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Build addition, or buy new?

My husband and I purchased my parent’s home, and rented out our condo, in an effort to help them out and basically set up a long-term living arrangement where we could help take care of them as they got older.

The original plan was to live together in the home (5 bedrooms, 2,200 sq ft) until we could move into a home with a floor plan that better fit our needs. We are looking for a little more separation. During that time, housing prices in my area (Seattle) grew tremendously. Which prompted brainstorming other options.

We recently sold our condo we were renting, and I’m curious which is the better investment long term. If we add an addition, or in this case a detached unit on the lot, will it increase the value of the overall lot by the amount we put in? Or is it a better investment to put our resources into an entirely new home, contingent on the sale of our house we all live together in now? To be clear, parents will still be living with us, but wondering what makes better sense financially.

submitted by /u/Wixiepixie
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source https://www.reddit.com/r/RealEstate/comments/gb6skn/build_addition_or_buy_new/
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