I own a 3 bedroom, 2 bath 1500 sq. ft. ranch that for the moment, is absolutely perfect for our family of 3. I'd imagine this house will serve us well as is for the next 5-6 years, but I have a somewhat lofty goal of converting our covered patio into living space and opening it up to our kitchen. By doing so, it would add approx 330 sq. ft. of new living space to our home and I imagine we'd stay in it for at least 8-10 years.
My ballpark estimate of what this would cost it probably $30k-$40k. That's based on the average per sq. ft. cost of an addition in my city.
Seeing this is at the earliest 5 years out, how would you recommend I maximize savings for an big project like this? I do have a Vanguard joint investment account with index funds with $10K in it, and was considering using that, but wanted to ask the experts before moving forward.
Even if we never pull the trigger on a remodel like this, this would ideally be used for savings for a down payment on a new home in 6-10 years.
Thank you.