Planning stage for Wyatt's mancave

[wyatt880]

Long story short, we're looking to add on to our house vs. moving. It started out as wanting a workshop, and has turned into something that includes an area for poker, bar, extra bedroom, laundry room, and, of course, the workshop.

Here is a schematic of what the wifey and I have been thinking about:

http://i306.photobucket.com/albums/nn244/wyatt880/2412_Griton_Ctalternativeinside_-1.jpg

Here are a couple of pictures of the inside of the house where the addition would attach.

http://i306.photobucket.com/albums/nn244/wyatt880/Summer2008345.jpg

http://i306.photobucket.com/albums/nn244/wyatt880/Summer2008346.jpg

The thought is to remove the wall that is hatched in the schematic (in the pictures, it'll be the window on the right of the fireplace) and put a doorway into the addition. Obviously, we'll have to rearrange the current family room. The window to the right of that would be removed and filled in, as it would be into the new bathroom. Current house is on a crawlspace, and I am planning on the addition being on one as well. That will help run water and plumbing to the new bathroom and wet bar, and also ductwork for new furnace.

Planning on having a sink in the workshop for cleanup as well. Workshop will be unfinished so I can figure out the best way to utilize the space. Probably will have it on a slab, to save some $.

The deck area will be added later.

Tried to take some outside pictures to help, but it was dark this morning and they didn't come out. Can take some tonight when I get home from work.

We've been going over this for probably the better part of the year, and this is the best utilization of space that I could come up with. I think that this is the best location of the addition - it puts the workshop close to the driveway for delivery of materials, and also is the furthest away from the existing bedrooms so that we can have people over and kids still be able to sleep. Of course, I've been looking at this for so long that I'm running out of original ideas. That's where you guys come in - please take a look, and any and all suggestions would be more than appreciated.

I'm sure that there is some information I'm missing, so just ask. I'm looking forward to hearing from everyone.

Wyatt

[IgotDANUTZ]

looks like its gonna be sweet

[wyatt880]

Here's a couple more pictures of the outside of the house.

http://i306.photobucket.com/albums/nn244/wyatt880/Summer2008351.jpg

This is looking at the existing fireplace. The doorway will be on the left side, where the window is currently.

http://i306.photobucket.com/albums/nn244/wyatt880/Summer2008352.jpg

Around the corner. This window will be covered and part of the bathroom wall. The plan is to avoid the existing air conditioning unit at the far left.

[Quads]

I like the plan. Bunch of usable space, and right off the main living area.
Look forward to seeing progress / completion picks.

[wyatt880]

Thanks. Biggest obsticle to this happening is I have a house to sell before we can do this addition. I'm hoping to get most of the details set by the time that house sells, so we're ready to rock when it does!

[wyatt880]

Just a quick update - meeting tonight with a general contractor that has done work previously both for us and for family to help put together a cost for this addition. I'm sure that he's going to need more information, and probably a couple of weeks to come up with a cost, but that's alright. Then comes the fun part of trying to figure out how to best finance everything.

[Trann]

Nice plan.

For the sake of offering something: the study could have the door open inward; best way to maximize open spaces, too.

[wyatt880]

Good call - thanks!

[wyatt880]

Update:

Met with contractor, and he felt that he could get me a pretty good estimate with the information shown above. He did say that he would need a foundation plan to go along with this information, and that we would need to meet with an architect to figure out the exact roof that we would want. But, he said that the quote that he will come back with will be good enough to go to the bank for a loan, and will be able to be modified once we have the fine details worked out.

So the wifey and I are starting to go through and put together a list of things that we need for flooring and furnishings, including carpet, tiles, appliances, tv, stereo equipment, bar, cabinetry, etc, and price those items. Didn't realize that there were so many things to purchase, and I'm sure that we're going to end up forgetting about some.

In any case, we're trying to get all of this information gathered to have as accurate a cost to the entire project as we can, so that we can go to the bank. My question would be if anyone out there has any idea of what our financing options might be? We are wanting to refinance the house (She has a HELOC on the original house). My thought is that there would be a way to use the equity accrued in the house, in combination with the future value of the house post construction, to get $ to do the construction, and then roll everything into the mortgage. We both have outstanding credit (800's). I believe we have some equity, based on the appraisal that was done on the house a few years ago. Of course, the current market has us worried that any loan may be next to impossible to get, or we may not have much equity based on the housing market and what the house will be appraised for.

This is all on top of trying to sell the house I used to live in before we got married - on the market for almost a year and no offers. The market for existing housing stinks right now, but the market for construction is going well.

Reading through this, it's starting to be more of a journal than anything, isn't it? :D

Wyatt

[Simps]

Wyatt,
I'm in the RE biz (appraiser) I know quite a few excellent bankers and brokers that can help you out. PM me if you want details.

Mike

[wyatt880]

Update:

Well, looks like this is on hold for a while. We went to refinance our existing home, which went fine. But when I asked about the addition and getting funding for that, the bank said that they are only allowing 85% of the value of the house to be borrowed against. We do have an existing HELOC open that they will leave open, but it just isn't enough funding right now.

On top of all of that, we've got a baby due in May, and the wifey is going part time after maternity leave is over. Also, the house that we are trying to sell is still on the market... long story short (too late), looks like an indefinite hold on my man cave.

Rats.

[Quads]

Well that kind of sucks, but you'd done a bunch of the prelim work at this point, so once the wifey pops, you get the new addition settled in, and hopefully back on track for doing the room addition / etc.