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Honored Contributor
Posts: 32,965
Registered: ‎03-10-2010

Re: Have you said 'NO' to remodeling?

It isn't about like and dislike.  It is about price and value. If you want to buy a home that needs remodeling, the price you should reflect that, and when you sell it, your price should reflect that.

 

You can't buy a house that needs remodeling or let your house go without remodeling it and expect it to get top dollar when you sell.

 

It's about the money. . .

 

Esteemed Contributor
Posts: 6,287
Registered: ‎01-24-2013

Re: Have you said 'NO' to remodeling?


@151949 wrote:

Something I never understand on HGTV is -- a couple will say they are preapproved for say $200,000. They look at a house that is listed at $150,000. So the realtor tells them they have $50,000 to remodel with. Do they not realize that just because they have been approved for $200,000 they will not be able to actually get a loan for any more than the house is appraised for? They sem to think they can just get that $200,000 in cash to use to remodel the house.That is not how banks work.


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There are many types of loans available. 

Do a little research!

Honored Contributor
Posts: 15,382
Registered: ‎05-01-2010

Re: Have you said 'NO' to remodeling?


@151949 wrote:

Something I never understand on HGTV is -- a couple will say they are preapproved for say $200,000. They look at a house that is listed at $150,000. So the realtor tells them they have $50,000 to remodel with. Do they not realize that just because they have been approved for $200,000 they will not be able to actually get a loan for any more than the house is appraised for? They sem to think they can just get that $200,000 in cash to use to remodel the house.That is not how banks work.


@151949 What MJ12 said is correct House Hunters is TOTALLY FAKE. This has been pointed out before. They already have the house and remodeled. No need to get upset about any fake prices or loans they talk about on the show. It's fake!!

Respected Contributor
Posts: 4,670
Registered: ‎04-05-2010

Re: Have you said 'NO' to remodeling?

We built our home 30 years ago. We built what we could afford at the time (DH was able to do most of the work himself, so saved a ton of money). We had custom cabinets made, but they were not well done and I never really liked them. About 10 years later, we added on two bedrooms and a mudroom. Shortly after that, the master bath had to be redone because a major leak necessitated removing the tub, toilet and flooring. We were able to save the (ugly) vanity, but replaced the countertop & sink to match the new toilet and shower. We put a new vanity in the guest bath a few years ago to replace the ugly one there.

 

Three years ago we redid the kitchen. The original cabinets were hideous and I was just sick of them. We also took down the wall between the kitchen and dining room (did most of the demo/rebuild with that ourselves). I did choose granite countertops and don't regret it one bit!  A year ago, my stove died for good, and we decided to just get all new stove, fridge and dishwasher. I had white, and replaced it with white.

 

Now the master bath needs a bit of work again, the hardwood floors need refinishing, carpets need replacing, inside & out needs painting...but we'll get to it when we can afford it. Thankfully DH is very handy and keeps up with repairs, etc. but the painting is more than either of us can do (both inside & out require scaffolding to get to high points).

 

Point being...as long as things are functional and comfortable, you can do a little bit along if you want.

 

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Have you said 'NO' to remodeling?


@proudlyfromNJ wrote:

 


@151949 wrote:

Something I never understand on HGTV is -- a couple will say they are preapproved for say $200,000. They look at a house that is listed at $150,000. So the realtor tells them they have $50,000 to remodel with. Do they not realize that just because they have been approved for $200,000 they will not be able to actually get a loan for any more than the house is appraised for? They sem to think they can just get that $200,000 in cash to use to remodel the house.That is not how banks work.


@151949 What MJ12 said is correct House Hunters is TOTALLY FAKE. This has been pointed out before. They already have the house and remodeled. No need to get upset about any fake prices or loans they talk about on the show. It's fake!!


Where did I say I was upset?

Honored Contributor
Posts: 17,706
Registered: ‎03-09-2010

Re: Have you said 'NO' to remodeling?


@violann wrote:

By way of confession, I LOVE REAL KNOTTY PINE, and I've already told DH that if/when we move, I'll be wanting KNOTTY PINE cabinetry and a WilsonArt ( upscale Formica ) counter.

