For those of you familiar with the real estate market, I have a question.
The house we're in is a 2 story + basement row in S. Philly. Tiny, cute street. Desirable neighborhood. Little mini backyard for a veggie garden and grill. Decently open first floor and a nice size kitchen that has been (cheaply) re-done but looks decent. Home value estimated at 300-350 based on comps.
The house is 3 BR / 1 BA plus a rando toilet in the unfinished but fully dug out and concrete floored basement. This is typical of non-full-reno homes in this area.
No master suite. This is also typical.
We are trying to figure out what makes sense to upgrade. Lisa currently has all her clothes, her entire closet, in the 2nd bedroom because we don't have hanger space in the master. We'd like to install wardrobes (Ikea style maybe) in the master to bring her stuff in.
Option 1: New wall of wardrobes in the master and re-do the master bedroom only. Involves demo of almost all walls and ceiling in the master bedroom. Ceiling is a drop tile so its awful anyway. Walls are painted over wood panels so whatever. Re-do electrical to add outlets. New fan and switches. It would end up looking nice with a row of wardrobes, lights, fan, and a chair. Possibly new radiator running under the windows like it should instead of a vertical off in the corner.
Home value increase, not much if any. Cost, $8k?
Option 2: Go and add a master suite plus the option 1 wall of wardrobes. Involves demo of master, plus the adjacent bedroom. Add bathroom between the two, lopping 3' off each room. Not a big deal in the master, will make the 2nd bedroom usable for a double/twin bed at most. New bathroom would have a shower, toilet, sink and that's about all. Requires a utility channel in the 1st floor which will somewhat visually break the room in two separating the dining area from the living area. All plumbing tie ins and such. Vent hole cut in the roof. Don't know if we're dealing with a load bearing wall or not but probably not.
Home value increase, possibly decent. Cost, $30k?
Which would you do? Add a full bath to make it 3BR / 2BA, with smaller bedrooms, or go cheaper to just increase usability? This house would be appealing as a starter home, or to someone with 1-2 tiny kids. Bennie of option 2 is ability to demo the existing bathroom and re-do at a later date since we'd have a second one to use.
Interested to hear how I'm
Wasteful tears apart the Pov Mahal
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House in question, which has some pics.
Come steal all my shit including my 15 year old TV, 10 year old apple tv gen 1, and my dented bikes. Pet the dog on the way out tho.
https://www.redfin.com/PA/Philadelphia/ ... e/38099915
Come steal all my shit including my 15 year old TV, 10 year old apple tv gen 1, and my dented bikes. Pet the dog on the way out tho.
https://www.redfin.com/PA/Philadelphia/ ... e/38099915
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Johnny_P wrote: ↑Sun Nov 10, 2019 2:14 pm House in question, which has some pics.
Come steal all my shit including my 15 year old TV, 10 year old apple tv gen 1, and my dented bikes. Pet the dog on the way out tho.
https://www.redfin.com/PA/Philadelphia/ ... e/38099915
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Unless you're in Calcutta.
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I live a life of extreme excessDesertbreh wrote: ↑Sun Nov 10, 2019 4:39 pmJohnny_P wrote: ↑Sun Nov 10, 2019 2:14 pm House in question, which has some pics.
Come steal all my shit including my 15 year old TV, 10 year old apple tv gen 1, and my dented bikes. Pet the dog on the way out tho.
https://www.redfin.com/PA/Philadelphia/ ... e/38099915
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I have the same chairs and table!!
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do whatever you want with and assume your mods do nothing for value.
also, is your name on the mortgage yet? if not spend zero dollars.
also, is your name on the mortgage yet? if not spend zero dollars.
brain go brrrrrr
As a person that keeps up with this, I'll let you come to your own conclusions. First, start off by measuring and drawing a plan. If you want to be numbers/value based we need accurate sizes to come up with a metric of $/ft to compare if its worth the
Also, if you staying long term there, there is a stronger case for maximum and actually ENJOY living in it.
but dis is a #1 thing for your exact case.
Also, if you staying long term there, there is a stronger case for maximum and actually ENJOY living in it.
https://www.architecturaldigest.com/sto ... investment6. Upscale bathroom remodel
A.k.a. Going all out with the best-of-the-best toilet, tub, and other features, like a showerhead with all the new gizmos.
Cost Recovered: $0.87 per dollar spent
The Nitty-Gritty: Again, just because it's your dream bathroom doesn't mean it's the next owner's dream bathroom.
The Bottom Line: You probably won't recover the costs of the project.
but dis is a #1 thing for your exact case.
1. Midrange bathroom remodel
A.k.a. Replacing the toilet, tub, and light fixtures with new, basic models, upgrading to double sinks, and the like.
Cost Recovered: $1.71 per dollar spent
The Nitty-Gritty: "A good rule of thumb: A smaller, inexpensive upgrade typically brings a bigger reward than a more involved and time-consuming one," Zillow says in the report. This basic bathroom makeover is exactly that. The Bottom Line: You'll probably make money off this update when you sell.
Last edited by dubshow on Mon Nov 11, 2019 9:13 am, edited 1 time in total.
Big Brain Bradley wrote: ↑Mon Nov 11, 2019 7:28 am do whatever you want with and assume your mods do nothing for value.
also, is your name on the mortgage yet? if not spend zero dollars.
