The_Kat Posted April 23, 2009 Report Share Posted April 23, 2009 Jenn and I have found a nice place that we are interested in possibly pursuing. We went and met with the realtor this morning to look the place over. It's absolutely gorgeous, but its very small. We are talking 800 sq. ft small. It's a 2/1 on 2 acres with a 30 x 40 shop. The shop has concrete floors in it. This place was built in 2004. It has a wrap around deck on it as you can see in the pics. Land here goes for approximately 20-30k an acre/ lot. They are asking $95,900 for the property. We would have to build on eventually....but i think it's a good deal considering the land and the shop. Not to mention the house is incredible even though it's small. Does anyone know what it would cost to add on to the living area, and perhaps put in a master bedroom? We would offer 80-85K for this place.....please tell me your thoughts! Quote Link to comment Share on other sites More sharing options...
92xj Posted April 23, 2009 Report Share Posted April 23, 2009 looks like an awsome place. I can not tell you how much an addition would cost you, but when I was designing custom homes and additions, we charged 45 an hour to draw out plans, or we would charge 9-11% of the final cost of the addition via estimating. So when you are budgeting dont forget about the plans, that is a chunk of change some people forget about. Also, look into your local codes to see what kind of additions can be done. It would suck to get it and then be told you cant do the addition you want to because of some sort of code. A lot of times when this happens, here in NC, its better to build and ask forgiveness than ask for permission and get turned down. All in all the place looks awesome and if its something you truely want and feel that you could persue then go for it. If its meant to be it will happen. Quote Link to comment Share on other sites More sharing options...
okiedog Posted April 23, 2009 Report Share Posted April 23, 2009 Kyle the one thing I would look at is the floor plan and see if it is possible, considering the layout, to add on to. Quote Link to comment Share on other sites More sharing options...
92xj Posted April 23, 2009 Report Share Posted April 23, 2009 also, if you do go about doing this, let me know and I can give you the name and number of a designer that does awesome work that can draw the plans for the addition. He is in NC but if you have the existing plans for the house now, he can add on to those. Just keep that in your mind. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted April 23, 2009 Author Report Share Posted April 23, 2009 Kyle the one thing I would look at is the floor plan and see if it is possible, considering the layout, to add on to. It's definitely possible....I already checked on that. It's actually a house not a cabin. It's just split log siding, and the same thing on the interior. Quote Link to comment Share on other sites More sharing options...
Guest Finn Posted April 23, 2009 Report Share Posted April 23, 2009 Looks nice Kyle. But I'd check on the addition before I made an offer. That's a small place and you're gonna outgrow it really fast. Good luck brother...keep us posted what you decide. Quote Link to comment Share on other sites More sharing options...
PotashRLS Posted April 23, 2009 Report Share Posted April 23, 2009 Check into the local zoning ordinances to make sure they will allow you to do the possible future improvements. There may also be restrictive covenants for the property that will govern your future improvements. A Realitor is legally obligated to disclose encumberances but very often play dumb and take your money anyway. I am working on a project right now that the new owners can't build their house on a lot because of zoning encumberances. The Realitor didn't even give them a copy of the new property survey. Realitors are in the same boat as used car salesmen. Buyer beware!!!! And of course these are my views and don't reflect the views of the Realtree Forums:rolleyes: Quote Link to comment Share on other sites More sharing options...
c_lou Posted April 23, 2009 Report Share Posted April 23, 2009 It looks like a nice place but I agree with Finn, you will outgrow it very quickly. While you do have the option to expand, is that something you want to go through with a new baby in the mix. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted April 23, 2009 Report Share Posted April 23, 2009 Looks like a cozy little cabin. For you and misses plus one I would think you all could manage for a while. Probably helps having the shop for extra stuff that won't fit in the house too. May be able to add on Kyle, would guess a master suite tied on to match the existing width would not be a huge obstacle. We are looking at building a log home here right now. Would guess you could probably do a lot of the work yourself and save a good bit of money. Might check with log home builders around your area and see what homes are selling for dried in by the sq ft, that would give you a bit better idea. Would imagine another 800 sq ft would probably run you around $40-50,000 with labor dried in, but that is based on what I have seen around here. Quote Link to comment Share on other sites More sharing options...
