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Best approach to finance an addition?

Hello,

My wife and I purchased our one story ranch for 350k in 2020 and locked in a sub 3% rate. We currently owe 295k. We're looking to have children in the next year or two and both of us believe we will need an addition to be more comfortable. We love our property and we don't see it feasible to sell this and get a new home at over double our current rate, so we're figuring adding a second floor addition to be our best bet. I've spoken with a couple of contractors and they're roughly ball parking 100-150k to get the addition done turnkey.

I'm looking for advice on the best approach to finance such a project, but my Google searching has my head spinning.

Has anyone tackled this before that can share their experience and what they learned?

Thanks in advance!

submitted by /u/Vaull_The_Merchant
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source https://www.reddit.com/r/RealEstate/comments/15cm4v7/best_approach_to_finance_an_addition/
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