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At what point are we overdoing it?

8 years ago

We live in a neighborhood of builder-grade houses (built 1990-2005) that has grown in popularity over the years. Good school district, easy-ish access to major employment areas of a big city, and very family friendly - people and kids always out on the sidewalks or in the nearby park.

That said, it's still a lower cost of living area - houses ranging from $130k to perhaps $210k or so. But whenever homes go on the market, they're sold within a week or two - at or above list. Friend of mine put an offer on a non-updated 1400 sq ft house down the road for $160,500, just over list, and he lost out to another buyer.

My question is this: we purchased our 1250 sq ft home for $114k about five years ago, and our balance is down to $100k. Last year we spent close to $3k on new landscaping, sod, and redoing the back deck - which now looks fantastic. We've redone lighting throughout the house for probably $1200 - a night and day difference. We're in the middle of a small kitchen reno which will probably run us about $4500, but take us from a 20 year old beat up builder grade kitchen to quartz counters, painted cabinets, silgranite sink, subway tile backsplash, beadboard ceiling with recessed lighting, etc. It'll look great and be nice to enjoy over the next several years.

My question is - are we out of our minds doing this stuff if we plan to sell in 3-5 years? I enjoy the process, DIY nearly everything, and the kitchen and yards were in dire need of help before we started on them. The bathrooms look like hell too and could each use about a $3k reno next year. I was thinking of replacing the dated tile in the kitchen and dining room with laminate to match the rest of the house, but now I wonder if I shouldn't just float bamboo in all of it - which could be done for less than $2500.

So max cost I'm talking about is spending $17k or so for a beautiful landscape, new kitchen, new bathrooms, new lighting, and new bamboo flooring. Is that nuts given the neighborhood I'm in, or should I still see a respectable ROI?

Featured Answer

weedyacres

8 years ago

You should improve your primary residence for your own enjoyment. Don't look at everything as an ROI. You're doing the work cost-effectively, so you're not being stupid. Permission granted to proceed. :-)

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Comments (7)

bry911
8 years ago
It really depends on your area. From what you were saying, my first instinct is that you will probably not lose money on the deal but you also will probably not make money either. However, it really depends on the area and how houses are being bought, not just how fast they sell, what actually sells compares to what doesn't.

I live near an area where 50 year old houses are being snatched up for $280k, and resold for $500,000 once updated. However, on the other side of that neighborhood are homes just a bit smaller and just a bit newer that seem to sell for the same price regardless of updating.
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Joseph Corlett, LLC
8 years ago
Look at the enjoyment you'll get from the improvements and you can't lose money. You probably won't make a killing, but I'll bet you'll sell faster and for a bit more than your competition if you have any at the time.
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Pappu I love your story. Being a fairly new resident of my neighborhood has caused some of my neighbors to wonder about my sanity also. I am out there digging wet sods, planting pots, mounding roses in the pouring rain. They stop me on sunny days and ask me what on earth I am doing. I just tell them to wait another month they will see! I am sure they think I am really whacky when they see me digging through the truckload of mulch at the end of my driveway! It was free! My neighbor had some trees cut down and mulched, I asked if I could have it dumped here instead of it all being carted away! They only see sticks and pieces of trees, I see new garden areas all neatly mulched. They have such a narrow vision, LOL. Well to the land of rosers Pappu, you are fitting right in with the rest of us. And, shhhhhh, please don't tell them about the 20 bags of manure I got on sale that are hiding in my shed. LOL Valerie
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Possibly, although it would depend on your selections and other construction details (eg, relocating plumbing, knocking down walls, etc...). But it is also possible to pay a contractor top dollar who chooses subs based on their bid (low), not the quality of their work. You mention above that you suspect your contractor hired inferior trades/handyman. Is this opinion based solely on the workmanship? I‘m sorry you are going through this. But you could hold back that $10,000 and hire a reputable painter to come in a correct those paint flaws. Although I would first give the contractor the opportunity to correct the problems.
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User
8 years ago
You're doing what you are because you like it, not because it'll make you money in the future. Choose a lane; either do what you want to make it look more pleasing to you and better your life, or make changes (or don't), that'll effect resale value. It's not about the other homes; it's about you.
bobstrauss
Original Author
8 years ago
Thanks, guys. I am absolutely doing it for my own enjoyment and benefit. Shockingly it's worked out incredibly well so far. I was just worried that my newfound hobby might get to be an out of control expense. It's not so much that I want a high ROI - but that I want to at least get something back for all I'm putting in.
kats737
8 years ago
last modified: 8 years ago
Well you may get 'something back' not via dollar amount but in the time it takes to sell your house. Just make take your time and make sure the work you do is quality and meets code to prevent catching the eye of any future home inspectors. And a buyer likely wouldn't prefer any high-maintenance upgrades (eg thinking of a specialty pool system or something)

We once owned literally the nicest two bedroom home in a small rural town. My parents thought we were nuts for putting as much into it as we did, and we probably were. But when it was time to sell, it wasn't on the market for 24 hours and we had a full price offer that the buyer reconsidered and increased her price on, without any counter from us.
L W
8 years ago
Keep within your family budget. Then, enjoy, enjoy and enjoy! Oh, if you can avoid increasing further home purchases to smaller square footage overall, the cost of reno remains lower. Our first reno was 900 up and down. Keep it small. We are even in the real estate market. Not so even in the stock market! My sister loves her horses and I love my DIY.

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