One More Remodel

[RockyMtn]

Closed on a house in Scottsdale, Az today. Going to be quite a remodel job but in the end it will be well worth it.

Next week we head back to Colorado to put the house there on the market. When it sells, or November, whichever comes first we will relocate to Az full time. While the new house is being remodeled we will live in our current home in Scottsdale. Once the remodel is complete we will list the current Az house.

Net net we will end up with a very nice 3500 sq ft home on the golf course. Close to our friends and our clubhouse. No more carrying two sets of expenses. No more mortgage to pay. A much simpler life.

When it gets unbearably hot here we will travel to cooler climates with all of the money we are saving by not having two residences.

This will be the fifth remodel I have been through...and the last!

Here's our view off the back patio:

[ERhoosier]

Congrats! Nice view- if you love golf.
I play golf too & visit the Valley more than everywhere else combined. But if I moved to AZ, would prefer a backyard with a more open view of the desert scenery. To each their own. Enjoy!

[RockyMtn]

Quote:

Originally Posted by ERhoosier Congrats! Nice view- if you love golf. I play golf too & visit the Valley more than everywhere else combined. But if I moved to AZ, would prefer a backyard with a more open view of the desert scenery. To each their own. Enjoy!

Thanks Hoosier! Yes, the desert is beautiful. We will have a desert landscape once we are done. Also have a view of Mcdowell Mtn Range. Plenty of desert to look at in the area...not so much water and grass.

As you say...to each their own!

[Ronstar]

Congrats! Great view. Hopefully we will follow in your footsteps someday. Buy a Scottsdale house and sell our Scottsdale condo and Illinois house

[WannabeRetired]

Mmmm. Scottsdale. Congrats!

[JDARNELL]

Very nice! I am about 7 yrs behind you.

JDARNELL

[zedd]

Quote:

Originally Posted by RockyMtn Closed on a house in Scottsdale, Az today. Going to be quite a remodel job but in the end it will be well worth it. Next week we head back to Colorado to put the house there on the market. When it sells, or November, whichever comes first we will relocate to Az full time. While the new house is being remodeled we will live in our current home in Scottsdale. Once the remodel is complete we will list the current Az house. Net net we will end up with a very nice 3500 sq ft home on the golf course. Close to our friends and our clubhouse. No more carrying two sets of expenses. No more mortgage to pay. A much simpler life. When it gets unbearably hot here we will travel to cooler climates with all of the money we are saving by not having two residences. This will be the fifth remodel I have been through...and the last! Here's our view off the back patio:

If you dont mind sharing, how do you go about determining the return on investment of a remodel -- gut feel or do you have a method for penciling it out?

Edit: In other words, how do you determine whether you'll get back the money put into the renovation.

[Mr. Paul]

Congrats RockyMtn ... I know when we went from two houses to one it was quite the relief. Remarkable how expenses were trimmed when that happened.

zedd ... for us the work we put into our retirement home has nothing to do with return of investment and everything to do with quality of life.

[RockyMtn]

Quote:

Originally Posted by zedd If you dont mind sharing, how do you go about determining the return on investment of a remodel -- gut feel or do you have a method for penciling it out? Edit: In other words, how do you determine whether you'll get back the money put into the renovation.

Given this will be our primary, and only house, I'm not overly concerned about ROI. But since you asked I run a few numbers to make sure I am not overbuilding for the neighborhood.....

I calculate the cost per sq. ft. based on the original purchase price. Then I add in the cost of the remodel and the sq. ft. that we will ultimately end up with (we are adding a casita). Then I compare the newly remodeled cost per sq ft with what other updated homes in the neighborhood are selling for. As long as I'm in the ball park on resale comps I'm comfortable that we will get back the money that we put into it.

[eytonxav]

Great view, will you have your own golf cart to get over to the club house?

[RockyMtn]

Quote:

Originally Posted by DFW_M5 Great view, will you have your own golf cart to get over to the club house?

No private carts allowed at our course. The picture shows the 8th green. 160 yard par 3, 9th hole is my walk to the clubhouse.

[zedd]

Quote:

Originally Posted by RockyMtn Given this will be our primary, and only house, I'm not overly concerned about ROI. But since you asked I run a few numbers to make sure I am not overbuilding for the neighborhood..... I calculate the cost per sq. ft. based on the original purchase price. Then I add in the cost of the remodel and the sq. ft. that we will ultimately end up with (we are adding a casita). Then I compare the newly remodeled cost per sq ft with what other updated homes in the neighborhood are selling for. As long as I'm in the ball park on resale comps I'm comfortable that we will get back the money that we put into it.

Your reply was helpful. Thank you

[check6]

Quote:

Originally Posted by RockyMtn Net net we will end up with a very nice 3500 sq ft home on the golf course.

Congrats. At 3500 sq ft do you think you will have enough space?

Don't envy you with the remodel, we are finishing one now. We have not gone the one home route yet but like you live on an AZ golf course albeit 1/3 your size.

[RockyMtn]

Quote:

Originally Posted by check6 Congrats. At 3500 sq ft do you think you will have enough space? Don't envy you with the remodel, we are finishing one now. We have not gone the one home route yet but like you live on an AZ golf course albeit 1/3 your size.

Lots of family....what can I say. Three bedrooms and an office are required otherwise I would have been very happy with about 1/3 less space.

[MBAustin]

Enjoy the remodel! Even though it is stressful, the fact you will be in town and not living in it during the process certainly makes it much less so. I actually enjoyed a lot of our remodel 4 years ago in similar circumstances - although how I managed it while w*rking 60 hour weeks seems incredible in hindsight. I love showing before and after pictures to visitors (I went a bit OCD and did a full scrapbook of it!). So we'll look forward to some pics here, please!