VIDEO ON MSN MONEY
Someone is lying somewhere, watch HGTV they show homes being remodeled all the time and there property values goes up almost double the cost of the renovation. They show the before and after appraisals, go figure. Besides that this article basically tells you not to remodel anything because it will not be cost effective, so why didn't this article show what you can do to your home to add value to your home.
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.
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!
Whirlpool tubs are another bad investment- rairly used by the people who put them in and a major expense which holds stagnant water in the unused piping. additional joints to leak, and most who
put them in have a seperate shower which is what they use. Better to put money into a decent shower,
perhaps with muliple shower heads. Either one should be fed off a tankless water heater that will not
run out of hot water.
Ok,homes are investments. I buy homes that 30 to 50 years old. I make them safe,your electric safe,plumb them,level them ,update the kitchen,Usally add central heat and ac.I will buy them for 10,and add maybe at the most 15.Then I rent them. I do alot of the stuff myself,Yes there is contractor that you can talk with, and they learn you know what your doing and inspect your work and call in the inspector. Like my ac guy if i buy the unit and duct work ,he will draw me a plan,and then do the final hookup for 400.I get the warranty,he make 100 and hour..
i have 26 homes ,they average 450 a month ,yes you have headaches, but the plus side is my CPA does property deprecation and property loss,just got told i need to go 12 g worth of tools,My wife has a fulltime job and we end up getting back money.And the sad thing about this,it all 100% legal.
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.
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.
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MSN REAL ESTATE
Some workers lose up to a quarter of their paychecks paying off old debt from credit cards, medical bills and student loans, as well as child support.