The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Poll: Are Home Renos Ever Worth It?
Poast new message in this thread
Date: February 29th, 2024 9:52 AM Author: Shaky pale chapel gaming laptop I am not talking about necessary maintenance, but instead unecessary renovation. For homeowners, not investors.
I vote no. Homeowners will immediately revert to their same level of happiness and contentment with their home after the reno, only out $$ and with the next reno on their mind.
|
 |
Date: March 1st, 2024 5:57 AM Author: sadistic twisted home multi-billionaire (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452834) |
Date: February 29th, 2024 10:17 AM Author: Vigorous location very xo black and white thread. a pool is an obvious counterexample. it could easily increase your property value and provide your kids with tons of enjoyment and safety (learning to swim and loving swimming) (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450291) |
|
Date: February 29th, 2024 2:02 PM Author: Domesticated plaza Pools are a huge investment now. I got several quotes over 200K for a simple pool installation, nothing fancy. And the wait time was more than a year for a few companies (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450988) |
|
Date: February 29th, 2024 2:26 PM Author: At-the-ready shivering stock car should I purchase property with pool if I live in Pacific Northwest? is this the credited purchase? (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451085) |
|
Date: February 29th, 2024 2:31 PM Author: Excitant violent indirect expression lol you dumb asshole. pools are a total money pit even if you happen to buy a house that already has one in decent shape. double lol at paying the six figs it costs to put one in these days. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451108) |
|
Date: February 29th, 2024 5:29 PM Author: Disturbing hall The guy is a moron. Pools are statistically like the lowest ROI a homeowner can do.
Highest ROI is like kitchen, bathroom, and then stuff like outdoor gardening (low return but very low cost). |
|
Date: March 3rd, 2024 8:02 PM Author: Vigorous location this thread about both money and QOL. a pool is a game changer in QOL. imagine being some proles having to go to a public pool with kids. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460120) |
|
Date: March 3rd, 2024 9:01 PM Author: mind-boggling free-loading love of her life I imagine you look like Tsina. What would you actually use a pool for? I have a 70ft pool in my building that I occasionally use to swim laps. But it's much more pleasant to swim in the ocean where I don't mess up my hair and eyes with chlorine. If the pool is under 50ft u can't even use it to swim laps and it's basically a large bathtub(which is why I thought of tsinah) (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460300) |
|
Date: March 3rd, 2024 9:04 PM Author: Vigorous location You imagine wrong. Everyone knows I weigh 130 lb
And pools are 180 for kids you dumb virgin gook |
|
Date: March 3rd, 2024 9:09 PM Author: mind-boggling free-loading love of her life Are u claiming to be a female? Ocean or sea is good for kids. If you want them to swim competitively you have them swim with a coach in a 25m pool. And diving too, you do it in the sea for fun, or do it with a coach in a real pool. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460318) |
|
Date: March 3rd, 2024 10:18 PM Author: Vigorous location u seem retarded. i'm talking about kids splashing around in the pool for 30-60 minutes on a summer afternoon, not a day trip to the beach or swimming competitively. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460475) |
|
Date: February 29th, 2024 10:28 AM Author: Rose bat shit crazy address I've known three marriages that ended because of them. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450299) |
|
Date: February 29th, 2024 10:48 AM Author: aphrodisiac university trust fund Did you fuck any of the wives (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450324) |
|
Date: February 29th, 2024 2:26 PM Author: At-the-ready shivering stock car or husbands? (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451093) |
|
Date: March 1st, 2024 6:51 AM Author: Startled Stain Lodge DESCRIBE the home renos and marriages (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452876) |
|
Date: February 29th, 2024 12:17 PM Author: multi-colored scarlet filthpig Primary homes are a great way to LOSE money. Why? Well, because you buy too much house, you have to maintain it, you may want to renovate it, transaction costs, taxes, insurance, maintenance, financing costs, risk of casualty, the list goes on and on. That's the general principle to keep in mind. So, primary homes are consumption and they end up costing you money. That's established. Now, to the question presented about renovations. I think the general answer is that much like the primary home more generally, the renovation is not going to work out for you in a financial sense. Whether it makes sense from a consumption standpoint will be based on your individual situation and whether you can afford the renovation. If you have tons of money already, don't need to invest anymore, and really want a renovation, then maybe it will prove to be worth it from an enjoyment standpoint. This is most likely to be true if you're going to undergo a $300k-$500k renovation that requires you to move out of the house for a bit. If you're doing something like that, it will be like moving into a brand new house. And if you like the area, house, etc. etc. then maybe you can get some real enjoyment out of that. If you're talking about changing your countertops and putting in some Ikea cabinets so they all have the soft close feature, and maybe a new dishwasher, lol at you. That's not going to move the needle at all. |
|
Date: February 29th, 2024 10:52 PM Author: blue faggotry chad You’re a mouthbreathing retard. Many people make one of the few six figure capital gains in their lives through home ownership.
