poll: refinance down to 15 years or build addition?

3 bedroom 1.5 bathroom house. "Master bedroom" is small. One person uses a hallway closet for clothes. Addition would include a full bathroom in the master bedroom as well as two walk in closets and some extra space in the bedroom.

So...would you build the addition or pay down some principle and refinance the current 28 year loan down to 15 years (at these historic low interest rates).

Re: poll: refinance down to 15 years or build addition?

I would take advantage of the "historic low rates" and build the addition. More bang for your buck in the long run. ;)

Re: poll: refinance down to 15 years or build addition?

It would depend upon the neighborhood for me. If the addition would make my home the most expensive house on the block then I would not do it. However, if the addition would put my home in line with the rest of the houses in the neighborhood and I loved where I lived, then I would do the addition.

Re: poll: refinance down to 15 years or build addition?

Love the neighborhood and the house is the only one without the addition on the block