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However if you are doing a remodel or an upgrade because that extra bathroom or the master suite is important to you then the recovery of the costs in a future sale is basically irrelevant.
You will get the value out of your remodel with your own use, if it adds to the value of your home when time comes to sell, consider that a bonus.
Most people make the addition or remodel for their own comfort, not to increase the sale price. Think of the years of enjoyment you will get out of an inground pool and nice patio. Don't let articles like this scare you. Do what you want for your home.
I would love to know who they are having do these remodels for the ridiculous costs they have listed here. 200 square foot sunroom for $74,000!? ARE YOU FREAKING KIDDING ME? Most houses cost less than $150,000 to build but they are going to try and convince me that a sunroom with 1 sliding glass door and 14 skylights and a few windows is $74,000. I used to build houses and I can tell you customers are ripped off by hiring a builder to get things done. Their best bet is to put an ad in the paper and get a carpenter thats out of work to do it because he can do it just as well and knows friends that are out of work that will help keep your costs down.
My wife and I like Old homes. The one were in now is 110+ years, as best as we can figure. The entire article is a bunch of rubbish........especially the pool......I've always heard that inground pools lower the price of your house, or, at least, limit the amount of buyers who look at it. It's a major headache, and expense that a lot of people don't want to mess with........(the Y is right up the street). Our roof is 110+ years old standing seam tin roof, which we have sealed and painted every 2 or 3 years..it'll last forever. What's this person talking about....let your roof leak, instead of repairing or replacing it? He is joking...must be......just what you need, a bunch of rotton wood and water in your attic....this one blew me out of the water. Where are they getting $10,000 for a home generator? Our power company will put one in for $5000.00. We lost power for 9 days because of hurricane isabell, and I can assure you that it's a worthy investment. The whole article should be trashed.................I've NEVER heard of a kitchen on a deck for $50,000 dollars, (or what ever it was). Guess I need to start watching more HGTV to see how people are throwing their money away!
How come there's NO mention of the ENJOYMENT , PLEASURE and USEFULNESS that comes from these projects??????????????????
Why are they always tied into resale value? And or return on investment(cost)?????
Looks like I'm gonna keep my Schwinn.
I'm NEVER going to buy a new car. It'll go down in value.
All my shopping will be at the thrift store.
Let's not forget my 13" B&W television.
I think the author of this article may exaggerated the costs of these improvements or, like another commenter lamented, these costs may be reflective of the Beverly Hills/San Francisco area, but is certainly not the average costs for most Americans. In my area, due to storms, we generally lose power once a year for 3-7 days due to bad weather and since we live in a critical area very close to the water, we have well water; no power = no water. Prior to purchasing our generator, it would have been very nice to only lose $30 worth of groceries; we love our generator! Our 16x32 inground pool costs about $350 per season to run - this includes opening and winterizing. We have a home office and used existing space - if, when we sell, the new owners don't like it, they can use it as a bedroom or gym. Exaggerating the costs and minimizing the benefits seriously diminishes this author's credibility.
I have built inground pools for 35 years and never have I had one to start showing cracks in a few years. Get your facts straight before writing an article. Also, the cost of a bedroom and bath addition cost $106,000? For the 384 sq. ft. that translates into $276.00 per sq. ft. I could build one house a year and retire in 10 years. Better still if you could get paid that much why would you ever retire?
Ummm, a person who lives in a place where the power is irregular and frequently goes off "shouldn't" indulge in a generator, but a person who loses power for a day and can't figure out how to do his/her hair should? Or, is the issue that you don't understand "former" and "latter"?
I live in a place where two and three-day power outages happen pretty much yearly. It is a good idea to have the generator because one does want to eat--and no one has power. Not having power for the refrigerator means that one isn't going to be eating very well for a few days. A generator is a good way to stay safe--and it doesn't have to cost nearly as much as you suggest.
We spent perhaps a thousand or so to have the house re-wired so as to be able to include a box to which we could attach the generator--and supply power to the most critical parts of the house (yes, the fridge is one). The generator itself (no, not natural gas, though I would have preferred that) was another thousand or so. A natural gas generator is about $2K. Where the heck are you getting these cost figures? They are just totally out there.
People from every level of life will buy homes. Our home doesn't have to be a mansion or have the latest trends.
We have updated our home, but it was for two reasons. It is 21 years old and it needed it and if we decide to sell we want to get the best price for it. While we are here we want to enjoy it. If we suddenly pass over, we want it to be in good shape for our children to sell.
Our home is comfortable, but the 1% would not be interested in living in it, but as long as we like it that is the important thing.
Trends pass. I noticed that the stainless steel appliances are being replaced with flowered ones.
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