Adding soft close to your existing cabinets would cost like $150.
A dishwasher is $1200 installed.
These are such meaningless expenses in the context of home ownership no one sweats them.
Let me guess, you are a neckbeard renter who is “above” home ownership?
|
|
Date: March 1st, 2024 7:03 AM Author: multi-colored scarlet filthpig I have owned multiple houses and lost money on every single one of them. So has everyone else I know. The only people that do not lose money on houses are the ones that aren't buying them. You sound like a Realtor or a mortgage broker. You will burn in the Fire. |
|
Date: February 29th, 2024 12:25 PM Author: Claret digit ratio international law enforcement agency Really depends on the condition of the house. If you bought it at an estate sale and it was untouched since the 80s, then yeah, it's probably worth it. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450512) |
|
Date: February 29th, 2024 12:30 PM Author: awkward shimmering boiling water sure there are situations where it's worth it. most of the time it isn't though
this is such a subjective and open-ended question that it's not very useful or interesting |
|
Date: February 29th, 2024 12:41 PM Author: painfully honest regret No. Try to describe a scenario where it would be worth it? (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450644) |
|
Date: February 29th, 2024 2:16 PM Author: mauve stimulating black woman I bought a house that has some things I really wanted that would normally only be found in a much more expensive place. It also had some baffling design decisions and cosmetic issues that made it much less marketable. It will cost about 50-60k to increase the home value by 100-150k.
This is far from the norm though and most renovations are massive money-losers. In my case I had a desperate seller with a terrible agent who had already fallen out of contract twice by being a retard, and I was able to get the house for about 10% less than the other contract (and about 2% above lowball houseflipper offers that the seller had initially refused to even respond to). |
|
Date: February 29th, 2024 2:38 PM Author: painfully honest regret Is 50-60k easy come, easy go for you? That's one problem many have.
If you make these changes now and you sell the house in 20 years, will the house need a whole set of changes at that time to look fresh and in style again for sale?
|
|
Date: February 29th, 2024 2:43 PM Author: Domesticated plaza The house will be out of date and the changes won't make a huge difference to the value of the home unless you added new bathrooms and bedrooms. Other aesthetic changes will be out of style or old and dingy in 20 years. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451138) |
|
Date: February 29th, 2024 2:58 PM Author: mauve stimulating black woman I don't see it that way. For example, the upstairs is a random hodgepodge of floor and carpet types (that are mostly cheap and ttt) that really stand out in contrast to the much nicer construction of the remainder of the home. One room also had pet damage, which is obviously disqualifying for most people looking at million+ dollar homes. Replacing it with hardwood throughout to bring it up to the same standard as the rest of the home will make a massive difference and should still be relevant in 20 years. It also badly, badly needs another bathroom and has a perfect place to put it. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451197) |
|
Date: February 29th, 2024 2:10 PM Author: duck-like diverse national security agency It depends. If it is done for fashion (oooh, quartz is popular now!) then absolutely not. If it adds something that didn't exist before then it easily can increase the value of the home by more than the cost and also make it a much better place to live in. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451004) |
|
Date: February 29th, 2024 2:20 PM Author: Exhilarant Coiffed Spot In most cases no. That said, I think major renovations/rebuilds, when done in the right area, can make financial sense. We purchased a place in a desirable area with good schools on a large lot that was in disrepair, put as much money into the reno/rebuild as we paid for the house, and saw an immediate 25% return on the value of the house. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451048) |
|
Date: February 29th, 2024 2:24 PM Author: duck-like diverse national security agency It also depends on how you bought it. If you paid for a house that needs work and that was priced in then it is way easier to recoup the cost vs buying a turnkey house and then doing work on it. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451070) |
|
Date: February 29th, 2024 3:04 PM Author: Exhilarant Coiffed Spot Exactly - when you buy a turnkey house you're paying for the work that someone else has already done..and if you're doing renos you're not adding any value. If you buy a house that is in disrepair that's already priced in and all of the renos will be adding value.
