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Hmmm. Do you think factoring in a small amount for remodeling is bad if the price of the house is lower?
Not necessarily a bad idea, just realize that you won't get your investment in remodeling back out when you sell. It depends on how you want to live in the property and what changes to the property you want to enjoy while you occupy it. Never remodel with the thought that you will make the property more salable or make your money back. It just doesn't happen anymore and really never did.
Not necessarily a bad idea, just realize that you won't get your investment in remodeling back out when you sell. It depends on how you want to live in the property and what changes to the property you want to enjoy while you occupy it. Never remodel with the thought that you will make the property more salable or make your money back. It just doesn't happen anymore and really never did.
I figure that a remodel would make a property more saleable, but wouldn't make my money back. Why would that not be so?
Let's say it's in a good location, decent schools, nice lot, privacy, etc... if the owners have never maintained/upgraded it some (new paint outside, update the appliances, fixtures, that sort of thing... maybe change out the countertops, refinish the flooring if it's looking ragged, replace carpet, etc).. would that not make it more saleable?
And while living there, we would get to enjoy those things.
If I'm missing something, please tell me. I like to learn!
In this market right now inventories are low but that is starting to change. A quarter to a third of the current listings are distressed and the rest are stale, meaning they have sat on the market or been re-listed over and over at unrealistic prices. Good luck!
This may be true in your area. It's not the case in every area.
Unsold inventory is high in my area and the % that are distressed is low.
I have no idea what the market is doing in the OP's area.
I figure that a remodel would make a property more saleable, but wouldn't make my money back. Why would that not be so?
Let's say it's in a good location, decent schools, nice lot, privacy, etc... if the owners have never maintained/upgraded it some (new paint outside, update the appliances, fixtures, that sort of thing... maybe change out the countertops, refinish the flooring if it's looking ragged, replace carpet, etc).. would that not make it more saleable?
And while living there, we would get to enjoy those things.
If I'm missing something, please tell me. I like to learn!
I was only advising you from personal experience not to put a lot of money into remodeling with the hope that you would get your money back. That's all I meant. If you want to remodel to make your own enjoyment of the property more satisfying go ahead. Just factor the expense into ownership.
I was only advising you from personal experience not to put a lot of money into remodeling with the hope that you would get your money back. That's all I meant. If you want to remodel to make your own enjoyment of the property more satisfying go ahead. Just factor the expense into ownership.
Yeah... I'd like a house that's pretty much ready as is. Anything we might do as an enhancement would be tweaks to the place for our enjoyment that would hopefully keep the house attractive if we ever have to sell.
I'm not 100% sure myself. I'm in the Triangle area (Raleigh/Durham/Chapel Hill/Cary) section of North Carolina.
I don't think that unsold inventory is terribly high in the area where I wanna purchase, or I'd have already found the perfect house.
At least, not at the price point we want, anyway.
Why not take an upscale rental? I'm sure there are many in your area. In my area there are lots of really nice rental homes put up by delusional sellers who couldn't sell and than moved away to take better jobs. Now they are upside down and can't sell the houses they are renting. My landlord practically begged me to stay another year. He admitted that my rent isn't covering his mortgage, not to mention the taxes and insurance and maintanance. But he didn't ask me to pay more rent because he knows that I could move into an even nicer rental for the same price next week.
Why not take an upscale rental? I'm sure there are many in your area. In my area there are lots of really nice rental homes put up by delusional sellers who couldn't sell and than moved away to take better jobs. Now they are upside down and can't sell the houses they are renting. My landlord practically begged me to stay another year. He admitted that my rent isn't covering his mortgage, not to mention the taxes and insurance and maintanance. But he didn't ask me to pay more rent because he knows that I could move into an even nicer rental for the same price next week.
We considered it. There was a 1mil plus house that wanted 3800 a month in rent. On the golf course with views from the front, back, and one side.
Update: the house was put back on MLS yesterday. With the same pictures taken about 2 years ago, and the same price tag. They want 599k, originally listed 3 years ago for 775k.
They bought it in 2003 for 562k.
Comps seem to support a price of 520-540k.
We are less interested in it now, but curious enough to see what they finally sell it for.
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