.50 - .90 cents NEGATIVE ROI is pretty typical. You do well to break even on $ spent to what you "get back" in typical sale.
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It's not. Her's isn't either. It's a really odd situation but the skinny of it is we won't get screwed. Her parents own the house outright.Big Brain Bradley wrote: ↑Mon Nov 11, 2019 7:28 am do whatever you want with and assume your mods do nothing for value.
also, is your name on the mortgage yet? if not spend zero dollars.
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The that I don't know is centered around the bennies of adding a bathroom to make a master suite.dubshow wrote: ↑Mon Nov 11, 2019 9:11 amBig Brain Bradley wrote: ↑Mon Nov 11, 2019 7:28 am do whatever you want with and assume your mods do nothing for value.
also, is your name on the mortgage yet? if not spend zero dollars.
.50 - .90 cents NEGATIVE ROI is pretty typical. You do well to break even on $ spent to what you "get back" in typical sale.
The master upgrade with just walls, ceiling, and wardrobe is money lit on fire. But it's pretty cheap all things considered and will improve our living conditions significantly. Adding a bathroom isn't something that either of us care too much about BUUUUUTTTT resale value might make that worth considering?
Renovating the bathroom would be good. I've struggled with this because its so fucking tiny that I doubt even a mid range remodel would wow any potential buyers. And I don't find the pink tile too offensive actually.
I'll see if I can sketch some concepts up for you guys. Sadly I don't have CAD anymore, so it'll be poverty hand sketch.
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Johnny_P wrote: ↑Mon Nov 11, 2019 11:44 amIt's not. Her's isn't either. It's a really odd situation but the skinny of it is we won't get screwed. Her parents own the house outright.Big Brain Bradley wrote: ↑Mon Nov 11, 2019 7:28 am do whatever you want with and assume your mods do nothing for value.
also, is your name on the mortgage yet? if not spend zero dollars.
putting significant money into a rental, even if it's owned by the parents, is a real bad idea. consider it my money lit on fire.
were they not just recently trying to get y'all to but the house from them at new market value and not just what they payed for it plus some inflation?
brain go brrrrrr
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A 3 bedroom with only 1 bath definitely is limiting, IMO, either for people with kids or anyone who has guests semi-regularly. I would think adding another bathroom would add pretty significant value, especially if it's rare to have for the area. I have no proof yet since our place isn't listed, but a master suite in the price range where we'll be is super rare, and I anticipate it'll help move our house really quickly, even if we don't quite get our money back dollar for dollar.
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It doesn't make sense to move to another house in Philly. We're going to be here for 1-2 years and are sick of living in poverty.Big Brain Bradley wrote: ↑Mon Nov 11, 2019 11:55 am
putting significant money into a rental, even if it's owned by the parents, is a real bad idea. consider it my money lit on fire.
were they not just recently trying to get y'all to but the house from them at new market value and not just what they payed for it plus some inflation?
The situation is confusing and I'm not getting into the details of the arrangement here but basically when we go to eventually sell the house we'll split the profit based on who owns what % and who put what upgrades in.
sketchup is free, even its a tad dead end. Super easy to learn/use and make a quick 3d thing to scale.Johnny_P wrote: ↑Mon Nov 11, 2019 11:49 amThe that I don't know is centered around the bennies of adding a bathroom to make a master suite.
The master upgrade with just walls, ceiling, and wardrobe is money lit on fire. But it's pretty cheap all things considered and will improve our living conditions significantly. Adding a bathroom isn't something that either of us care too much about BUUUUUTTTT resale value might make that worth considering?
Renovating the bathroom would be good. I've struggled with this because its so fucking tiny that I doubt even a mid range remodel would wow any potential buyers. And I don't find the pink tile too offensive actually.
I'll see if I can sketch some concepts up for you guys. Sadly I don't have CAD anymore, so it'll be poverty hand sketch.
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Johnny_P wrote: ↑Mon Nov 11, 2019 12:08 pmIt doesn't make sense to move to another house in Philly. We're going to be here for 1-2 years and are sick of living in poverty.Big Brain Bradley wrote: ↑Mon Nov 11, 2019 11:55 am
putting significant money into a rental, even if it's owned by the parents, is a real bad idea. consider it my money lit on fire.
were they not just recently trying to get y'all to but the house from them at new market value and not just what they payed for it plus some inflation?
The situation is confusing and I'm not getting into the details of the arrangement here but basically when we go to eventually sell the house we'll split the profit based on who owns what % and who put what upgrades in.
I'm going on record saying that if you move forward with this it will end poorly for your pocket book.
brain go brrrrrr
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Basically I think I'd be ok lighting some of this on fire, but if it's $30-40k to get the bathroom I wouldn't want it all to be for naught. Hopefully that would add value to the house but I have no way to know how much.[user not found] wrote: ↑Mon Nov 11, 2019 12:43 pmBig Brain Bradley wrote: ↑Mon Nov 11, 2019 12:31 pm
I'm going on record saying that if you move forward with this it will end poorly for your pocket book.
Let him light the money on fire and be happy.
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Yeah. It was an idea, kind of makes teh most sense though, that way it doesn't intrude in the room. Reclaimed barn wood. Sliding metal thing. Live laugh love in distressed white.[user not found] wrote: ↑Mon Nov 11, 2019 1:31 pm Sliding door to the bathroom is a idea - just make sure it seals so that when someone's gotta it seals in the drama.