Poll: Are Home Renos Ever Worth It?
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Poast new message in this thread
Date: February 29th, 2024 9:52 AM Author: Free-loading mischievous resort
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450275)
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Date: February 29th, 2024 12:17 PM Author: Saffron electric furnace
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450486) |
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Date: February 29th, 2024 10:52 PM Author: fragrant adulterous public bath roommate
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?
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452303)
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Date: February 29th, 2024 12:30 PM Author: Wild space pervert
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
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47450549) |
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Date: February 29th, 2024 2:38 PM Author: emerald adventurous place of business
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?
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451128)
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Date: February 29th, 2024 2:25 PM Author: heady hell
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451081) |
Date: February 29th, 2024 3:08 PM Author: Swashbuckling fat ankles crackhouse
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451235) |
Date: February 29th, 2024 3:19 PM Author: flushed arrogant field azn
XO: modern home construction uses cheap as shit materials and design that doesn’t last.
Also XO: home renovations are never worth it
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451275) |
Date: February 29th, 2024 3:31 PM Author: walnut spectacular station
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47451344) |
Date: February 29th, 2024 10:42 PM Author: Vivacious legal warrant
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452283) |
Date: March 1st, 2024 5:48 AM Author: hairraiser buff senate
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452831)
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Date: March 1st, 2024 6:56 AM Author: Aquamarine yapping toilet seat
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.
(http://www.autoadmit.com/thread.php?thread_id=5497538&forum_id=2#47452892) |
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