot. If it's literally expanding the house including HVAC, electrical, plumbing, etc., and the house itself is older (i.e., may need some upgrading for connecting 'new' portion to old and stay in code) it may be less outrageous.

DNA Dan:
Even still. If a contractor can BUILD a new FINISHED 2700 sqft house in my town for $380K (What we paid.) with a 75X100 lot included, then it's a ripoff. Our build included very high finishes, granite counters, solid wood floors, solid wood cabinetry, etc. etc. This price included all materials, taxes, closing costs, contractor's labor, etc., and the guy still made off with a hefty profit.

It's what his market is willing to pay. I am sure others in the area find those prices reasonable.

Firebat138:
Yeah... it is really hard to judge without seeing it... If he were finishing all three spaces, then of course the basement would be cheaper to do, IE: concrete walls are cheaper to build than wood framing, but they have to excavate, demo, etc...
BUILDING a house would be cheaper as you dont have to go through all of the EXISTING hassle... Older house, bad piping and electric, etc...

javeryh:
You guys are all correct. I live in a fairly well-off town. The public schools are fantastic and the kids will love growing up here. Of course, I live in one of the smallest houses in the area and can barely afford that but still. My house is about 100 years old but so is every other house in the neighborhood, most of which have been added on to or renovated, etc.

I think the high prices are what people in my area are willing to pay - reasonable or not. I just can't get to such a ridiculously high number though. Even if you paid a crew of 5 guys $30/hour to work 5 days a week for 3 months that's only $75,000 give or take. If you figure $100,000 in materials which seems outrageous to me you are still under $200,000 by a lot. It just doesn't add up. Maybe at this point since they are not actually bidding they are just feeling me out? I'm hesitant to tell the architect to finish the plans though if the bids truly are going to come in between $250K and $300K.

I started doing some research into a construction loan from my mortgage holder - it seems like a good way to go because they will loan you more money with the understanding that you are investing it back in the house (instead of a home equity line where you can draw down for no reason and go to Vegas if you want). The problem with the construction loan is that there are a TON of hoops you have to jump through and paperwork to fill out. Also, at the end of it I'd be forced to roll the existing mortgage and the construction loan into a new mortgage (basically a refinance) at a higher rate than I'm currently paying on my existing mortgage. I just don't know what to do.

DNA Dan:
Have you considered a different house that already suits your needs?

I was in the same situation as you about 4 years ago. I was living in a small SF Bay Area home, really great neighborhood (except the schools suck donkey balls) and my wife and I just had twin girls. We stressed out the whole first year over how to make it work not just financially, but space wise. Our house was very nice but only 1100 sqft. very cramped by our standards. Once we started thinking longer term, 5-10 years out, there was no way the house was going to meet our needs. Not only that, but just to stay in the house AS IS was a bit of a stretch financially. I looked for a new job and we moved to a rural state and I have to say I have no regrets looking back. We are so better off now it's ridiculous. We live like kings and have a lot of nice toys. Sure there were some sacrifices (no family lives by us and the food is spotty) but overall I am glad we uprooted the family to start anew someplace else. At some point you have to do what is right for just your own family. Now I don't mean to preach to the choir here or anything, but if you're tied to that location for whatever reason, look at this possible remodel as something you are having to "sacrifice" by living there. It's the opportunity cost of staying where you are.

Whatever you do, don't stretch yourselves so thin financially. Kids are a money pit and it only gets worse with age.

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