Looking for quotes: Things to consider before making home improvements!


#1

Hi all!

I am working on a post of things to consider before making a home improvement investment. I have had some fascinating conversations with my realtor on how many home improvement projects never get paid back in the value of the home. We have had her weigh in on any potential projects we have undertaken, only making ones she thinks add value.

I would love to include some quotes from veteran real estate investors and realtors on what to consider before undertaking a home improvement project. Things such as whether the project has broad appeal, where you have experienced money going wasted or seeing others waste money on needless projects, and what to understand going in.

You can post here or email me at chelsea@mamafishsaves.com If you have your own blog, be sure to include a link!

Thanks!! :slight_smile:


#2

Land appreciates, houses depreciate. It doesn’t matter how much land appreciates if the house has depreciated too much.

I would NOT use a realtor to decide the value of where to put my money in a home.


#3

Generally, I agree with you. But as we plan to sell in the next five years, our town is changing rapidly, our realtor knows the neighborhood well (recently sold another house on our street and is active in the area), and we are talking about smaller size projects (<$7,000) - I trust her judgment. These two small projects were things for our happiness in the home, we just wanted a general sense of whether they would help or hurt values.


#4

good article touching some of your concerns;


#5

@MamaFishSaves New paint and flooring (i.e. carpet, vinyl, laminate, etc) can do wonders to improve the value of a home. Landscaping goes a long way too as well as painting the front door. Curb appeal is so important. If the home looks nice on the outside, people will want to see the inside as well. Hope that helps!

p.s. My blog link. Thanks for reading! :slight_smile:


#6

When researching a lot on the topic, I was surprised to learn that solar panels are a terrible investment. Some buyers actually take them down once they bought the house because they don’t look good :cold_sweat:

If you are planning to live in your home for the next 20 years, great, get solar and save a bunch on electricity while saving the planet but, unfortunately, if you are selling your house, they do not increase your value.

(Who doesn’t want free electricity? consumerism at it’s best!)


#7

Things to consider when doing home repair…NOT DOING IT!

It always costs more and always takes longer. Remember a house is just that, a house. Try to enjoy what you have and stay put…not so much because of the cost, but because of the hassle.


#8

I’m totally trolling you with these… Quotes of things (specifically being content with what you have) to consider before making home improvements.

“He who is contented is rich.”

“A contented mind is the greatest blessing a man can enjoy in this world.”

“I am content; that is a blessing greater than riches; and he to whom that is given need ask no more.”

Ok, done trolling. I was legitimately surprised how many more quotes I could find about never being satisfied and always striving for more/better/etc… Anyway, it sounds like you already have a solid plan.

The one actual real sort of quote that is relevant is something to the effect of:

The reason there are no good general contractors for small residential projects is that if they were any good, they would no longer be doing small residential projects.


#9

Never let hard wood floors lie hidden under carpet. Instantly adds thousands to any list price.


#10

If a potential renovation won’t quantifiably more than pay for itself in increased value then don’t do it.

Wishful thinking doesn’t pay the mortgage.

Generally speaking “ego/vanity renovations” don’t make financial sense… swimming pools, man caves, kitchens with double ovens, games rooms, parent retreats, workshops, walk in robes, etc.

Buying “the worst house on the best street” only makes sense when the value add opportunities (e.g. adding bedrooms or bathrooms, but only up to what the neighbourhood considers normal rather than excessive) aren’t already factored into the purchase price.

http://www.cantankerous.life/2016/11/hard-won-property-investment-lessons.html


#11

Hah! The post isn’t actually about our work. Despite one small project to improve flow, we haven’t done any major improvements on our house. We love it the way it is :slight_smile: The post is more about guidance for people who talk about making “investments” through home improvements.


#12

Swimming pools definitely don’t make sense! You cut your buyer pool at least in half, have higher insurance premiums, and higher maintenance cost.

Thanks for the tips! :slight_smile:


#13

Glad to hear this…every time I think about putting one in I will come check this out!