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Started By
Message
Home owner questions:
Posted on 6/10/14 at 6:15 pm
Posted on 6/10/14 at 6:15 pm
I have recently undergone several upgrades in my home and I was wondering the opinion on some here who may have done similar things. I purchased a hone in Sept. 2013 on HUD for just $37,000. Ridiculously low - and in decent shape. Since, I have undergone a few additions to the property so first, I can really enjoy my home and second, for resale value.
So far, I have already put laminate flooring down where carpet used to be and tile in the kitchen and the bar. See the picture below. Also, I have upgraded the lighting away from fluorescent in the kitchen to recess lighting. Add in a new paint job and the home looks good.
Projects in consideration now are enclosing my patio deck and using my left over laminate flooring to deck it with for a little dining area outside (this I have not been quoted). Also, I am planning to add plantation shutters ($2,665) to the home.
I plan to be here for a few years, but plan to sell when the time is right. I am trying to be responsible with my money and use every saved dollar and invest it in my Roth or my home. Am I doing the right thing?
Next, I am asking if these projects I have done - particularly the plantation shutters, tile flooring ($1,500) and laminate flooring ($3,000) will get good return values for the home later on?
So far, I have already put laminate flooring down where carpet used to be and tile in the kitchen and the bar. See the picture below. Also, I have upgraded the lighting away from fluorescent in the kitchen to recess lighting. Add in a new paint job and the home looks good.
Projects in consideration now are enclosing my patio deck and using my left over laminate flooring to deck it with for a little dining area outside (this I have not been quoted). Also, I am planning to add plantation shutters ($2,665) to the home.
I plan to be here for a few years, but plan to sell when the time is right. I am trying to be responsible with my money and use every saved dollar and invest it in my Roth or my home. Am I doing the right thing?
Next, I am asking if these projects I have done - particularly the plantation shutters, tile flooring ($1,500) and laminate flooring ($3,000) will get good return values for the home later on?
10
Posted on 6/10/14 at 6:35 pm to House_of Cards
Looks good.
You should be able to get a decent ROI on what you have done. I envy all you guys that can do crap like this.
I have a friend that personally, working a couple hours a night turned an old 70s kitchen into this:
You should be able to get a decent ROI on what you have done. I envy all you guys that can do crap like this.
I have a friend that personally, working a couple hours a night turned an old 70s kitchen into this:
Posted on 6/10/14 at 6:54 pm to House_of Cards
You can probably make plantation shutters with several sets of old shutters for much less than that. Especially if you just need a few for the front only. The trick is finding the 4 sets of shutters all the same size.
Posted on 6/10/14 at 6:56 pm to House_of Cards
I feel like plantation shutters are at a much higher aesthetic level than laminate flooring and the people in your price range may not see as much value in them.
Full disclosure I am not a homeowner.
Full disclosure I am not a homeowner.
Posted on 6/10/14 at 7:31 pm to House_of Cards
New floors are great for the eye, do they add a ton to the appraisal? Not particularly.
Best things to do for value are to update the bathrooms and kitchen. Out with the old, in with the new.
Best things to do for value are to update the bathrooms and kitchen. Out with the old, in with the new.
Posted on 6/10/14 at 7:40 pm to House_of Cards
You have to look at the neighborhood also, don't do more than the neighborhood will support...
Posted on 6/10/14 at 7:52 pm to House_of Cards
Are you adding coverage to your homeowners policy? If it burns down its all for naught
Posted on 6/10/14 at 8:10 pm to Mr.Perfect
I hope he's not insuring his house for 37k!!!!!
Posted on 6/10/14 at 8:36 pm to wickowick
My house is valued less than every house in the block. It's doubled it's appraisal, my realtor said I could maybe squeeze $80k for it, but definitely $70k. That would be great.
Posted on 6/10/14 at 8:42 pm to House_of Cards
you should have changed those small arse moldings. mdf molding is cheap.
Posted on 6/10/14 at 9:21 pm to House_of Cards
Work to pay loan off, convert to rental, don't sell
Posted on 6/10/14 at 9:42 pm to Chad504boy
Don't sell? You'll have to give me more. I can easily make $35-40k in the sell. Minus what I invested in it, that's a net positive $22k in less than a year. I've had roommates which have basically paid my mortgage for me. Why would renting out be better?
Posted on 6/10/14 at 10:00 pm to House_of Cards
You'll always have the equity in house plus monthly income
Posted on 6/10/14 at 10:01 pm to Chad504boy
Where are good places to research how to properly wrote rental contracts?
Posted on 6/10/14 at 10:06 pm to House_of Cards
Nit sure exactly but there's lots of samples out there. Think things through like pets maintance damage deposits etc
Posted on 6/10/14 at 10:09 pm to House_of Cards
If you have standard sized windows, you can get these shutters at Lowes for much less than custom plantation shutters; and, they really look nice. We used them in the kid's bedrooms.
LINK #!
LINK #!
Posted on 6/10/14 at 10:13 pm to House_of Cards
I would not put laminate in an outdoor space. You will have problems with it swelling and warping and it will be very slippery from condensation and rain.
Posted on 6/10/14 at 10:42 pm to BR Tiger
Tiger alum: can you post link again?
BrTiger: I plan to enclose it and possibly do a sunroom. I'll be sure to do something that allows it to be moved, if not, simply add more deck.
BrTiger: I plan to enclose it and possibly do a sunroom. I'll be sure to do something that allows it to be moved, if not, simply add more deck.
Posted on 6/10/14 at 11:01 pm to Chad504boy
quote:
I hope he's not insuring his house for 37k!!!!!
Thats cute.
Considering you 1) have no idea if its financed and required and
2) know if he can afford to self insure.....
Whats the premium on a cheap house like this? Next to nothing?
Eta:. Perhaps you were agreeing with me?
This post was edited on 6/10/14 at 11:04 pm
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