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re: Real estate question...
Posted on 3/31/10 at 10:08 am to I Love Bama
Posted on 3/31/10 at 10:08 am to I Love Bama
Thanks guys for all the help. I know it's difficult for people to put hard numbers on it without knowing the specifics. I suppose I'll talk to an appraiser and see if he can put some figures on it.
I get the feel that the majority viewpoint is that if I plan to stay in the house long-term (which I would) then this potentially could be a valid idea...
I get the feel that the majority viewpoint is that if I plan to stay in the house long-term (which I would) then this potentially could be a valid idea...
1
Posted on 3/31/10 at 12:14 pm to HoustonsTiger
You dint need to pay an appraisor if you're in it for the long-term and can't find a home that is just as good of a fit for you at <$360k or so.
If you're confident that you can afford the upgrades, then all you need to ask is if it will improve your quality of life enough to justify the expense.
Otherwise you are essentially asking the appraisor to evaluate the value of your property at some point in the distant future. He is not psychic. His expertise will be in the here and now. Who knows how your neighborhood will fare in 15 years. Or how much labor will cost, or what regulations will be in effect 15 years from now?
Losing $30k in equity right off the bat is pretty risky though. I can see where people get screwed there, when they suddenly have to move.
If you're confident that you can afford the upgrades, then all you need to ask is if it will improve your quality of life enough to justify the expense.
Otherwise you are essentially asking the appraisor to evaluate the value of your property at some point in the distant future. He is not psychic. His expertise will be in the here and now. Who knows how your neighborhood will fare in 15 years. Or how much labor will cost, or what regulations will be in effect 15 years from now?
Losing $30k in equity right off the bat is pretty risky though. I can see where people get screwed there, when they suddenly have to move.
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