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Money invested in house VS Resale?
I have been living in my place for 2 years. It is a log home and during this time frame I have spent $30,000. This includes a metal roof, 2 Propane firelaces, limestone boulders. I am redoing the logs this year and replacing 5 windows and adding new siding to the top half of my house. This will equall another $5000. I am doing all the work myself so labor is not an issue. There will be some savings in enrgy costs..but not enough to offset the cash I have put in already. My question is how much is too much to pour into a house? My family is very happy here and I hope the amount of money will decrease as I fix up the place. $30-40,000 on a new car is not unheard of so why do we get all upset over dumping money into a house. After 5 years a car is worth a third of what you spent. How much would a new roof. landscaping, siding and windows add to my place realistically? I am not counting my time..just materials? Is anyone else in this quandry?
4 Answers
- Anonymous1 decade agoFavorite Answer
Who cars about resale, the key is you and your family are happy there, if fact it sound like a very nice place and I am sure you can see some thing els that is priceless and that is the love of the home and work you did. i think it is cool when i go over to some els house and they show an improvement and point out a flaw hear and there there is usually a story there or an empty beer can.
Enjoy your Home, and do not worry about hwat other people think.
- 1 decade ago
Every situation is very different. In general you don't get back what you put into it. If you are revitalizing a run-down house you will probably get a high return on your investment versus putting an extra $30K into a house that's already the most expensive house in the neighborhood. Just remember the prices are dictated by the many market forces...would you want to pay somebody that much more for the improvements THEY have made? As long as you aren't too exotic with your tastes thats usually a good sign. Good luck!
- ?Lv 45 years ago
i'm not answering rather on your question. i'm awareness your quandry. i'm retired, bought the abode of my desires that mandatory (needs) some spiffing and updating. My son says i'm putting too plenty money into the abode, although-- I stay right here and that i want to be mushy and pleased with my abode. the home is worth approximately 150K now consistent with the tax guy-- that's a third greater suitable than I paid-- I even have put in approximately 50k over all-- as much as date wiring, further lights furniture, followers, wood floor, carpet, 2 solatubes, ninety ft of cedar fencing around the returned of the lot-- am on the brink of paint and replace kitchen tile, have grout replaced and sealed interior the bogs. I even have further insulation and new tight abode windows. All of which required hard artwork expenditures. each project is planned and budgeted, and that i'm pleased with the outcomes and adventure plenty delight. you have living expenditures for housing, and you in many situations might have housing fee- i think the fact you're able to do the artwork is a great asset. Do initiatives that make you and your loved ones happy. the abode will sell for what it is going to deliver no rely what. in case you acquire properly, then your initiatives won't up the fee of your place too plenty for the community. An aside. I did the comparable with my final abode-- thrilled myself-- as quickly as I arranged to sell it to purchase this abode, I made a itemizing of what have been performed and the place conceivable the dates. listed "attributes"-- issues for convenience or exhilaration. the abode grew to become into bought in ninety days for a good fee in a down industry. I desire you success.
- Anonymous1 decade ago
Personally if this is your HOME every penny is worth it.
As far as resell, it will depend on when you sell. Basically the roof will pay for itself as will the windows. The fireplaces could add more value then you paid, depending on what you paid. They sell for about 4k retail, but you can get the same one for 1k.
Landscaping value varies. Nice is good, but pricy is not really any better. The $50 tree is just as good as the $400 tree because most people don't know the differance.