Any home owners out there?

[TheRake]

Some of you younger guys out there may not appreciate this thread, but it might be good for future reference none the less.

I purchased my first home about 2 years ago and haven't really made any improvements since I moved in (I did have new carpet put in last year). I am now in a position, thanks to poker, that I have some expendable cash to spend on improvements. So really I have 2 questions.

1) What are the best improvements (aside from adding square footage) that I can make to increase the value of my home?

2) I am in the process of having 3 of my windows replaced. They are all standard size 3'x5' windows. I paid $1500 for the job (through Home Depot) for the windows and labor. Did I pay to much? They are nice windows, but not top of the line. they are single hung double pane(sp?) windows. I may decide to have the rest of the windows replaced and wonder if I should get some other estimates next time.

TheRake

[Patrick del Poker Grande]

1) The money is in the kitchen, bathrooms, and nice wood floors, assuming some other room is not sorely lacking.

2) I have no idea, but I hope to hell you overpaid because I've got about 396749679346793467 windows that I want to replace in my house.

[Shajen]

Patrick answered your first question, except for outside improvements.

This past summer I built a 22'x14' deck off my back porch. It was a 10'x12' concrete slab, and this imo has really added to the overall value of my house. I have a couple friends who are general contractors, so armed with them and plenty of beer, we knocked it out in about 5 days.

Something to consider.

As far as your second question, from what I gather, a lot of the work done by Home Depot is actually done by subcontractors. If you can, find out who Home Depot uses and see if you can get a better rate. A lot of the time you can't, since you get a break on the labor from the 'Pot for buying the materials there.


Good luck man. Oh, and if possible, see if you can add one of these:





http://us.news2.yimg.com/us.yimg.com/p/ap/20050128/capt.ah20101280551.cow_pie_conflagration_ah201.jpg
(It's hard work being this lame)

/images/graemlins/grin.gif

[Phil Van Sexton]

Which Improvements Pay Back (http://houseandhome.msn.com/improve/whichimprovementspayback.aspx)

Basically, most improvements will cost more than they increase your home's value. If you do improvements, make sure its something almost any buyers will like (such as AC or a deck), and not something that suits only certain tastes (granite coutnertop, swimming pool).

[Nottom]

[ QUOTE ]
1) The money is in the kitchen, bathrooms, and nice wood floors, assuming some other room is not sorely lacking.

[/ QUOTE ]

Don't forget landscaping. Something as simple as adding a few trees or some flowers can do wonders.

[Patrick del Poker Grande]

[ QUOTE ]
[ QUOTE ]
1) The money is in the kitchen, bathrooms, and nice wood floors, assuming some other room is not sorely lacking.

[/ QUOTE ]

Don't forget landscaping. Something as simple as adding a few trees or some flowers can do wonders.

[/ QUOTE ]
Yes. Trees = awesome. Get them in there asap so they have time to mature. Also, finishing a basement might not return 100% of the investment, but a nice/big basement is one of those things that'll help you sell, assuming you're in an area that even has basements and not California or something.

[elwoodblues]

[ QUOTE ]
Don't forget landscaping. Something as simple as adding a few trees or some flowers can do wonders.

[/ QUOTE ]

Good point. Some of the real estate listings in my area will say "wooded lot." You go look at it and it has 2 trees.

[TheRake]

Good link. Sadly the windows and the other I was thinking of (landscaping) seem to pay back a smaller pecentage of the amount invested. I was also thinking about putting some hardwood floors down in the kitchen which seems like it might be a good way to go, but it doesn't look like many improvements yeild much value when selling a home.

[Patrick del Poker Grande]

[ QUOTE ]
Good link. Sadly the windows and the other I was thinking of (landscaping) seem to pay back a smaller pecentage of the amount invested. I was also thinking about putting some hardwood floors down in the kitchen which seems like it might be a good way to go, but it doesn't look like many improvements yeild much value when selling a home.

[/ QUOTE ]
I'd defintely go get a tree or two if you're lacking in that area, though. It's not that expensive and a nice tree in the back yard (or the front) adds a lot. Plus, you've gotta get it in there and give it time to mature (or pay huge $$$ for an already mature tree).

[TheRake]

yeah, I was a little shocked at the price tag on the windows myself. Unfortunately I needed to have it done right away. The window in my office is falling out of the frame and I just decided to get the ones in the bedrooms done while I was at it. The ones I got are definitely an upgrade and should help some with energy costs, but they seemed expensive.

[bosoxfan]

while the new windows may not get you 100% back, the money you save in energy cost should make up for it.

[WC64]

I am 23 and own my home now, well I guess the bank technically does. I just bought it this past summer and one thing I definitely plan on doing this summer is building a deck mostly because I want the least amount of grass to mow and somewhere to hang out when I have a cookout rather than just that little concrete slab.

[Phil Van Sexton]

That link is a bit misleading because it is mostly talking about big projects. As the other posters said, doing a little landscaping is definately worth it. If you spend a couple hundred on trees and bushes, you will definately make more than that back. It really helps the first impression buyers get of your home.

On the other hand, if you spend 10k to build a stone retaining wall, you ain't getting that back. Buyers will have no appreciation for how much you spent. There's probably some tipping point where the perceived value no longer exceeds the cost.

[astroglide]

i shopped a lot of old neighborhoods when i was buying and basically everything had 80 year-old windows. basically it seemed to break down that unless you lived in someplace for a really long time the utility bill savings won't make up for the cost and most people don't care anyway.

[Rick Diesel]

you definitely should install a stage and stripper pole.