hoythunter37 Posted April 23, 2009 Report Share Posted April 23, 2009 That looks awesome Kyle. If I was you I would try to jump on that quick. JMO. I havent ever looked out houses before but I have put plent of additions onto houses. If you get that now and later you want to put a new living room and master bed room on it will cost a bit. But if you ever wanted to sell. With the new additions on and with then land value. IMO it would have a much greater turn around. I hope all goes well man. Quote Link to comment Share on other sites More sharing options...
layin on the smackdown Posted April 23, 2009 Report Share Posted April 23, 2009 Nice lookin pad there Kyle...its actually gorgeous...Like everyone else said, that is small, and with Jr #1 on the way, and possibly more after, you will need to add on or you will go insane. So, that being said, if you can add, go with it...if you can't, id probably have to pass. Quote Link to comment Share on other sites More sharing options...
layin on the smackdown Posted April 23, 2009 Report Share Posted April 23, 2009 Land here goes for approximately 20-30k an acre/ lot. :eek::eek: why so expensive??? I thought it would have been cheaper out there in OK... Quote Link to comment Share on other sites More sharing options...
hutchies Posted April 23, 2009 Report Share Posted April 23, 2009 Land near the lake here in Oklahoma isn't cheap................I live on a very small piece of property. Just 3 lots.................Lots here sell for $18,500 a piece............... When I sell I will make on 1 lot almost what I paid for the whole place. Hey Kyle where is that place at? 800 square foot is smaller than what you are in now more than likely. 95K seems a little high to me. Quote Link to comment Share on other sites More sharing options...
buckee Posted April 23, 2009 Report Share Posted April 23, 2009 Man Kyle ... That place would cost $250,000 to $300,000 here. I'm tempted to fly down there ahd buy it myself It is more than a great starter home Kyle. It's an awesome starter home, and with the prices getting worse, adding on later would be a way cheaper way to go, than trying to find buy it all now. Totally awesome deal. IMHO:cool: Quote Link to comment Share on other sites More sharing options...
MCH Posted April 23, 2009 Report Share Posted April 23, 2009 Sounds like your area is priced about the same as land around Broken Bow Lake in this area. If that's the case, 95k is probably a decent price but that's only if you're interested in rental property. That same home would appraise for 95+ near the lake but if it were located 5 miles north or south, you're talking about in the 40's. I don't think the land in this area will become very volatile, but if it does, that home will suffer more than most. Quote Link to comment Share on other sites More sharing options...
texastrophies Posted April 23, 2009 Report Share Posted April 23, 2009 I guess I am going to be different than most. While that is a neat looking place, it is just to small for a growing family. I think in the long run it will be cheaper for you to find the right sized place to start with. With a kid on the way, in two years you will not have room to turn around in that place, and will you be able to afford the cost to build an addition? I know I wouldn't have been when just starting out a new family. A kid may give you an extra tax break, but trust me they aren't cheap. I guess what I am saying is it will be cheaper and easier to do it right the first time than it would be to either try to make that one bigger or have to sell and find a new home. Good luck in whatever you decide. Quote Link to comment Share on other sites More sharing options...
