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Forum
-> Household Management
-> Finances
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amother
Daisy
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 Thu, Jul 18 2024, 8:18 pm
| amother Heather wrote: | 2 things that I think might attribute to this.
The market is so crazy with hundred rates so high that he someone considered moving to a bigger place it might be more worth to fix up theirs.
Also houses went up so much in the last few years. It's very easy to get a loan against your house. Since I bought my house 3 years ago it doubled in value. You obviously have to be able to pay it back but it does give homeowners access to cash |
That’s what the people in my area are doing they are adding floors and extensions to their tiny starter homes because it’s too expensive to move to a larger home .
Also they have family help , are doing better financially then they have been until now ka”h
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amother
DarkPurple
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Fri, Jul 19 2024, 1:21 pm
not many other options but to extend..we are in baltimore. I know a lot of people with extensions but they are modest and practical. They are meant to accommodate their families. In our neighborhood, most houses are small-3 bedrooms. If you have more than 3-4 kids (which many/most do) you need space. So you figure it out.
Its cheaper than moving these days and even if you could, there is nowhere to move to!
My assumption is that they add to their mortgages, we arent there yet but beH one day we will probably have to do that.
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amother
Firebrick
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Fri, Jul 19 2024, 1:29 pm
Aquaintances of ours are doing a large extension, adding on a lot more living space, to make the house look nicer and have more rooms for shidduchim time and having marrieds. I assumed they just saved up and could afford it but they told my husband they took out a loan for the whole thing ($300k plus) and he's stressed to work more etc.
To me thats just not worth it.
I dont like the stress of debt, I really cant imagine doing it.
But it seems not everyone who is doing these huge extensions can actually afford them.
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