square footage and add ons (floor, converting, plumbing, costs)

[bgmv90]

Is it cheaper to buy a house with the square footage that you want, or build on to your house an additional square footage? Houses that are small, would it be better to add on? Or is that too much money to do from scratch and take too long? How many basements can be converted in to extra square feet? Is there a way to tell if it could be converted? Or a garage? Thanks.

[South Jersey Styx]

Wow, that's alot of questions in one post. I always thought it was better to build within one's existing structure, rather than to add-on later. But there are some builders on this forum so maybe they can give you a better answer.

As far as basements, there are alot of questions there encompassing everything from existing or non-existing framing, wiring, plumbing or plumb areas, etc. Furthermore, if you're converting the basement to a secondary living space, towns/cities usually have housing codes regarding the addition of such (some will no longer consider the house as a SFH but having a 2d living space/apt).

Think twice about converting a garage which is no longer a garage. Although alot of people are now converting detached garages into living areas (i.e., studios, workrooms, BR suites, etc.) a garage is a big deal when it comes time to sell as many buyers specifically want a house with a garage (I know I did).

[garth]

A lot of what you're asking requires a market analysis in your area. What I mean is that, in some areas of the country, houses are being sold for less than their construction costs. In other words, the same house that's being sold couldn't be built for the price it's being sold for. Under those conditions, it would be cheaper for you to buy the square footage rather than build the square footage.

There are other issues involved in your request. For example, you spoke of converting a basement. Did you know that finished basement square footage isn't valued the same as first floor square footage? It's valued less.

For all intents and purposes, it's buyers don't usually try to value them seperately when they figure their offer price. It gets more complicated for them. Instead, they look at the overall finished size and use similar comps. I guess it works out. However, appriasers will get more specific and value it accordingly.

So, it's not easy to answer your question in a simple "this is better than that." You have to look at the overall costs, the overall values you get, and then compare it with your market to see if it's worth it.

How's that for giving you an answer without giving you an answer?