Just won't seem like home without it!


Going into upstate NY in the Lake George area, many of the restaurants have knotty pine walls in certain areas. It is very homey looking if kept up nicely (no orangey varnish please!)

 

Our basement had a knotty pine tongue in groove wet bar which when we redid the basement went goodbye  -- we separated first the heating zones and added baseboard heating, (house had one thermostat on main floor originally and that was immediately changed to a programmable one)' removed the wet bar (this kind of entertaining is no longer in style here anymore), there was knotty pine wainscoting on the walls half way up; the pine from the wet bar was used to continue the wainscoting on the wall after removal of a faux fireplace which allowed us to add 2 additional feet to the basement area! When a neighbor was redoing her kitchen -- all the kitchens had same wainscoting on the walls where a dinette would be, I took them and had our contractor make book shelves of them and he hung them on the wall the stairs ran (the shelves are in the basement side not the side the stairs are on. It looks like the shelves were part of the original design! 

 

Other minor renovations were replacement of 2' fluorescent light fixtures with 4' ones and replacement of the worn out black & white tile flooring with slate gray and burgundy tile flooring (we used the kind for offices) and the creation of 3 closets plus replacement windows w screens for the basement. Not everything was done at once!

 

☼The best place to seek God is in a garden. You can dig for him there. GBShaw☼
Honored Contributor
Posts: 23,835
Registered: ‎03-10-2010

Re: Have you said 'NO' to remodeling?

[ Edited ]

@debcakes wrote:

@sabatini, my entire house is outdated and worn. While I would love to renovate the whole thing, we are thinking of just selling for a lower price and just not do the work.


@debcakes  this is exactly how I feel.... I would rather not do a rehab and spend $50,000 and go into debt.... and instead  just when I move, sell as is... knock off a bunch of money off the price of the house to make it more of a deal and move out. The rehab when you are in house is a horrible thing to go through. Not my thing.  Why not just move when you are ready to and let the next owner do  what they want to the house when it is totally empty?  I prefer to move in to my next house with it already done so I do not have to do anything.  I will pay full price.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Have you said 'NO' to remodeling?

I have purchased only 3 homes in my life - the first one was a 1910 craftsman that had already been remodeled and was lovely but we ended up having major plumbing and electrical issues that cost us a fortune and my stepson almost got electrocuted. That cured me of old homes - the next two were both brand new builds. IMO - the only way to go. If you love the charm of an old house you can build a new house with all that charm built in - they certainly do any of that now a days if you are willing to pay the craftsman. I would never recommend buying an old home. I love knowing that everything in my pretty new house has been built to the newest codes and duly inspected as it went along.

Respected Contributor
Posts: 3,087
Registered: ‎03-10-2016

Re: Have you said 'NO' to remodeling?

[ Edited ]

My home is beautiful.  We work hard to make it that way.

 

We bought this home almost 3 years ago.  We put in all new flooring on the entire first floor.  The kitchen had been completely updated and remodeled a few years before we bought it.  They had all white appliances in the kitchen, which was fine.  I don't like black and probably would have replaced those.  The bathrooms had been completely updated and remodeled too.  I took out all the carpeting upstairs and put it new carpeting.  We painted everything. 

 

Sure,  there are things I would love to do - I would love a walk out deck from my kitchen with some French doors.  I would love to have a mosciac tile shower - floor to ceiling mosaic tiles.  There are other priorities right now, like college for two kids.  LOL

 

I couldn't live in a houes that wasn't functional or aesthetically pleasing to me. 

Honored Contributor
Posts: 10,620
Registered: ‎09-22-2010

Re: Have you said 'NO' to remodeling?

I have a house that was built in the 50's and I love it.  I have added things like built in bookcases, painted all the dark wood a cream.  It has a cottage feel to it (think the rooms in Better Homes and Gardens).  I have white appliances (they are not old).  I like the charm of an older home and think they were built better than a lot of the newer homes especially homes in developments..  

 

Location, Location, Location is the biggest item that adds to property value.  I live in an area where house are in demand and rarely remain on the market for more than a week.