|
|
Date: February 29th, 2024 2:25 PM Author: Domesticated plaza You sold it or lived in it? (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451075) |
|
Date: February 29th, 2024 3:03 PM Author: Exhilarant Coiffed Spot Live in it - will sell once our kids are out of school. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451219) |
|
Date: February 29th, 2024 2:45 PM Author: awkward shimmering boiling water desirable area with good schools tp (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451142) |
|
Date: February 29th, 2024 3:06 PM Author: mauve stimulating black woman The smoke detector batteries consistently maintain their charge in this community. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451229) |
|
Date: February 29th, 2024 11:39 PM Author: Plum Center (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452426) |
|
Date: February 29th, 2024 2:25 PM Author: Narrow-minded corner this is a silly question.
everything in a home wears out. are you defining necessary maintenance as strictly necessary i.e. things that stop functioning in leave the house unlivable? because i don't think many people would want to live in cabin with no hvac. how old does a kitchen or bathroom have to be before it becomes "necessary" to replace it?
as far "unnecessary" renovations -- how are they different than spending your money on any other strictly unnecessary thing? is a new car, or tv, or furniture, or vacation "worth it"? like literally every other thing beyond the bare necessities, it depends on whether your enjoyment of it exceeds the cost.
you said "for homeowners", so i'm assuming you're not speaking to the value of the house, which obviously depends as renovations may or may not increase the value beyond their cost. |
|
Date: February 29th, 2024 3:28 PM Author: pink heady pit a bathroom has to get pretty goddam old before it is necessary to do shit (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451323) |
|
Date: March 3rd, 2024 9:27 PM Author: deranged fuchsia gas station Cr. This is like someone saying a Rolex is an investment - it is if you never wear it. Same with homes. Best practice is to never live in it. If you live your life that way as a pernicious bean counter about the joy your own living space gives you less the projected value in 20 years, you're insane. A reno is an upgrade that should please you, the person who has to live there every day. If the reno doesn't spark joy, don't do it, unless you are doing a short term flip. If you are trying to do something to make yourself happier and you think it's an investment, then you're just crazy. The happiness is not an investment, it's a cost. Like all luxury items it'll work out if you can afford it, and if you're stretching it's not worth doing. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460347) |
|
Date: February 29th, 2024 2:28 PM Author: Domesticated plaza No. I've done a three whole home renovations and none were worth the effort or stress. The small improvement in quality of life was overshadowed by the expense and pain in the ass contractors. If someone has time and know how to do most renovation projects on their own, then I imagine that can be a rewarding way to spend part of your life. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451107) |
|
Date: February 29th, 2024 2:42 PM Author: Vengeful orchestra pit They are worth it in the sense that they keep your wife happy without having to buy a new house. Financially, new kitchen or updated bathrooms may pay off when time to sell. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451133) |
|
Date: February 29th, 2024 2:45 PM Author: awkward shimmering boiling water (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451143) |
|
Date: February 29th, 2024 2:45 PM Author: Domesticated plaza The "updated" bathrooms and kitchen will look old by 2034 but it may pay off if you sell the house within 2-3 years of the renovation. If you're planning on raising your family or just staying put, then the house will get beat up and become out of date after 10+ years. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451146) |
|
Date: February 29th, 2024 3:01 PM Author: At-the-ready shivering stock car valid (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451206) |
|
Date: February 29th, 2024 3:08 PM Author: primrose laughsome idiot The literal answer to your question is "yes, they are sometimes worth it."
Many home renovations are not worth it especially "updating" spaces in a home where you intend to stay long term. Like you said, you won't get any greater satisfaction from the space and it'll be dated by the time you want to sell it anyway. For example, my wife wants to spend $10k to "finish" our laundry room. Fuck that.
Converting an unused space into something usable is worth it. Finishing basement is worth it IMO. |
|
Date: February 29th, 2024 3:08 PM Author: Ebony principal's office philosopher-king (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451236) |
|
Date: February 29th, 2024 3:19 PM Author: Turquoise Lascivious Nursing Home XO: modern home construction uses cheap as shit materials and design that doesn’t last.
Also XO: home renovations are never worth it |
|
Date: February 29th, 2024 3:23 PM Author: emerald stage halford If your house looks like shit, yes. Aesthetics Matter. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451284) |
|
Date: February 29th, 2024 3:31 PM Author: dun stead you need to be more specific about what is NECESSARY.
