Mandy and Sid have been looking for the right home. They know the specific school boundary that they want to live in, but homes in their price range aren’t exactly what they have in mind.
So they are thinking about buying a smaller home that they can improve to meet their needs.
Mandy and Sid want a four bedroom home
They want their home to have at least 2,500 sf of living area, plus a 2-car garage, and a large family room. But homes of that size and characteristics are over their budget.
Instead, they are wondering if it makes sense to buy a small, 1950’s rambler on a good-size lot that is for sale and turn it onto their “dream home”.
They’d like to either build a new home from scratch or use the existing foundation and add on to the footprint, plus add a second story.
What goes into improving an existing home or building a new home?
To keep it simple, a purchaser would buy a small home in a large-enough lot, hire a builder to design and build the new home, and after a few months, move into their dream home.