[SossMan]

Funny. I just had my windows replaced this past Saturday in my condo. 4 windows plus a big sliding glass door ran me close to 4k. I got a few quotes and this seemed pretty standard.
I didn't really do it to increase my home's value (I'm likely keeping it as a rental when I outgrow it). I did it because it's friggin' cold with alluminum windows. Jeez, it must have been like 50 degrees the other night!! (sorry, rest of the country) That's colder than a witches tit in a brass bra on the shady side of an iceberg.
Plus they cut down on the noise.

You will likely get $ for $ if you are selling in the next couple years on cosmetic improvements in kitchens and bathrooms (nothing major, just update them if they need it) and flooring. Of course, making necessary (noticable) repairs, and fresh coats of paint before you show the home will easily pay for themselves.

[TheRake]

[ QUOTE ]
Plus they cut down on the noise.

[/ QUOTE ]

This should be a nice benefit. I have a train near by that runs at all hours of the night.

I had gone to the store to price windows before the guy came to my house and they were like $150 each. So when he told me the price it was a little shocking. The windows I did get are better than the ones in the store, but it was quite a price difference. I didn't really feel comfortable installing them myself. In the end it will probably be worth it since they replace all the trim around the window and do a vinol wrap on the trim. It is basically maintenance free and has a liftime warranty.

I live live in Texas so hopefully the windows will not only help with those chilly 40 degree nights /images/graemlins/wink.gif, but also with the heat in the summer.

[SomethingClever]

Paint is cheap and can do wonders.

Also, moulding (where appropriate).

[witeknite]

I'd just do what needs to be done and put anything extra to principle. I'm doing me best to make my 30 year loan into a 10 year one.

WiteKnite

[JoeU]

I'm lucky because my dad has been a mason for 40 years. I just bought a house in November. It already had a huge deck and a partially finished basement. The one thing I'm adding is a brick barbecue grill and brick oven. I have a great spot for it on my deck (my deck is HUGE and if I ever figure out how to post pics, I will post one of the deck w/new grill).

This might not be a practical addition, nor would it be a cheap improvement project. But adding something like this might catch someone's eye if you are trying to sell.

Keep in mind that if you are going to do home improvement stuff, make sure it is something you are gonna use yourself. You may chose not to sell the house after you are done.

Joe

[peachy]

Cabinets...and nice stoves and ovens - sometimes those r the selling points of a house since the woman controls the man!! Nice master bed and bath too! Also storage plays a role, basements r key...if u dont have one...have a storage shed put in outside if possible...which also leads to having a nice yard/exterior...rememeber its the 1st thing people see!!


And yes ALWAYS ALWAYS get estimates on just about everything u do...sometimes it can be a pain but unless its a friend doing the job and u know thier work shop around and also get references of work they have done etc etc. Ask friends who they have used and liked...sometimes its best to go with the mid-price vs the lowest cause then u just get crap work done


Im in the 1st stages of getting together blue prints to have a house built YEY!

[DesertCat]

[ QUOTE ]
Sadly the windows and the other I was thinking of (landscaping) seem to pay back a smaller pecentage of the amount invested. I was also thinking about putting some hardwood floors down in the kitchen which seems like it might be a good way to go, but it doesn't look like many improvements yeild much value when selling a home.

[/ QUOTE ]

Don't get totally fixated on sale value, there is also the benefits of living in a nicer home. And if it means you stay in the home longer before "upgrading" to something more expensive, that may net you a higher sales price, and you'll save money with lower living costs as long as you stay in your current house.

[offTopic]

If you're a golfer, I recommend this: /images/graemlins/cool.gif

http://www.trex.com/image/home_main_bottom.jpg

[elwoodblues]

[ QUOTE ]
Im in the 1st stages of getting together blue prints to have a house built YEY!

[/ QUOTE ]

Good luck. We just did it last year...what a pain in the ass building a house is. Now that we're in I love it, but man it sucks. You think it will be fun to be able to pick everything. You forget that you have to pick EVERYTHING.

Good luck /images/graemlins/wink.gif

[daveymck]

This is form a UK perspective but see no reason why is shouldnt apply in the US.

Big improvements are anything that adds a room or extra floor space, so Loft conversions and conservatorty/any extension will add most value.

After that the Kitchen and bathroom anre the next most important as they are the main fixed fixtures, people dont want to move in and refit a kitchen or bathroom, but will if house is cheaper.

The trend in the UK is for more open plan living with a Kitchen with a breakfast room either in it or next to it with room for tv seats etc where the family hang out with a more formal living room for more serious chilling.

After all that a decent well kept basic tidy garden, and nuetral colour scheme on the inside. Supposedly a buyer makes the decison on if they like the house in the first 30 seconds, so you might have the dream kitchen but have a muddy mess of a lawn with dog crap, an old sofa etc in it then the chances of a sale or getting premium price is severly reduced.

[SossMan]

nice.

[peachy]

hahaha o i know...but mah dad is an architect and my mom is a huge garden and styles of homes freak...she collects magizines from the 70s onward and marks pages in every one on things she wants to do to one of her houses...its INSANE she has about 300 magazines no lie!! So some of thier tastes and the diversity of choices has rubbed off on me, plus ive been workin on these for about a yr and pretty much knew what i wanted before then b/c mah granddad was a builder, so it hasnt been TOO hard and loads of fun!! Now i just have to finalize blue prints and pick out the land i want!!

[WC64]

[ QUOTE ]
you definitely should install a stage and stripper pole.

[/ QUOTE ]

I really wanted to do that for fun lol. Plus the name of my street has dancer in it although it was named after a horse.

[mike l.]

depending of course on trends in the market in your area and how much money you have from poker id say the best thing you can do is find a really good mortgage broker (one who can do no doc/no down or low down home loans for instance) and buy another house and rent it out.