For instance, a kitchen that is 40 years old probably functions fine in terms of cabinetry and countertops, but many would find it "necessary to replace those." Same with dated ovens and fridges. They might still technically function.
If you are replacing some shit that's 10 years old because you don't like the color or something that's retarded though. |
|
Date: February 29th, 2024 3:33 PM Author: pink heady pit swapping out an old oven or fridge is not a "renovation" some guy from lowes drops off the new one and its over in an hour |
|
Date: February 29th, 2024 10:48 PM Author: dun stead I meant in the context of upgrading your kitchen overall or doing custom shit. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452293) |
|
Date: February 29th, 2024 3:31 PM Author: Irate supple water buffalo therapy only if ur gonna die in that house and want to truly enjoy it customized exactly to your needs (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451347) |
|
Date: February 29th, 2024 10:42 PM Author: charismatic costumed range patrolman Dumb question.
Some items you will increase your money. Some you'll lose all of it.
Sometimes its easier to just buy a different house. But a lot of us have 3% mortgages - so upgrading our house is going to cost 4X our current mortgage + $150,000 in realty fees. Then obviously its worth it to get some new cabinets to keep your wife happy. |
|
Date: February 29th, 2024 11:18 PM Author: floppy light gay wizard coldplay fan You can rearrange rooms via reno and significantly increase utility. Knock down a wall and expand your bathroom, improve closet, better kitchen appliances. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452371) |
|
Date: March 1st, 2024 5:48 AM Author: Wine Partner Public Bath It depends on the home's property tax basis. If you buy a cheaper house with a lower basis and do $500k reno it's probably better long term than paying $500k more for a better house with higher property tax and 0 reno.
Adding a bath or br (ie build closet into study) is always +ROI. Pools and hardscaping always negative ROI to break even unless house is multiple 7 figs or you use it for 30 years.
|
|
Date: March 1st, 2024 6:48 AM Author: abnormal state When interest rates were 2-3% it was. Anyone smart did a cash out refi then and remodeled. Free money, new house. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452874) |
|
Date: March 1st, 2024 6:56 AM Author: Wild crotch I 90 percent agree with you and think that most home renos are aimed at filling the Black Void in man’s heart. I will be so much happier when I have my Dream House, etc.
That said, the same can be said for home buying generally. So if you’re in a house in a great neighborhood, don’t want to leave because location or kids schools, renovation to make the space more functional is a rational choice imo. Also updating an old kitchen is probably the lowest hanging fruit in terms of maintaining house value, because there are ways to do it without getting ripped off and buyers always are wanting a new fuckin kitchen. |
|
Date: March 3rd, 2024 9:30 PM Author: Domesticated plaza By the time people renovate, enjoy the kitchen for 10+ years, and are ready to sell the house, that kitchen is now out of date, beat up and won't add much additional value to the house since the new owners will gut it anyway. Adding additional square footage, new bedrooms, and new bathrooms are usually the only renovations that will make a difference by the time the kids are off to college and owners are ready to downsize. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460350) |
|
Date: March 3rd, 2024 9:35 PM Author: deranged fuchsia gas station It's important to only do things to your house that will increase the value, regardless of whether it has any utility to you. These homes are mostly investments, and just like your time on Earth, fleeting. Think of the appreciation and what that will mean to you and plan accordingly. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460360) |
|
Date: March 3rd, 2024 8:58 PM Author: mind-boggling free-loading love of her life I read an article recently. The entire home renovation is tax deductible(even against your regular w2) if u or your wife is a real estate agent or property manager. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460295) |
|
Date: March 3rd, 2024 9:06 PM Author: mind-boggling free-loading love of her life I just bought a coop in Manhattan in estate sale. The only thing I am going to change is add washer/dryer and put windows on my balcony to make it into a separate room. My mom also suggested I replace the floor and kitchen cabinets (they are new but cheap) and I'm OK with keeping it cheap. She said the colors are really stupid black and it should be beige or some light brown color. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460313) |
|
Date: March 3rd, 2024 9:32 PM Author: Domesticated plaza Who really cares about floors and cabinets if they all work well? It's the kind of thing that you can change if you want to waste money on something, but you won't even notice the difference day to day. (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460353) |
|
Date: March 3rd, 2024 9:34 PM Author: self-centered aromatic ceo I would say yes if it’s your permanent home and you are doing stuff like moving walls or overhauling the systems in the house to change the floor plan or to make a significant upgrade in your quality of life (Insulation, pipes, hvac etc). (http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47460358) |