Basement Theater/Game Room [Finished!]

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Benevolance:
Javeryh, consider if you went out and bought a house in your neighbourhood that matched the criteria you wanted, how much would you have to spend over and above your existing house? That difference would be the upper limit of what I would want to spend on the renovation.

Around here (Vancouver, which has a similarly expensive housing market due to lack of land) most house prices are determined by the square footage. There is a bit of haggling on finished quality, condition, etc. But by and large you can figure out the price of a house by the size of its lot and the sq footage of the house. Different markets, I know. But surely if you're adding X sq feet onto the house, and houses of that size are selling for 200k more in your area, then spending 200k on a renovation isn't really putting you much further behind than simply buying elsewhere.

Necro:
Just curious, but is the extension going to be brick? Old house in NYC and surrounding area seems like that would definitely be a possibility.

pinballwizard79:

--- Quote from: javeryh on May 06, 2011, 03:48:31 pm --- I live in one of the smallest houses in the area and can barely afford that but still.

--- End quote ---

But here you are wanting to take out more money at a higher rate?

Um there is a word for that.... ghetto rich.

Its not "cool" to overpay for an over taxed house & live month to month while taking out an adjustable interest only HELOC thats based on an index which will certainly triple soon (it was apx 300% more just a few years ago & a staggering 560% higher in the 80's). Its no better to pay fees to raise your rate on even more money either dude. Here is the real kick in the scrotie on a new loan that you maybe didnt even consider... you get to start over your amortization table which that alone on the old/lower balance & rate will cost you hundreds of thousands of net taxed income I would imagine. Bend over for that new tax assessment value too which will increase your escrows each month.

C'mon man dont be credit drunk zip code braggart, everyone here is stating the obvious (dont do it) for a reason. Dont you want to pay off your house, sail or fly planes during retirement & pay just 15% taxes on your dividends vs 30% on your earnings until you die?

The biggest expense in life isnt what we buy, its what we borrow. Break free from this scheme of installments, taxes & slavery & all the drama that goes with it. The human species didnt evolve into what we are today just to do 0% balance transfers or open HELOC & die at work.

Hope I didnt seem like an a hole, I am just really passionate about this stuff & I really mean only the best by even making these comments.

EDIT: When in doubt just ask yourself "what would Carl Sagan do?"

:)

eds1275:
I say keep up your search. After 4 or 5 contractors you should be able to determine if it's going to be this expensive. But moving away from your friends/family/good education isn't a good option. So stick with where you are!

My only other suggestion would be to maybe put your bar and gameroom on top of the garage. I mean if you have to knock it down anyway you could rebuild it hella nice.

TheChairmanH2K:
i read some of the responses in this thread and the original posting. dude, all i can say is dont do it. going from a 2 car garage to a 1 car on the same house is never winning situation. you will be house poor if you go with the ridiculous estimates youre getting and honestly you need to fire that architect. a game room and some extra chill space isnt worth the extra taxes youll have to pay. its your money but id think of your familys needs before your wants. dont mean to sound like an ass, just my two cents.

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