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It is amusing to me how we seem to end up fixing our homes up for someone else. We have a lot of things we tolerate because we have other priorities for our money. For example we have ducting for central air but we did not buy the machinery ($6,000). We get by with window AC units. They are ugly, messy and cool things unevenly, but they are good enough for us, we have other priorities for out money. However if we sell the house we will have to put it in for the next owners. No one wants a house with no AC.
There are other things like that. We never got around to finishing the library. It is just primed drywall and the floor is a mix of materials that were there, plywood and area rugs. We have plans to finish it beautifully, but there has never been any reason to push it up the list, so we may end up doing it to sell the house.
Our last house was the same way, We spent $30,000 prettying it up for sale and then the buyer ripper out almost everything we did. however we got about $50K more than we expected to, so perhaps it was money well invested.
We have seen a number other people in the same situation. One family, their pool leaked and they could not prioritize the money to fix it, however when they went to sell the house, they had to either fix the pool or fill it in. Fixing was cheaper. Their kids were ticked.
It seems like a fairly common situation, especially with landscaping. People think about doing this or that to their yard and never get it done, then they go to sell and have the yard professionally landscaped and say "this is awesome, why didn't we do this before?"
It is weird however how we end up fixing up the house to sell it, so someone else can enjoy it more, rather than fixing it up sooner so we can enjoy it while we live there.
I never understood those who craft everything they do not according to what they like, but according to what they think might increase the resale value. I totally understand if a person is planning to sell very soon, or are just doing this to fixer uppers to sell, but not those who have no plans in the near future to sell, and end up being there for many years anyway. I just have the way of thinking that it is my home, I am making it the way I like it.
My husband and I are at a financial stage in our lives where we don't have to scrimp, so if something needs to be done with the house, we just do it. And yes, we do it the way we want but within reason, or maybe what we want is just common as dirt, who knows? But we like it and I think whenever we get ready to sell the house, most people will like it - or at least like the obvious fact that it's been well maintained even if they don't like paint colors or whatever.
We just decided that if, for instance, the floors need to be redone, we'll just do it. We're not going to live with something that needs to be replaced or renovated just to do it, as the OP says, for someone else in a few years.
We used to live like that, we thought from necessity, but it's amazing how you can "find the money" to do something when you feel like you "have to." I just feel like we "have to" when it needs it, and doggone it if I'm not going to enjoy my house while I'm living in it! Redo the bathroom? Yes, but I'm redoing it now, not when we're about to put it on the market.
Strange how much money everyone spends before they sell a house. We tend to upgrade things for ourselves, and don’t defer maintenance. One thing we have put off is upgrading the HVAC. We decided if it ain’t broke, don’t fix it. This might come back to bite us when we have to disclose the age of the system.
We have few cosmetic things we want to do, but there’s no urgency...we’ll either get to them or we won’t.
You have numerous threads about in how bad of shape your house is, how cluttered, .... . Personally I do not enjoy in a semi construction zone. If you and your family do not mind raw drywall, window a/c, piles of shoes and who knows what - your house, your life.
We feather our nests for us and resale happens without effort.
I just signed a contract to list my home about an hour ago. Agency raved about how "show ready" our home is, that it needs nothing..... Outside of storm damage (tree clipped the gutters), I haven't done more than a $100 worth of changes to the house in years. I've never understood the whole "deferred work" mentality some people adopt with their homes, spend time and money fixing it up just to sell instead of to live in and enjoy. Always the excuse of "don't have the money", which causes me to wonder why did you over-spend (house poor) on a property that needed work?
I mean, you spend the money both ways, go through the hassle both ways... why not get a few years enjoyment in the process? Costs nothing (additional).
When we sold our last home we knew we would be moving years before we actually listed. We did our updates at least two years in advance so we got some use out of it before we left. And we sold it the weekend we listed it.
Our current place goes on the market after the holidays are over. We won't have to make any updates to it.