RangerClay Posted April 23, 2009 Report Share Posted April 23, 2009 I guess I am going to be different than most. While that is a neat looking place, it is just to small for a growing family. I think in the long run it will be cheaper for you to find the right sized place to start with. With a kid on the way, in two years you will not have room to turn around in that place, and will you be able to afford the cost to build an addition? I know I wouldn't have been when just starting out a new family. A kid may give you an extra tax break, but trust me they aren't cheap. I guess what I am saying is it will be cheaper and easier to do it right the first time than it would be to either try to make that one bigger or have to sell and find a new home. Good luck in whatever you decide. Not too different. Having been where you are now Kyle I would not buy that place. I remember the temptations of wonderful homes like that. They are made to tease and outdoor sportsman like yourself. In the end I bought a wonderful place and slowly made it into the home of my dreams. I found a nice raised ranch on 26 acres for 72K. Another thing to concider is, can you afford payments while Jenn is on maternity leave? Right now you are looking at $800 a month with escro. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted April 23, 2009 Author Report Share Posted April 23, 2009 Not too different. Having been where you are now Kyle I would not buy that place. I remember the temptations of wonderful homes like that. They are made to tease and outdoor sportsman like yourself. In the end I bought a wonderful place and slowly made it into the home of my dreams. I found a nice raised ranch on 26 acres for 72K. Another thing to concider is, can you afford payments while Jenn is on maternity leave? Right now you are looking at $800 a month with escro. Spoke with the bank on that very issue, and the high end was around 690$ a month, but more realistically around 500. Jenn hasn't worked in months, my income is more than sufficient to take care of us and a house payment. The financial cost of it doesn't worry me ( I've been blessed with a good job ).....it's the would I have been smarter to do something else lol. thanks for all of your opinions and advice. After talking with Jennifer, I think we are going to pursue this a little further. I spoke with the original builder of this home this afternoon and he said we could add on a master bedroom and add about 200 sq ft. to the living area for ( I had him guess top $$$ ) and he estimated 25k. Anyways, I have a meeting with my banker in the morning to get his professional opinion on the situation. I think if we can get this property for 75-80k we will take the leap......80-85k and we have more thinking to do. Anything over that and it is a definite no. Quote Link to comment Share on other sites More sharing options...
Shaun_300 Posted April 23, 2009 Report Share Posted April 23, 2009 Looks like a cozy little place for a starter home Kyle! You could get it now, and live in it until your family grows, add on or even sell it and you'd probably make money on the place. I dunno about down there but real estate is on the rise up here. The house I'm living in with my parents, they bought it 16 years ago for $105,000 and now it's worth close to $300,000. Quote Link to comment Share on other sites More sharing options...
NS whitetail Posted April 23, 2009 Report Share Posted April 23, 2009 it does look like a great cozy starter home kyle Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted April 23, 2009 Report Share Posted April 23, 2009 It looks like a wonderful place, but even with the additional bedroom, how long will it be big enough? The surrounding lands look very tempting and the whole cabin look is also a treat. The work shop is a real plus. It took us 2 kids and 5 years to outgrow a 2 bedroom place. When toys start taking up space you'll see how much that extra space is needed. Get as much house as you can afford now, rates are low. Good Luck however you choose. Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted April 24, 2009 Report Share Posted April 24, 2009 if you really like the spot, go for it. but, don't add on. with that much land, consider going a few hundred yards away and building a new home in the future years. then, rent out that house. Quote Link to comment Share on other sites More sharing options...
Guest TennesseeTurkey Posted April 24, 2009 Report Share Posted April 24, 2009 I love it... I want a cabin looking house with the all wood interior Quote Link to comment Share on other sites More sharing options...
OJR Posted April 24, 2009 Report Share Posted April 24, 2009 if you really like the spot, go for it. but, don't add on. with that much land, consider going a few hundred yards away and building a new home in the future years. then, rent out that house. Bingo! Forget about an add-on! I would look for something that has a bigger house than this one! Easy to get into, but it will be hard to sell down the road. You have time on your hands as far as buying! Wait and look around! I am sure you will find something better than this one! Quote Link to comment Share on other sites More sharing options...
MCH Posted April 24, 2009 Report Share Posted April 24, 2009 I'd be very surprised if they would accept 80-85k, Kyle. If the area is anything like Broken Bow, the reason they're selling it for 95 is due to the rental income it could generate. Your bank should require an appraisal in line with the purchase price. If the appraiser or the bank for that fact, determines that this will no longer become a rental property, it should drop the value. In other words, for that size of home, 95k is reasonable for commercial property yet not for residential. So if I were the sellers, I would balk at any offer less than say 90k. Quote Link to comment Share on other sites More sharing options...
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