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Question for the locals. My wife and I moved here in the summer and bought a house after a long long search. We have decided we want to move into a bigger home. We bought small (long story). So as soon as the economy improves, if ever, we plan to sell, pretty much immediately.
We were thinking it might help with slow resales to add a screened porch on the back. To do so, we'd have to eat into the equity a little bit. I found a contractor to do it, whom I trust, for $10,500. A 12 by 12 guy with a 20 by 20 tile floor and possibly a tongue-in-groove ceiling. It's something we could enjoy for however long we're here, but obviously in these times, $10,000 is a (heckuva) lot of money. We also need to upgrade our bath and carpets. Doing the porch might hinder those operations.
Just wanted to get opinions if adding a screened porch would really affect the value of the home or are we better off repairing our deck, adding carpets and snazzing up our master and 2nd baths, given we want to move within, hopefully, 18 months.
IMO, a screened in porch is a bonus (a nice one!), but having the baths and carpets redone is pretty much essential. Any buyer could always add a screened in porch if they so choose, but doing the interior renovations might be a smarter move for you at this point.
I agree with the other posts. Carpets have to be done. No question. Next to a kitchen upgrade, the bathroom upgrade would see the best return.
I was reading an article last week in the Wall Street Journal about America's fixation on renovating their homes. When questioned, homeowners site that its an investment and that they will increase the value of their home. The WSJ sited that as soon as the contractor walks off your lot after finishing most projects, the value of the renovation drops 20% (sort of like driving a car off the lot).
Bottom line, you need your house to be comparable to other homes of similar value in your neighborhood to be successful selling it, but going overboard usually doesn't get the expected return.
I agree w/ others - do the interior FIRST. And the advice to check out what others are doing in the neighborhood is excellent, as well. If other homes have a screened-in porch, then it may become more of an issue when selling your house, unless you are gonna price under any other houses for sale in the neighborhood.
Thanks for the advice, and please keep it coming. I'm just not sure. There are some houses in our development that have them, probably 1 out of 6. My neighbor has one. I hear you guys about the interior stuff, though.
Well, I make decisions about renovations based on cost analysis. You need to take into consideration your closing costs on your loan and payback on all that . . . to determine how long you need to stay in your home to offset your closing cost fees and all upgrades to bring the home up to community standards. I don't know your situation (or your figures) so can't advise a scenario . . . but my advice would be to do a spreadsheet b/f I started sinking money into anything other than necessary upgrades on the interior.
I have to agree with all the above as we are in the same dilema..we choose to do granite and change the carpets instead...since nothing else in my house has to be done but I would LOVE a screened porch...but we cant make the commitment that we will be staying here longer than the next 3 years or so...and no one knows what the housing market in the end will be like...
I have to agree with all the above as we are in the same dilema..we choose to do granite and change the carpets instead...since nothing else in my house has to be done but I would LOVE a screened porch...but we cant make the commitment that we will be staying here longer than the next 3 years or so...and no one knows what the housing market in the end will be like...
Good points, Berry. Now, if your enjoyment of the property necessitates an upgrade, and you do it knowing that you most likely won't get a payback on it - so be it. I put in a spa and that was for ME (back problems) but I know I won't get any payback on that when I sell the house. Sure, someone may say - great - nice spa and deck! And indeed, that may be a factor that would help someone decide to buy my house, but it would surely not be a big motivator! I did it for my own enjoyment while I live here. One just has to weigh all these things out and then project gains/losses for the future.
you want a screen porch? come take mine, lol... I hate those danged things.
as soon as I can scrape some spare time I'm tearing my screens out and building a proper southern porch.
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but I would LOVE a screened porch...but we cant make the commitment that we will be staying here longer than the next 3 years or so...and no one knows what the housing market in the end will be like...