It is amusing to me how we seem to end up fixing our homes up for someone else. We have a lot of things we tolerate because we have other priorities for our money. For example we have ducting for central air but we did not buy the machinery ($6,000). We get by with window AC units. They are ugly, messy and cool things unevenly, but they are good enough for us, we have other priorities for out money. However if we sell the house we will have to put it in for the next owners. No one wants a house with no AC.
There are other things like that. We never got around to finishing the library. It is just primed drywall and the floor is a mix of materials that were there, plywood and area rugs. We have plans to finish it beautifully, but there has never been any reason to push it up the list, so we may end up doing it to sell the house.
Our last house was the same way, We spent $30,000 prettying it up for sale and then the buyer ripper out almost everything we did. however we got about $50K more than we expected to, so perhaps it was money well invested.
We have seen a number other people in the same situation. One family, their pool leaked and they could not prioritize the money to fix it, however when they went to sell the house, they had to either fix the pool or fill it in. Fixing was cheaper. Their kids were ticked.
It seems like a fairly common situation, especially with landscaping. People think about doing this or that to their yard and never get it done, then they go to sell and have the yard professionally landscaped and say "this is awesome, why didn't we do this before?"
It is weird however how we end up fixing up the house to sell it, so someone else can enjoy it more, rather than fixing it up sooner so we can enjoy it while we live there.
I think part of the thought process is how soon they stand to make that money back.
It is amusing to me how we seem to end up fixing our homes up for someone else. We have a lot of things we tolerate because we have other priorities for our money. For example we have ducting for central air but we did not buy the machinery ($6,000). We get by with window AC units. They are ugly, messy and cool things unevenly, but they are good enough for us, we have other priorities for out money. However if we sell the house we will have to put it in for the next owners. No one wants a house with no AC.
There are other things like that. We never got around to finishing the library. It is just primed drywall and the floor is a mix of materials that were there, plywood and area rugs. We have plans to finish it beautifully, but there has never been any reason to push it up the list, so we may end up doing it to sell the house.
Our last house was the same way, We spent $30,000 prettying it up for sale and then the buyer ripper out almost everything we did. however we got about $50K more than we expected to, so perhaps it was money well invested.
We have seen a number other people in the same situation. One family, their pool leaked and they could not prioritize the money to fix it, however when they went to sell the house, they had to either fix the pool or fill it in. Fixing was cheaper. Their kids were ticked.
It seems like a fairly common situation, especially with landscaping. People think about doing this or that to their yard and never get it done, then they go to sell and have the yard professionally landscaped and say "this is awesome, why didn't we do this before?"
It is weird however how we end up fixing up the house to sell it, so someone else can enjoy it more, rather than fixing it up sooner so we can enjoy it while we live there.
I think you nailed it, really. It's always a matter of priority. If fixing it up means you'll get more money out of the house as you're about to sell it, that makes complete sense to a budget-minded person. If that investment will reap immediate financial rewards - it's totally logical and good sense, etc.
But, to spend that amount of money just for your own enjoyment - if you are a budget-minded person, that might not seem like a priority.
I don't think the choice is weird at all. It's kind of like comparing someone who chooses to buy a Coach bag that will cost them $1,000, who justifies it because it will make them feel good to have a prestigious bag, and to have a quality bag that will last for many years (if they would actually ever just use the bag for years is another story) - when a new bag is not essential. As opposed to someone who chooses to buy a cheaper, but quite functional bag, but will serve their needs quite adequately as far as looking fine, while holding their stuff.
If you want to spend thousands of dollars on improvements to your house for your own enjoyment, as opposed to putting that money in the bank, and that's what you've decided is important to you - fine.
But, many budget-minded people would rather live without, and be smarter with their money right now.
So, is it stupid to not spend money on a home-improvement project while you are living in a home vs. waiting to spend money on it until you are about to sell it, in order to rake in more profits?
It just depends on what is more important to you. Instant gratification or delayed gratification.
If you're someone who is wealthy enough to not have to worry about the above, then good for you. But, if not, a person might choose to delay gratification in order to have more money in the bank later on.
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