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jennye_gw

Remodel for possible resale, how much is too much?

jennye
15 years ago

I am a single female, medical resident, working on a fellowship and finishing residency this yr. (It's not a single's ad! Just trying to give you a feel for my situation). I may be staying here for 5-7 yrs. or I may be staying for only 2.5 yrs. (worst case). If I get a job here, I will stay (which I hope for).If not, I will sell OR keep this place as a vacation home.

I have now come to the realization that this place is a fixer-upper. I got a good deal on it, and it has doubled in value in the three yrs. that I have had it. The area is one of the most sought after, the other townhouses are selling for 500k, and the city continues to grow (Phoenix). The place is very Frank Lloyd Wrightish (built by Al Beadle) and is 2200 sq. ft. with a yard, courtyard, etc.

Both showers upstairs are leaking into the downstairs. I plan to start guttting the 1960's terrazo counters and showers soon, as well as replace flooring and rotting cabinets. I have ordered good quality contemporary cabinets and all Grohe Atrio fixtures for the 2.5 baths. I am planning to order 3 Toto toilets, wood flooring for the upstairs and have the downstairs wood flooring refinished. The house will be painted. I feel I have no choice on the bathrooms. I have a family member working on the bathrooms and wood floors, so the labor is affordable.

But the kitchen? I will be living in it for 2.5 yrs at least. Do I replace the kitchen cabs. and the appliances also? Remember that this is a high end neighborhood. I am refinancing the place. Should I also factor in for the kitchen? Here is a link to pics.:

http://s118.photobucket.com/albums/o87/jeschbacher/

Thanks so much,

jenny

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