The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: goosefraba1 on June 28, 2016, 03:03:27 PM
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We bought our first home... and just moved in.
Built in 1971. 3 bed, 2 1/2 bath. 1730 sq ft.
In the best public school system in the county.
In one of the more desireable neighborhoods... dead end st.
8ft deep in ground pool, hot tub.
1/3 acre lot
Large outbuilding
Paid 163k
http://www.zillow.com/homedetails/2214-Woodcrest-Dr-Wheelersburg-OH-45694/78449412_zpid/ (http://www.zillow.com/homedetails/2214-Woodcrest-Dr-Wheelersburg-OH-45694/78449412_zpid/)
We have lots of plans:
I'm going to lay down hardwood floors.
paint the kitchen cabinets... new hardware.
have new nice laminate countertops put in.
knock out half wall to make a bar.
get cheap crown molding... and new trim.
new front door.
Looks like the most a house on this street has sold for is 215K.
We plan on staying here for awhile (at least 10 years)... being in this town, I am confident that we can get full return on invest... within reason.
Whatcha guys think?
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Sounds wonderful! Congratulations to you!
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Wow, it looks incredible! Where I live, that would be a 1-2 million dollar property. Congrats!!
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Looks like a nice place, but does it not worry you to show your address to the internets?
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If you are planning on staying in this house for ten years, I would worry more about what is going to make you and your family happy living in it vice being able to get everything back out of the house that you put in. After you live in it a few months, decide what about the house bothers you the most and then decide what the best way to fix that is.
An example of this is we moved into a house that had a tile countertop in the kitchen and baths. This started to drive my wife a bit nuts as she hated trying to keep the grout clean, so the first upgrade we did was to replace the counters with a solid surface. We researched what we wanted and then started looking for sales/clearances/discounts/etc. so we could make the improvement at the lowest cost.
Many of the upgrades you mentioned will not raise the value of the house much (IMO) but if they make it so you enjoy the house more while you are living there, it could well be worth it. At the same time, the money spent on an upgrade could also be invested and get a nice return on.
Also, if you are going to make an upgrade, I'd do it sooner than later so you can enjoy it before moving on to another house. I've known many people that upgraded their house right before selling it and never had the chance to enjoy the improvements.
Congrats on the new house...it does look very nice.