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Hi everyone! This is my first time on the site and I am very impressed so far.
I need some advice please.
We bought a cheap little home for around 60,000 about 2 years ago. It needs LOTS of work, but that was all we could aford. We originally talked about taking a couple of years and paying it off, so we could rent it out while we upgraded to a newer house of our own. However, we have been thinking about doing some MAJOR remodeling.

It is a 1 story, 3 bedroom, 2 bath house on a lot roughly 37 X 200, with 1200 square feet. We have a brand new duplex on one side of us that we 'share' a drive way with (Major parking problems), and a little cheap house on the other side of us owned by a single guy who has piles of empty beer cans thrown in his back yard. He does NOT take care of his house at all!

We would like to add on a story to double our square feet, and knock down an existing garage (non-attached) and build a 3 car, double story garage at the back of our lot to help with our parking problem. Then, we could re-insulate the entire house, replace all the windows, and replace the heating/ac, and then brick the whole house in to help with noise reduction. (You can stand anywhere in our house and hear everything anyone says outside).

My question is this:
1) Does this sound feasable? I mean, sounds like a lot of work, and I'm wondering if we should just rent it out and forget remodeling.
2) The house was built 'room by room', and we have found no insulation at all between the walls on the outside of the house in some spots. Also, the ceilings are only 7 feet high. So, is there a way to raise the ceilings?
3) I'm also worried about property value too. If we spend all of this time and money on this major remodeling, what about the property around us? Will this bring our value down, even though we would have a really nice house?
4) Any advice at all would be greatly appreciated.

Thanks in Advance!
 

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Speaking only in terms of an investment. Are there lots of other homes in this neighborhood that would be similar to yours after you are done with it? If yes then that means you probably can do this and recoup everything down the road. If no, then I would seriously reconsider putting that kind of money into the property. When you go to sell the appraisal will be based on like sales, if there are no like sales getting financing for the buyers could be a problem and getting your money back out of it could be a problem.

You ever hear that adage about not wanting to have the biggest house on the block in terms of resale? What's worse is to have the only house like it on the block!

If you want to live in it forever, then do whatever you want. Dig a moat, put up a tower, it won't matter.
 

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I couldn't have said it better than Mike.
 

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I also agree. I was in a similar situation 3 years ago. Bought in 96 for $72,500 it was a rental. Fixed it up and thought about a remodel/ addition. Problem was I couldn't stand my nieghbors, partied a lot and a race car driver. I would have recouped every dollar, just could not take it . Sold the home (needed the equity) and bought an acre. Could not be happier with my decision. Live in new, quiet country setting. New home is not for all but it is always worth considering.
 
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