New to the forum, and very excited to find something I didn't know that I was looking for. While I feel I'm getting a somewhat late start in this game, I'm already taking some significant steps, thanks to this forum. I do have a few questions on home upgrades that I'd like to float here (not much luck with an archive search).
We plan on moving to another neighborhood in about a year. The primary reason is that our neighborhood public school is quite bad (we've done the research). This probably sounds bad to some on various levels, but it is what it is. Our city's public school system does allow a lottery to a neighboring school, but it is far from a guarantee.
With a probable move in mind, I'm wondering what kind of home upgrades makes sense, if any, to maximize the value of our home. I'm thinking along the lines of upgrade paths from "disrepair" to IKEA-ish, not perfectly functional/cosmetic to opulent.
Not sure this information is needed:
50's 2400 sq ft 2-level daylight ranch
Estimated value (conservative): $410k
Owe: $275k
Areas of concern:
- most of the windows are older single pane with aluminum frame. ugly and inefficient with marginally functioning hardware. 10-year old vinyl windows on the lower level. Functional but ugly.
- composite roof has the "look" of "probably gonna need a roof in the next five years". no problems/leaks whatsoever, but I can see some inspector calling it out
- main bathroom is an old remodel with REALLY cheap stuff. Needs everything, including bathtub, but no pipes/electrical needs to be moved
- deck needs complete refinishing
- front door is horribly ugly. an old people door with gold and glass.
- most walls do not have insulation. needs blown-in insulation
Highlights:
- really nice kitchen I completely remodeled (except countertop install) 5 years ago
- very nice refinished hardwoods and new carpet throughout
- everything else is solid, with nice paint inside and out (of course we'll touch up before sell time). newer heat pump, newer electrical panel. Landscaping is nice
I'm very handy and would take on all the areas of concern, except maybe the door hanging. The deck is a no-brainer as it's mostly elbow grease, but the other items are spendy.
- windows, would probably go with fiberglass paintable frames, est $5K
- roof, no idea as I haven't priced it. Maybe $3K??
- bathroom, my BOM comes in at just under $3K. That's all new cabinets, toilet, bathtub, new tile, paint, floor tile, etc.
- front door, $600
- blown-in insulation, again, no idea
All the upgrades will take our home to turnkey, completely dialed. What I don't know is if the sum of these upgrades could actually go beyond break even, and into profit. My gut tells me they can, as we're in a very hot market. It seems like we may have a better outcome by addressing these items to prevent a line item negotiation for individual repairs from the prospective buyer. These are impossible questions to answer with certainty, but I'm struggling with this and would love some feedback!