Moving vs. Improving/Adding a Second Story
We bought a house a couple of years ago in Oakland when we were scared that if we didn't pull the trigger we'd get priced out, and now we've realized we made a lot of compromises that are making our lives a little more difficult! The house is on a beautiful lot, we have a great neighborhood and location, and we've already put significant money into structural fixes and other improvements, but it's small for our needs, and if we have another kid or need to have our parents come live with us (both very real possibilities) then we'll have to either move or expand.
Anyone planned a major home addition recently or done the cost/benefit analysis for move vs. addition? With house prices so high and inventory low we're wondering if an addition makes more sense, where we could put an in law unit in the basement and do everything exactly how we want, but we also wonder if prices might drop and it would make more sense to wait a bit and just move. No one has a crystal ball but would love to hear thought processes, especially for anyone who's been going through this same decision recently.