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Old 10-20-2011, 03:04 PM   #21
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Location: East Nowhere, 43N Latitude, NY
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Originally Posted by JOHNNIE36 View Post
This post begs the question of if you buy it at a discounted price because it needs new this or new that and the A/C is on it's last leg, are you going to buy it and live in it the way it is? A lot of people want a "turn-key" unit. Because of the problems in the real estate market, maybe this thinking has changed. One would probably buy a home in need of repairs and/or upgrades and then renovate it to suit their tastes.
In my case, I can perform simpler upgrades, mostly of the cosmetic or minor improvement type.
Anything "heavy duty" would have to be contracted out at my expense.
Examples include constructing an outside deck, installing hardwood floors, replacing worn/dirty carpet, redoing a bathroom/kitchen (functional upgrade not cosmetic), replacing roof, or repair/replace cracked steps or chimney.
So therefore, I would use the estimated cost of these functional upgrades as a negotiation point in an offer.
For a full DIY handyman supplying the labor, the situation would be very different.
As background, the home I've lived in since 1984 was in decent "move in" shape but needed some serious functional upgrades on the outside. Each was done over the years as money was saved. All upgrades were contracted out.
My home is in the best shape (functionally) of all of the homes near me, all built at the same time. So I feel pretty comfortable that some of the money spent over the years will be recouped when I sell it.
Some data...
Construction date: 1977
Purchase price: $63K in 1984
Current assessment (school taxes): $186K
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Old 10-20-2011, 05:48 PM   #22
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It's entertainment, that's why. Some people are suckers for house porn. I'm not really sure why, but I'm also not sure why people watch "reality" shows, which aren't about reality.

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They do it on almost every show and the viewers eat it up....
.
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Old 10-20-2011, 08:04 PM   #23
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And I'm in agreement will most everyone that's posted, for the most part a renovation is done for the homeowners, not for resale value. With that being said, how to these home reno shows get away with saying, "this house is worth $60,000.00 more with a kitchen bath reno". They do it on almost every show and the viewers eat it up....

Thank you for your comments.
Here ya go....

Quote:
Originally Posted by Amethyst View Post
It's entertainment, that's why. Some people are suckers for house porn. I'm not really sure why, but I'm also not sure why people watch "reality" shows, which aren't about reality.

Amethyst
Yep....and sales. What commercials are ran during the programming...?

Bucks baby......

...oh and My Dream...you did a wonderful job on your reno.
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