updating my house questions (countertop, cheapest, investment, comparable)
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Okay. we bought our home in January for $527K We KNEW we would end up overpaying in this market...Two homes behind us have been on the market for about a month and they have dropped their prices to $469K, therefore I know our home is no longer worth what it was when we bought it. (Ours had been listed for $550K, so we got a "deal" for the time...fast forward two months...like I said, kind of knew it would happen. WHy did we still buy then? B/c rent and storage costs for all of our furniture would have ended up costing us $30-$40K for the entire year, so...) There is still one home in the development that is listed for $550K but they are being unrealistic. (I have seen the pics-NO WAY will that house sell for the way it looks for that price) Oh, and by development, I mean in the same little circle...about 4 streets...about 200 homes)
ANYWAY...my question/concern is this: We want to redo some things in the house. The kitchen needs updated (completely redone), our master bath needs redone and so does the spare bath. I want to go ahead and redo the spare bath as it should only cost $1-$2K and the others I mentioned can wait 5 years or so. (don't want a new kitchen now as I have two toddlers who will just destroy it)
I don't know exactly what to ask...I guess this: how does one know when to upgrade and such when the market is so bad? I mean, I don't want to put too much into my home and make it way OVER valuable in this market. (Still not coming out right...I think you know what I mean.)
Thanks!
(oh, and the house needs new HVAC system too, but that is NEED, not a want.)
Remodeling a home in this market is about making your house a home, more than getting any investment money back. Even in hot markets you don't necessarily get 100% of a remodel back.
You have to decide if having your home look the way you want it, is worth the potential risk to you. There are no guarantees and in five years, the market may have stabilized. We just don't know. You always need to take care of maintenance, and just take the cosmetics as you feel you can.
I have an older house, and I still have rust colored countertops. I haven't gutted it yet since my kids are 6 and 8, and still paint and other things in the kitchen. I just encourage you to make your house your home. It should help to relax you at the end of the day, and if staring at hideous counters stresses you out, then change them.
I just encourage folks when they remodel to pick comparable materials to what the neighborhood has. So...if people have Formica and vinyl flooring, don't upgrade to granite. That is a waste of money.
I think you have to evaluate how long you'll be there... the things you are talking about will be great improvements. If you are going to stay there 5 years or more, I'd do them. If you are only going to stay 2 years, I'd likely do the HVAC and more cosmetic things that are going to make YOU happy because ultimately, you have to do these things for yourself too versus just resale.
That is exactly what I am worried about. I want quartz counter tops and I have no clue what neighbors have...right now we have corian but the thing I hate about them (and I have had and loved corian before) is that they are pure white...shows EVERYTHING. My husband likes to leave spilled coffee on the counter and it is difficult to get it all up. I guess I will have to just take a survey of some of the neighbirs and see what they have.
For the spare bath I don't want anything crazy...just new vinyl floor, new cabinet and vanity (just a standard Home Depot kind of vanity...granite we will save for the master) and a new light fixture. Just a fresh look.
The kitchen I want a lot: I want the soffit out and 42 inch cabinets put in, quartz countertops, new ceramic tile...ANd in the master bath I want all new tile, tub, shower, toilet...complete gut. (It too has a soffit that drives me nuts. I think soffits date a home)
Anyway, thanks!
Okay. we bought our home in January for $527K We KNEW we would end up overpaying in this market...Two homes behind us have been on the market for about a month and they have dropped their prices to $469K, therefore I know our home is no longer worth what it was when we bought it. (Ours had been listed for $550K, so we got a "deal" for the time...fast forward two months...like I said, kind of knew it would happen. WHy did we still buy then? B/c rent and storage costs for all of our furniture would have ended up costing us $30-$40K for the entire year, so...) There is still one home in the development that is listed for $550K but they are being unrealistic. (I have seen the pics-NO WAY will that house sell for the way it looks for that price) Oh, and by development, I mean in the same little circle...about 4 streets...about 200 homes)
ANYWAY...my question/concern is this: We want to redo some things in the house. The kitchen needs updated (completely redone), our master bath needs redone and so does the spare bath. I want to go ahead and redo the spare bath as it should only cost $1-$2K and the others I mentioned can wait 5 years or so. (don't want a new kitchen now as I have two toddlers who will just destroy it)
I don't know exactly what to ask...I guess this: how does one know when to upgrade and such when the market is so bad? I mean, I don't want to put too much into my home and make it way OVER valuable in this market. (Still not coming out right...I think you know what I mean.)
