Remodels - are they worth it? (roof, granite, fireplace, window)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are very easy to please kind of people and do not need granite/stainless kitchen, 5 piece bathroom ourselves. Are upgrades worth the money in general, i.e. will they result in your house selling for more money, especially, if upgrade is 5-10 years old?
We bought a house that was built in the 70s, and was updated a little throughout the years, but we still have tiny master bath with a shower stall, all living space is separated with walls, walls and more walls, and we have popcorn ceiling. There is a monster of a fireplace in the family room, not enough counter space in the kitchen etc.
We are not going to sell it for at least 5-8 more years. I would love a bigger master bath with a window (no window now), new kitchen with more shelf and counter space, would love to get rid of the popcorn, although, at the same time, I can live with all that as is. I just think there are more important things in life. Looking at the market (we live in an area that saw some crazy appreciation in the past 4 years) I don't think these upgrades will pay for themselves in terms of increased home value, unless we do majority of the work ourselves (which we aren't going to - both are busy professionals working 40+ hour weeks). For example, I can see our house selling for 520k right now. An updated house just like ours (yes, cookie cutter neighborhood) is selling for 679K. They have all the items I mentioned done: 5 piece bath with a window, redone fireplace with built-in shelves, no popcorn, remodeled kitchen, removed two walls - one between dining and family room and one between dining and kitchen. Their house looks lovely! So much more open and inviting. But can we do all these upgrades for 160K? How long will it take to get all of it done? Is it worth it living with construction and dealing with contractors?
Perhaps we should identify the more important items, evaluate the cost, and get them done? Opinions and experiences are welcome.
You stated that you aren't going to sell for at least 5 to 8 years, and that is a long time to live in a house you don't love.
Remodel the home so that you will enjoy living in it. Selling it for a higher price, when the time to sell arrives, is just a bonus.
Well, that's the crux of the problem: we enjoy it as is. All these features are nice to have, not a must for us. We don't spend much time in it anyway Working during the week and gone most weekends. Honestly, I'd rather not have to spend 100k than have a remodeled bathroom and kitchen.
One might ask why we bought it in the first place, but everything that we love about the house is outside of it: the neighborhood has great views and is quiet. The school district is outstanding. And for the money we could spend when we were buying 4 years ago, we couldn't get a better house in this neighborhood.
Remodeling is all about making yourself happy. There *might* be some money in it on resale, but that's all speculation and that doesn't normally bode well for the investor who wants to see positive returns.
If you're happy with it as is, leave it alone. If you want to see some changes, make them for yourself. The one exception to this is the structure itself, you need to maintain the building, its systems and the grounds. It's never glamorous, I recently cut 56 holes in my soffits for soffit vents (there were none) to help my new roof last longer.
When it's time to sell, ask your real estate agent what they suggest for a faster sale (if you want, or don't bother). Till then it's all about what You want.
We bought a home that was only 1.5 years old. Kitchen was all stainless steel but formica counters. Master bath was huge but had a corner tub and tile was not to our liking. So we replaced the stainless (which my wife hates), installed quartz countertops, had all tile removed and tub replaced. If we are going to live here, I want to enjoy it.
We bought a home that was only 1.5 years old. Kitchen was all stainless steel but formica counters. Master bath was huge but had a corner tub and tile was not to our liking. So we replaced the stainless (which my wife hates), installed quartz countertops, had all tile removed and tub replaced. If we are going to live here, I want to enjoy it.
But it all costs money! I'm pretty stingy with money, I can't see myself spending 50k on a new kitchen
Right now, in a hot market, the difference between your house and an updated one is 160K.
But who knows what the market will be in 5-8 years? It could be a bigger difference and esp. as your house gets older, it could end up being able to sell or sitting on the market for months. Or someone lowballing your house as a gut job fixer.
I think if you do things wisely, you can upgrade to a house that you love not just one you can live with and for under 160K. You've got structural work which ads up but you can keep things reasonable for the finishes. And the odds are that it will sell more quickly and for more money when the time does come to sell. This isn't a case where you are remodeling so someone else gets to enjoy the upgrades, you would be enjoying them yourself for years to come.
You're talking numbers- here's some things to think about...
Current home's value
Probable sale price based on current condition, location, location, location. (RE agent)
Equity/mortgage
ROI (for remodels) Cost vs. Value 2016 | National | Remodeling
*Most of the answers have been emotionally based- you clearly are thinking resale.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.