 Tiny house + mom-in-law = big problem
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 Dear
Real Estate Adviser,
My wife and I just bought a new "production" home. Now that it's
built, my mother-in-law has decided she needs to give up her condo
and move in with us! The problem: Our new house is only 1,351 square
feet and on a very small lot. We could add a second story, but that
might make it too bizarre to resell. The other alternative is to
sell the new one and build another that's more accommodating. We're
definitely not in a hot housing market, so recouping our investment
is a big question mark. Any advice?
-- Mired in the Midwest
 Dear
Mired,
Could your mother-in-law stay in her condo for just a little while longer? Say, five years or so?
Just kidding, just kidding. But often, there's an
element of truth to jest. And in your case, the truth is that you
are not going to be able to recoup all of your closing and finance
costs, agent commissions, if any, and other upfront fees and expenses
that you incurred in your move in such a short-turnaround situation.
But we certainly can't leave your dear maw-in-law
out in the cold, can we? That means you'll have to "hop to" and
do a little research to find the optimal solution to your enigmatic
situation. Start with a call to your city planning and/or zoning
office to see if you're even allowed to add a second story in your
neighborhood, asking what structure heights are permissible, etc.
If such additions are kosher, then find a veteran Realtor who's
intimately familiar with your section of town to determine the marketability
of the current, and the expanded, house.
Realize that some houses just are not well-suited
to additions. A reputable contractor can tell you if your new home's
foundation, load-bearing walls and plumbing system are sufficient
for such an addition. If they are, weigh the often hefty costs of
an addition ($100 or more per square foot) against the cost of simply
buying a roomier house and taking a loss on the move-in charges
and commission you'll pay your selling broker.
If you've gotten this far, and you're still thinking
about adding a second floor, consider that you'll also need some
space for a staircase, which would take away from your already small
downstairs living area. (And if your mother-in-law is getting on
in years, you'll probably want her to be on the first floor, anyway!)
I suspect you will find it will just be better and easier to buy a pre-owned home somewhere that suits everybody's needs. I realize you're leaning to new construction, but you can usually get more space for the buck in an existing house than a new home.
I hope your spouse's mom can wait until you sort through all these options and recover a little -- both physically and financially -- from your recent move before she leaves her condo to live with you. But don't tell her I said so.
Good luck!
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