Thanks!
(oh, and the house needs new HVAC system too, but that is NEED, not a want.)
Personally speaking, if I planned on staying in the home for over 10 years, i would start with the smallest/cheapest project and go from there. what's wrong with the HVAC system? how old is it/the house? Is it not working or just old?
I guess because you paid more for your home than what it is worth now, you're already over value in "this" market. The question is will you be overvalued in the market 10 years from now? Also how do you plan to pay for the upgrades? loan? money from your own personal bank account? line of credit?
Personally speaking, if I planned on staying in the home for over 10 years, i would start with the smallest/cheapest project and go from there. what's wrong with the HVAC system? how old is it/the house? Is it not working or just old?
I guess because you paid more for your home than what it is worth now, you're already over value in "this" market. The question is will you be overvalued in the market 10 years from now? Also how do you plan to pay for the upgrades? loan? money from your own personal bank account? line of credit?
The Hvac just is old (13 years) and isn't very energy effecient. (We always have to have the temp up high...it's almost like we need dual zone...big house and small unit) We will replace THIS year.
We plan on staying here a very long time, so I guess my comfort is worth it, lol!
As for paying...we will pay cash for the Hvac and cash for doing the spare bath. Actually, we will probably always pay cash so I guess I just have to look at it like buying a car...the minute you drive it off the lot it is worht less that what you paid, lol! (We tend only to buy things if we have the cash to pay for it. So...for the next couple of years we will save for the kitchen and then after that we will save for the master bath.)
I would definitely make the upgrades. You're going to be living in the house and you should enjoy it. If you end up selling down the road, then you have an updated house (even if it's worth less than you'd like).
I don't know exactly what to ask...I guess this: how does one know when to upgrade and such when the market is so bad? I mean, I don't want to put too much into my home and make it way OVER valuable in this market. (Still not coming out right...I think you know what I mean.)
Thanks!
(oh, and the house needs new HVAC system too, but that is NEED, not a want.)
Are you redoing things to sell it, or to live in it?
If you are doing it for you, to live in it, do the things that will make you happy first, and do them the way you want them. (After any safety or healt issues, of course). Might you put in something that doesn't appeal to everyone? SUre. But it's your house, your home, the place where you & your family are going to spend huge amounts of time. It's not a financial instrument to be put in an account until it's acheived a certain worth. DO it for you, and when it's time to sell, you'll price it according to what buyers are looking for then. Your other option is to spend years in a very sellable house that you really don't like.
I would consider the "best laid plans" scenario before deciding to do anything, especially expensive kitchen and bath remodels. Are you likely to get transferred? Need to move for family? Want more space down the road for growing children? You're already $58K over the comps in a declining market. So I'd be prudent and address the needs before the wants.
Of course, if no variables apply and you know you won't be moving, you can think of the house as your home and remodel to your heart's content. But you might want to give yourself a year and see how you feel-- and how the market shakes out. Good luck!
The Hvac just is old (13 years) and isn't very energy effecient. (We always have to have the temp up high...it's almost like we need dual zone...big house and small unit) We will replace THIS year.
We plan on staying here a very long time, so I guess my comfort is worth it, lol!
As for paying...we will pay cash for the Hvac and cash for doing the spare bath. Actually, we will probably always pay cash so I guess I just have to look at it like buying a car...the minute you drive it off the lot it is worht less that what you paid, lol! (We tend only to buy things if we have the cash to pay for it. So...for the next couple of years we will save for the kitchen and then after that we will save for the master bath.)
since you're planning on staying put for a very long time and are paying cash for everything (instead of using the big box as an atm like many others) then i would do all the changes that will make your house a home. just like you said when you have the cash do a project, when you don't have the cash then no project for you. this is exactly what i/we do.
IMO wouldn't worry about the value going down right (unless of course you put 0 down for a down payment) now especially because you plan on living in it for a very long time. value goes up, value goes down. you won't "feel it" until you sell it.
good luck and happy improving.
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like many others) then i would do all the changes that will make your house a home. just like you said when you have the cash do a project, when you don't have the cash then no project for you. 
this is exactly what i/we do. 
